New China trend: borrow from the future to enjoy the present

New York

CHINA'S savers, who sock away cash like almost no one else in the world, are racking up more debt as borrowing options proliferate.

Ninety-four per cent of consumers have used a credit or loan in the past year, up from 85 per cent two years ago, according to a survey by market researcher Mintel Group Ltd. Peer-to-peer lending via online lenders jumped, while car loans and mortgages nearly doubled, the poll showed.