Increased Appetite For Borrowing In China Ôºç Raphael Minder
A new McKinsey survey reveals some unexpected information about the financial habits of wealthy Chinese. From the Financial Times:
The management consultancy said that 31 per cent of affluent people surveyed in mainland China were now interested in borrowing, a “surprising” jump from 19 per cent in 2004, when it last carried out its Asian personal finance survey.
…Kenny Lam, co-author of the survey, said the leap in borrowing demand among affluent Chinese was particularly surprising because it was at odds with the common perception that Chinese shied away from borrowing, and also contrasted with the almost flat overall demand for borrowing in China, which has climbed to 21 per cent from 19 per cent in 2004. [Full Text]