China's consumer lending market is expected to triple to 21 trillion yuan ($3.3 trillion) by 2015, according to a report released on Wednesday by the Boston Consulting Group (BCG).
The balance of consumer lending, including mortgages, credit card balances, automobile loans and unsecured personal loans, will grow at an average annual rate of 24 percent over the next five years, driven by rising personal incomes and government support, the report said.
"Consumer lending in China started almost from scratch a decade or two ago. The country's consumer loans accounted for just 18 percent of GDP in 2009, still far lower than other more developed Asian markets, such as South Korea and Malaysia, where the comparable penetration reaches 40 to 50 percent," said Richard Huang, partner and managing director at BCG.
"As China's market matures, fueled by economic growth and government policy, we expect the rate is likely to rise to roughly 30 percent by 2015," he said.
China is emphasizing economic restructuring, from primarily export- and investment-driven to consumption-driven, during the 12th Five-Year Plan (2011-2015) period.
The government targets a level of personal consumption relative to GDP at 42 percent to 45 percent by 2015, up from the current 36 percent.
"Related government initiatives involve the stimulation of consumption of cars, electrical appliances, home furnishings and so forth.
The policy will continue to spur consumption and financing in the near future," said Huang.
Although personal credit cards only became broadly available in the early 2000s, they now comprise the second-largest market for consumer lending products after mortgages, the report said.
"Credit card receivables have been growing at close to triple-digit rates in the past five years, and we expect them to grow at an average annual rate of 40 percent over the next five years, or from 450 billion yuan in 2010 to 2.5 trillion yuan in 2015," said Frankie Leung, head of Financial Institutions Practice at BCG.
Statistics from the China Banking Association show there were about 230 million credit cards at the end of 2010.
MasterCard Inc has forecast that China would overtake the United States to become the world's largest credit card market by 2020, with the number of cards issued reaching 800 million to 900 million.
Young affluent consumers, defined as those aged below 35 with current assets of more than 500,000 yuan, have the strongest demand for consumer lending products, said the BCG report.
"They are particularly enamored of credit cards, which have a roughly 80 percent penetration rate.
"Young cardholders now often have more than one card, 2.6 cards on average, to take advantage of different promotional campaigns," said Leung.
主站蜘蛛池模板： 人人澡人人澡人人看添欧美| 国产在线视频一区二区三区| 一区三区三区不卡| 日本中文字幕有码在线视频| 二代妖精在线观看免费观看| 欧美性天天影院| 亚洲精品中文字幕麻豆| 看了流水的小说| 午夜免费1000部| 翁想房中春意浓1-28| 国产三级在线观看视频不卡| 黄页网址大全免费观看35| 国产精品亚洲αv天堂无码| 91成人爽a毛片一区二区| 大学生一级毛片免费看**| 一个人hd高清在线观看| 性色a∨精品高清在线观看| 中文字幕精品无码一区二区三区| 日本高清色www网站色| 五月天六月丁香| 欧美一区二区激情三区| 亚洲成AV人综合在线观看| 波多野结衣456| 亚洲精品无码专区在线| 激情偷乱人伦小说视频在线| 免费一区区三区四区| mm1313亚洲国产精品美女| 成人小视频在线观看免费| 丰满少妇人妻久久久久久| 日本免费人成在线网站| 久久大香香蕉国产| 日韩人妻一区二区三区蜜桃视频| 久热中文字幕在线| 最新国产精品自在线观看| 亚州一级毛片在线| 最近中文字幕在线视频| 亚洲AV无码不卡| 最近中文字幕高清免费大全8| 亚洲av无码精品色午夜果冻不卡| 欧洲精品一卡2卡三卡4卡乱码| 亚洲中文字幕人成乱码|