China’s crazy reverse-credit cards
In the People’s Republic you “pay now, buy later”
To help its economy weather the trade war, China wants its consumers to splash out. The government has plans to subsidise consumer loans, and banks have been permitted to raise borrowing limits for creditworthy customers. But the question of who lends to whom on China’s high street is not straightforward. In the West, retailers extend credit to their customers. In China it is often the other way round.
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This article appeared in the China section of the print edition under the headline “Pay now, buy later”
From the May 31st 2025 edition
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