Easier finance funding consumption

Cheap loans, credit cards, low interest rates raise desire to start spending

China has charted a clear road map to provide more targeted financial services to shore up consumption, which analysts said will better help the world's second-largest economy to steady its growth in the face of external pressures.

As the country has put consumption-boosting initiatives at the top of its economic work agenda this year, financial institutions have stepped up to the plate, introducing a diverse array of consumer-friendly products and services to stimulate spending, from instant loan approvals to discounted credit card payments and interest-free installment plans.

China's consumer spending in May posted its strongest growth in nearly 18 months, with retail sales of consumer goods expanding 6.4 percent year-on-year for the month, a 1.3-percentage-point increase from April, data from the National Bureau of Statistics showed.