A new survey has found that millennials comprise a huge percentage of China’s new urban migrant population, which has recently become the focus of window guidance for improved financial access from Chinese regulators.
An online survey conducted by 21st Century Business Herald found that nearly 80% of new urban migrants surveyed were born in either the 1980’s or the 1990’s, accounting for the vast majority of the demographic segment.
75% of new urban migrants said that they had moved to the cities for employment or entrepreneurship opportunities, concentrated primarily in the manufacturing, construction, wholesale, retail, accommodation and catering sectors.
Over 30% of new urban migrants in China have moved to the Pearl River Delta region, while around 20% have relocated to the Jing-Jin-Ji area around Beijing, and another 20% to the Yangtze River Delta area.
Home loan financing is a major priority of China’s new urban migrants, with nearly 60% having applied for home loans, and nearly 40% stating that financial services for new urban migrants should focus on resolving their home and leasing needs.