(Yicai Global) April 2 -- China issued more than CNY2 trillion (USD298 billion) in asset-backed securities last year as personal loans for property and cars surged.

Housing loans soared to CNY580 billion, Economic Information Daily reported, citing data from a Moody's asset securitization seminar. Issuance of securities backed by credit cards, micro loans and collateralized loan obligations fell, per Moody's data.

"China's asset securitization market varies with the fund demand and gradually comes to focus on consumer debt," said Zhou Jie, Moody's vice president. "This means the Chinese economy is shifting from being export-oriented and infrastructure investment-driven to becoming domestic demand-driver, and domestic consumption is becoming a vital driving force behind economic growth."

ABSs made up 4.6 percent of all lending in China's debt capital market last year, up from 3.7 percent in 2017, Zhou added. China had CNY2.7 trillion in ABS stock toward the end of last year, making it the largest market in Asia and second-biggest worldwide, behind the United States.

Asset securitization is resulting in more debt financing throughout the Chinese economy, a result of growth in structured lending transactions based on consumer debt, like mortgages and car loans, added one industry expert.