Loan companies exploit generation gap on spending

Editor's note: At an economy and finance forum in Hangzhou, Zhejiang province, last week, former central bank governor Zhou Xiaochuan warned that the loan industry was fueling the excessive consumption of some young people in China. China Youth Daily comments:

Many loan companies send out the same message in their advertisements aimed at the young consumers: you are the best and you deserve the best.

Over the past few years, the savings rate of Chinese families has fallen fast, and young people have demonstrated a different consumption concept from the elder generations, who largely led a frugal life for most of their lives and stressed savings for future emergencies.