China's Youthful, Debt-Fueled Spending Spree Sparks a Reckoning | Hellenic Shipping News Worldwide
China’s Youthful, Debt-Fueled Spending Spree Sparks a Reckoning Chinese regulators attempting to rein in Ant Group Co. and a swelling online-lending industry have a target in their sights: the excessive, debt-fueled lifestyles of the country’s youth. Leading up to last year’s coronavirus pandemic, a new generation of tech-savvy and free-spending citizens helped power rising consumption, a growing driver of China’s economy. Many used short-term loans to pay for expenses such as prestige cosmetics, electronic gadgets and costly restaurant meals. They found credit easy to obtain, thanks ...
Source: hellenicshippingnews.com