China orders banks to boost lending and credit card use

The Chinese government wants to boost consumer spending (AP)

China has ordered banks and other financial institutions to encourage more consumer financing and use of credit cards as part of a campaign to get people to spend more.

The order from the country’s financial regulator is part of the ruling Communist Party’s latest push to build more confidence among consumers who are opting to save rather than spend, amid worries over jobs and the economic outlook.