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China Millennials’ Love of Credit Cards Raises Debt Fears

Mr Wang is part of a generation of young consumers who have rejected the thrifty habits of their elders and become used to spending with borrowed money. Outstanding consumer loans — used for vehicle purchases, holidays, household renovations and buying expensive household goods — in China grew nearly 40 per cent last year to reach Rmb6.8tn, according to Chinese investment bank CICC.

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Business, Economy, Society