(Yicai Global) Dec. 1 -- China's consumer credit has maintained rapid growth. The size of Chinese consumer credit (excluding housing loans) is set to reach USD1.48 trillion (CNY9.8 trillion) by the end of this year, accounting for 12.32 percent of the country's gross domestic product, which is less than the corresponding figure in the US, per a report from Shanghai Rongzhijia Financial Information Service Co. and Analysis International.
China's personal consumer credit demand has been strong this year. Traditional financial institutions' consumer credit is set to increase CNY3.89 trillion to CNY9.8 trillion by the end of the year.
The scale of consumer credit on internet platforms grew rapidly and is expected to have a balance of CNY350 billion at the end of this year. The balance of consumer credit in China is set to reach CNY14.67 trillion by the end of 2019, the report shows.
The scale of the domestic consumer credit market will likely grow, and profits will be substantial, said Zhang Jianliang, co-founder and chief executive of Rongzhijia. The industry is on the rise, several giants recently listed in the US and the overall development potential is huge, Zhang said.