The banking sector in this biggest industrial and business center
in China, has provided a record 100.9 billion yuan (about US$12.3
b) in outstanding consumption loans for local residents.
The figure makes Shanghai the largest provider of private
consumption loans among all the cities on the Chinese mainland.
A
spokesman for the Shanghai branch of the People's Bank of
China, the country's central bank, said the amount of
outstanding loans exceeded 100 billion yuan for the first time by
the banking sector.
Of
the 100.9 billion yuan loaned out by the end of last year, US$ 4.7
b was lent last year by financial institutions in the city.
During the same period, commercial banks in the city had provided
local consumers with 74.3 billion yuan in outstanding consumption
loans, of which US$ 3.9 b was issued last year.
Outstanding housing mortgage loans in Shanghai totaled US$ 7.8 b by
the end of last year, of which US$3.7 b was added last year,
involving the purchase of housing units totaling 15.83 million
square meters in floor space.
Meanwhile, more people in Shanghai are taking out loans to buy
cars. Last year, loans worth US$ 152 million were offered to
individuals as car-purchase loans.
The spokesman said the bad loan rate for consumption loans extended
by commercial banks remains below one percent, mostly under 0.5
percent, or within the low-risk range.
It
is learned that Shanghai is constructing the first personal credit
system on the Chinese mainland.
(Xinhua News
Agency January 21, 2002)