China central bank steps up consumer financing support

[BEIJING] China's central bank said on Wednesday it will step up support for consumption in areas ranging from new energy cars to credit products, in its latest effort to support a slowing economy.

The People's Bank of China said 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.

Among the areas highlighted, car financing firms will be allowed to set their own downpayment rate for 'green energy' cars and second hand vehicles, the bank said in a document jointly issued with the banking regulator.

REUTERS