Driven by the increased availability of third-party platforms, online financial services in China have seen rapid growth amid tightened regulations, Moody’s Investors Service said in a recent report. Total outstanding consumer credit in China totaled 36 trillion yuan (US$5.2 trillion) as of the first half of 2018, with mortgage loans accounting for 67 percent, credit cards for 17 percent, and third-party platforms a combined 15 percent, according to economic data provider CEIC.
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SOURCE: SHINE
tags:
fintech
