People born after the 90s becomes the majority borrowers in China

Unlike their parents who spend only what they have saved, the younger generation in China tends to live on credit. A research done by Rong 360 indicated that nigh on half (49.31%) of the group has borrowed, and 64% of whom have pledged from over four lending platforms, 9.6% over twenty platforms. Apart from that, statistics accredited to HSBC show that the loans owed by post-90s generation amount to 18.5 times their wage, and the individual debt exceeds on average 1,200 million yuan.