CX Daily: Chinese Consumers Deluged With Cheap Loans
TOP STORIES
Loans /
In the space of a month or so, three or four banks came knocking on the door of a top internet company in Beijing with some juicy offers — cheap personal consumption loans for staff in a group-buying arrangement.
The deals included loans of 300,000 yuan ($41,175) to as much as 500,000 yuan with some carrying annualized interest rates as low as 2.8%. Many were interest-only loans that allowed borrowers to repay the principal at the end of the three-year term. ?
APEC /
Analysis: Xi-Biden APEC meeting may help stabilize ties, won’t change fundamentalsThis year’s APEC summit, themed “Create a Resilient and Sustainable Future for All,” is expected to draw 20,000 people, making it the largest international gathering hosted by San Francisco in decades. It will also bring leaders from 21 member countries to discuss trade and economic issues affecting the region that collectively represent 40% of the world’s population and nearly half of global trade.
The spotlight, however, will be on a summit meeting between President Xi Jinping and his U.S. counterpart Joe Biden that will take place Wednesday during the week-long APEC gathering. ?
FINANCE & ECONOMY
Credit?/
China’s credit growth continued strong in October, mainly boosted by government bond sales, but households borrowed less amid the protracted housing market slump.
New yuan loans reached 738.4 billion yuan ($101.3 billion) in October, up 17% of 105.8 billion yuan from a year earlier, according to data released Monday by the People’s Bank of China. The total beat the 700 billion yuan estimated by economists surveyed by Caixin. ?
Investment banking?/
Leading securities firms China International Capital Corp. Ltd. (CICC) and China Galaxy Securities Co. Ltd. (CGS) denied market speculation of a merger.
In stock exchange filings Monday, the two firms said they had not received any information about the rumored merger from any government departments regulatory agencies, or controlling shareholders. ?
Quick hits?/
BUSINESS & TECH
Businessman?/
Investigators probe fatal fall of businessman implicated in corruption probeAuthorities in an eastern Chinese city are looking into the fatal fall of a businessman implicated in a corruption investigation into a local official, a local broadcaster reported Sunday.
The businessman, Cheng Yong, died early Saturday morning, according to a statement from his company, Changzhou Huali Hydraulic Lubrication Equipment Co. Ltd., where he served as chairman. ?
Tourism?/
China’s Ministry of Culture and Tourism called on government units to hold meetings, training sessions and other activities at top hotels to help expand the capacity of China’s tourism industry, reversing an 11-year-old policy barring the use of such venues.
The measures are part of a plan to bolster domestic tourism issued Monday by the ministry. The plan sets a goal of maintaining reasonable growth and further improving the quality of the domestic tourism market by 2025. ?
Fraud?/
Chinese authorities stepped up the fight against rampant telecom scam activity with new draft rules aimed at tightening penalties for not only scammers but also their facilitators, including those in the financial, telecom and internet industries.
The Ministry of Public Security released the rules Monday, specifying who is to be penalized and what the penalties are in relation to the areas of finance, telecom networks and credit. The public has until Dec. 12 to provide feedback. ?
Quick hit?/
Long Read?/
GALLERY
Campus job fairs are being held across the country in November as companies present students with possible opportunities after graduation. Caixin visited two events in Beijing to gauge the interest of soon-to-be graduates, and found that most shared a common preference: stability. This was borne out at the booths of state-owned enterprises and institutions, which received applications far exceeding the available positions. In contrast, the private sector got less attention. The situation has intensified competition among graduates while making it challenging for some private companies to find suitable candidates.
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
1 年Thanks for the updates on, The Caixin Daily.