SHANGHAI - A survey sponsored by MasterCard International found that consumers in China are becoming more amenable to credit products.

The China Consumer Credit Consumption Index Survey, conducted in December, polled 2,100 consumers in seven of the nation's largest cities about their awareness of and receptivity to bank card loans, mortgages, and other financial products. The proportion who said they did not understand the concept of credit consumption fell to 8.2%, from 8.9% in the inaugural survey a year earlier.

Asked what types of loans they had used in the past six months, more than 52% said they had borrowed from a financial institution - against 36% a year earlier; 19% had used a credit card; 15% had a mortgage; and 14% had borrowed money from relatives and friends.

About a third said they might take out some sort of a loan within the next six months, 30% said they would not, and the rest said they were unsure. People younger than 50 were more likely to have taken out a loan, and respondents at higher education and income levels tended to have higher expectations for quality service and infrastructure. The dominant group of credit consumers were those between 21 and 35 years old.

In both surveys, 80% of respondents said they felt comfortable with the notion of using credit, while the rest said they were unsure or not receptive to credit consumption.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.