The Chinese Family Finance Investigation and Research Center of South Western University recently conducted a research study on lending. The results disclosed that 33.5 percent of Chinese citizens utilize private lending channels. The total amount channeled through the private lending business has reached 8.6 trillion yuan (US$1.4 trillion). Of this amount, 3.8 trillion (US$0.62 trillion) was used in home financing, 3 trillion (US$0.49 trillion) was for agriculture and business financing, and the rest was used for auto equity and education. It was believed that these results indicated that the financial services in China’s banking sector have not been able to meet public demand.
Source: Guangming Daily, July 5, 2013