Chinese Banks Push Interest-Free Installments to Spur Holiday Spending

The push matters less as a holiday promotion than as a signal of where Chinese banks see durable fee income: interest-bearing installment lending is absorbing marketing budgets as card issuance enters a stock-adjustment phase. The reach spans big-ticket categories like cars and travel, so the exposure is not confined to retail checkout volumes but touches consumer durables demand. The open question is whether promotional zero-interest windows convert into sticky installment balances once the festival ends, and whether the accompanying warnings on repayment capacity temper the very borrowing the campaigns are designed to draw.