Complaints against China’s banking sector rise in Q3

BEIJING — Consumer complaints received by the China Banking and Insurance Regulatory Commission and its local bureaus rose 2.6 percent year on year to 87,281 cases in the third quarter (Q3) of the year.

Personal loan businesses reported an increase of 38.6 percent in complaint cases during the period. The number of cases involving personal loans came in at 28,026 in the July-September period, accounting for around one-third of the total.

In contrast, complaint cases involving credit card businesses dropped 8.3 percent year on year to 44,374 in the third quarter, while that of wealth management services stood at 3,968, a decrease of 8.5 percent.

From July to September, the number of complaints against large state-owned commercial banks increased by 2.8 percent year on year to 28,038 cases.