TOKYO – General Electric plans to start a consumer credit business in China within a year to serve a burgeoning middle class, according to a published report Monday.
GE Consumer Finance will start by providing financing for customers of retailers, Chief Executive Officer David Nissen said, in an interview with Bloomberg News. The Stamford, Connecticut-based unit is talking with “several” Chinese banks that are potential partners, he said.
“The Chinese consumer is starting to become far more comfortable with credit,” Nissen reportedly said. “There are lots of debit cards in China. Now credit cards are becoming a status symbol.”
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