Consumer default wave getting started in China


BEIJING: Like millions of people around the world, Zhang Chunzi borrowed money she thought she’d be able to repay before the coronavirus changed everything.

Now laid off from her job at an apparel exporter in Hangzhou - one of China’s most prosperous cities - the 23-year-old is missing payments on 12,000 yuan (US$1,700) of debt from her credit card and an online lending platform operated by Jack Ma’s Ant Financial.

Limited time offer:
Just RM5 per month.

Monthly Plan

RM13.90/month
RM5/month

Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

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Jack Ma’s Ant Financial.

   

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