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Young Chinese in the red as easy credit spurs debt

Slowing growth in China has raised concerns that years of risky lending could lead to a disaster
Monday, May 29, 2017 - 05:50

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A Ferrari and Maserati store in Beijing. A growing addiction to debt, including over car purchases, has prompted Moody's to slash China's credit score last week for the first time in nearly three decades.

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 (S$40,300) bank loan to help pay for it. They got the money within minutes.

Quick and easy access to credit has encouraged many young Chinese to go

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