BEIJING (Reuters) – China has asked banks to raise credit limits for consumer loans, financial media outlet 21jingji reported on Friday, as part of its efforts to boost consumption to revive a slowing economy.
The financial regulator, the National Financial Regulatory Administration, issued a notice that said financial institutions can raise credit limit for consumer loans to 500,000 yuan ($68,959.81) from 300,000 yuan for borrowers that have good credit record, according to the report on Friday.
The upper limit of the amount of internet consumer loans for individuals can be increased to 300,000 yuan from 200,000 yuan, it said.
Spurring reluctant Chinese consumers to spend has been elevated to the top of Beijing’s to-do list for 2025, as lawmakers look to rectify imbalances in the world’s second-largest economy.
Commercial banks can implement differentiated credit policy according to customers’ repayment ability and risk situation, the report said.
($1 = 7.2506 Chinese yuan renminbi)
(Reporting by Ziyi Tang and Ryan Woo; Editing by Tomasz Janowski)
