Date: May 29, 2017
By: AFP, BEIJING
When Wu Qi and her husband traded in their Mazda 3 for a more
expensive Mercedes Benz sedan, they applied for a 200,000 yuan (US$29,173) bank loan to help pay for it.
They got the money in minutes.
Quick and easy access to credit has encouraged many young Chinese to go into the red to buy cars and apartments they could not otherwise afford.
They are the faces of China’s growing addiction to debt, which along with government and corporate borrowing, has raised fears of a looming crisis and prompted ratings agency Moody’s Investors’ Service to slash the nation’s credit score last week for the first time in nearly three decades. [FULL STORY]