More sup­port for the con­sumer credit sec­tor

China Daily (Canada) - - BUSINESS -

The cen­tral bank is step­ping up its sup­port for con­sump­tion in ar­eas rang­ing from new-en­ergy cars to credit prod­ucts to sup­port a slow­ing econ­omy. The Peo­ple’s Bank of China said onWed­nes­day it will en­cour­age fi­nan­cial in­sti­tu­tions to be in­no­va­tive with con­sumer credit prod­ucts, as the bank seeks to ex­pand the size of the con­sumer credit mar­ket. Car fi­nanc­ing firms will be al­lowed to set their own down pay­ment rate for green-en­ergy cars and sec­ond­hand ve­hi­cles, the bank said in a doc­u­ment jointly is­sued with the bank­ing reg­u­la­tor.

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