According to the survey, the numbers have grown about fivefold between 2015 and 2017, reaching CNH 350 billion (USD 54.6 billion).
As a possible explanation, the Analysys representatives explain that Internet shoppers in other countries typically must enter personal information, such as credit card numbers, when making a purchase. In China, online retailers such as Alibaba and JD.com extend credit themselves. Because these companies already have their customers personal data, shoppers do not need to provide more information to complete their purchase.
According to the same survey, people between the ages of 24 and 35 accounted for more than 70% of consumer borrowers in China. Chinese consumers, especially people born in 1980 and later, are less sceptical than their older peers about buying on credit. But the total balance of consumer loans in China is still about 60% lower than that in the US and is expected to continue growing.
Analysys estimates that the balance of internet loans in China will more than double to CNH 720 billion in 2019, compared with CNH 350 billion in 2017. That flow of credit will likely give a lift to the Chinese consumer market.
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