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Beijing residents have the highest credit consumption record, according to the second China Credit Consumption Index Survey issued jointly by China Economic Monitoring Analysis Center of the State Statistical Bureau and MasterCard International in 2001. However, the city plans to further expand credit consumption by urging commercial banks to develop more new personalized loan services and simplifying formalities, according to a senior official with the Beijing Municipal Planning Committee. Apart from credit loans for housing, cars, the new loan services will cover interior decorations, travel abroad and furniture. A new housing loan program will soon be put onto the market. Measures to be adopted include: improving operation process; offering financial aid to customers of second-hand houses; speeding up credit consumption in the form of mortgage financial institution loans and mortgage installment. For those who are qualified for current individual housing loans, banks should allow them to loan for a certain amount based on the value of the pledge. Credit spending on housing decorations is also encouraged. The new comprehensive consuming credit loan service will not only cover housing, car, furniture and household electric appliance, but also includes education (home and abroad), travel, and individual durable commodities costing 3,000 yuan (US$ 362) or more and being useable for at least two years. Official statistics show that Beijing has experienced rapid increase of individual credit consumption in recent years. Among them private housing loan is listed as No. one with the total housing space of 26 million square metres from 1998 to 2000. Car loans increased rapidly over the past two years. From January to July this year, 33,692 cars were bought by loans, a rise of 22,977 over the same period of last year, or 2.14 times more. By the end of June 2002, commercial banks in Beijing had issued 249 million yuan (US$30 million) of state education loans to 35, 252 students.