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China Banks Offer Cheap Consumer Loans as Xi Urges More Spending

  • Bank of China, Construction Bank offer preferantial loan rates
  • China President Xi has called for expanding consumer demand

Chinese banks are touting a wide variety of retail lending products as authorities need a pickup in consumer spending to create a more solid foundation for the world’s second largest economy.

Lenders including Bank of China Ltd. and China Construction Bank Corp. are offering preferential interest rates and incentives such as gift cards on e-commerce platforms to lure customers to their retail loan offerings.