The presence of FinTech has been growing strongly in China recently. Experts in the industry think this emerging popularity for fin tech is one of the main factors contributing to the increase of consumer spending in China. Mobile Payments technology has made increasingly easier for the Chinese population to make online purchases, and goods can often be bought very inexpensively online in China. Online retail sales increased almost 26 percent in mainland China in the past year alone, pushing a 10 percent increase in overall retail sales. As the number of mobile users also increases in China, so does the ability to which this financial technology can be accessed. This could potentially push even more growth in the near future to come. The ability to get a loan through fin tech has also been eased , and this in turn gives more money to be spend on the online marketplace. The potential for mobile lending is also large, as aforementioned the number of mobile users in mainland China is rapidly increasing. If these trends continue it will be interesting to see how the growth of the rest of the world will be effected.
http://www.scmp.com/business/china-business/article/2073798/how-financial-technology-driving-chinese-consumer-spending
I agree that it will be interesting to see how the increase in consumer spending from fintech seen in China might effect the rest of the world, or even the Chinese economy within the next couple of years. Moreover, I think the same can be said about fintech in the US aswell, because trends have shown that consumer spending online is taking over retail spending very quickly. One of the reasons online spending has been able to come to prominence is definitely fintech like mobile payment processing technology that has revolutionised how easily people can purchase and pay for goods.