Shoppers with face masks walking out of a mall in Beijing as the pandemic shrinks the nation’s much-vaunted army of consumers. Photo: Reuters
China’s US$1 trillion consumer loan bubble is bursting as army of borrowers flinch under pandemic strain
- Fuelled by a shift towards leveraged spending, China’s consumer finance expanded 10-fold in the past decade
- Lenders now face a wave of delinquencies as businesses fold and job losses hit repayment ability
Shoppers with face masks walking out of a mall in Beijing as the pandemic shrinks the nation’s much-vaunted army of consumers. Photo: Reuters
