It's not a good sign for any economy when debt collectors are booming and in China right now, the industry is on a hiring spree.
SHANGHAI/BEIJING - It’s not a good sign for any economy when debt collectors are booming and in China right now, the industry is on a hiring spree.
“Debt collection companies have been mushrooming,” said company founder Zhang Haiyan. “And with bad loans growing this year, everyone is adding new hands.” As increasing numbers of consumers struggle with lost income in an economy battered by the coronavirus and U.S-China tensions, a burgeoning wave of non-performing loans is sparking concern among lenders - both at specialist consumer financing firms and traditional banks - and even among debt collectors.
That bodes ill not only for Beijing’s efforts to spur domestic demand but also for the financial health of consumer lending firms which help provide credit seen as vital for shoring up the pandemic-hit economy.The China Banking and Insurance Regulatory Commission did not respond to a Reuters request for comment on its current assessment of risks posed by soured consumer loans.
Internet-based consumer financing, which is only lightly regulated, has also grown - by a dizzying 400 times to nearly 8 trillion yuan since 2014, according to the Guanghua School of Management.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
GOP House candidate criticized for selling ‘COVID-19 made in China’ maskA Republican member of the Virginia House of Delegates who is running for Congress is facing backlash after his campaign sold 'COVID-19 made in China' masks. - NBCAsianAmerica
Weiterlesen »
Mexico to conduct trials for China, U.S. COVID-19 vaccines, eyes productionMexico aims to conduct late-stage clinical trials for COVID-19 vaccines in development by U.S. and Chinese companies, two of which might base some of their vaccine production in the country, the foreign ministry said on Tuesday.
Weiterlesen »
The Muslim Fashion Designer Making Hijabs For COVID-19 Frontline WorkersThe sanitary head scarves are easily washed and safely reused.
Weiterlesen »
Vaccines and asymptomatic spreaders may hold keys to answering Covid-19 mysteries, experts sayAs US leaders work to control the spread of coronavirus, researchers across the country -- and globe -- are working to answer the mysteries that remain around infections.
Weiterlesen »
If You Get Covid-19 Overseas, This Startup Will Bring You Home When Other Companies Won’tRun by a team straight out of a Tom Clancy novel, a new company aims to give international travelers peace of mind during the pandemic.
Weiterlesen »