The transformation that has been occurring there is truly remarkable and it is reshaping the global economy. Over the past three decades, the proportion of the Chinese population living in urban centres has more than doubled to almost 45 per cent (Graph 3).
Promoting access to credit and sustainable homeownership are important objectives, and the Board believes that responsible subprime mortgage lending can help advance both goals. Background Subprime mortgages are loans intended for borrowers who are perceived to have higher than typical credit risk.