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Mortgage Repayment Boom To Sap Consumption For Months -


The recent boom in homeowners voluntarily increasing their mortgage repayments comes at the expense of boosting consumption in 2023, and this will continue for several months unless measures are taken to incentivise people to save less, according to an editorial by The news outlet said the repayment issue could be solved by reducing legacy mortgage rates of 6-7% closer to recently available rates of around 4%. Macro-policies are needed to ensure strong economic growth for 2023, in order to boost consumer confidence and encourage expenditure over precautionary savings, the paper said.

MNI Beijing Bureau |

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