Reported about 1 year ago
Starting from July 1, 2024, several new regulations in China come into effect, covering areas like consumer loans, transportation, finance, and healthcare. Regarding finance, three financial laws concerning credit management were amended and implemented by the China Banking and Insurance Regulatory Commission, with a clear stipulation that the term for personal consumer loans should not exceed five years, or up to ten years for longer cash flow cycles. The revisions aim to enhance credit management abilities of commercial banks, prevent financial risks, and improve the quality of financial services by specifying loan terms and optimizing loan structures.
Source: YAHOO