Article by hi joiney
(659, ‘ The CBRC announced on its official website quot Consumer br Financial Measures for the Administration of Pilot Draft quot hereinafter referred to as management practices to the community for public comment After one month for comment formal quot Trial Measures quot will be introduced the CBRC in Beijing Shanghai Chengdu Tianjin 4 to choose the pilot for consumer finance companies br br Hold media briefing yesterday the CBRC the CBRC non bank Financial Institutions Supervision Department deputy director Ren Chenqiong introduced such as other city related needs you can continue to apply to the relevant authorities br br So called consumer finance company is approved by the China Banking Regulatory Commission set up in China does not absorb public deposits to small scattered on the principle as the residents of China to provide consumer loans for the purpose of non bank financial institutions br br Chen Qiong said the consumer finance company set up such a new class of financial institutions China 39 s economy from investment oriented to the changing needs of consumer oriented quot through the establishment of consumer finance companies can promote the growth of personal consumption so as to promote manufacturing and retailers production and sales growth and promote the needs of related industries changes in GDP on exports and investment in fixed assets over reliance quot br br To further expand domestic demand According to Chen Qiong introduction the CBRC since the end of 2007 the financial sector to foreign consumer research Earlier this year China Banking Regulatory Commission submitted a consumer finance company set up referrals and experiments approach and solicit the Development and Reform Commission Ministry of Finance the Ministry of Commerce and the central bank the State Council Legislative Affairs Office of the comments The views of the State Council has approved and will begin trial operations of consumer finance companies State Council in Beijing and Shanghai Chengdu Tianjin four cities namely to establish a consumer finance company br br Consumer finance company 39 s registered capital shall be paid one time monetary capital and the minimum amount of 300 million yuan or the equivalent in a freely convertible currency br br Chen Qiong said the registered capital requirements with reference to other non bank financial institutions in China 39 s registered capital requirements Also taking into account the consumer finance company 39 s business volume is not open early if too many demands capital will result in idle funds to increase the capital cost br br Not involving mortgages auto loans Qiong Chen said that in foreign countries consumer finance is all walks of modern consumers with consumer loans br br Service Way in the mature markets and emerging markets have been widely used There are two major consumer finance provider a consumer finance company is a professional there is a traditional commercial bank br br As consumer finance companies not involved in resident deposits corporate capital comes mainly from its own capital After expanding in size consumer finance companies can apply to issue bonds but also to bank loans Single line of credit small professional company approved faster the amount in between a few thousand dollars to several million no security and flexible service short term loans br br Qiong Chen explained that the general consumer loans in order to prevent misappropriation experimental approach provides consumer finance company to release a general purpose personal loans for personal consumption amount the borrower shall not exceed the previous maximum amount of single loan payment Consumer finance companies not to the first company to apply for loans from the borrowers paid personal consumption loans for general purposes This means that only the consumer durables loans had been made reputable customers to get this loan br br Personal consumer durables consumer finance company loans is through the distributors released to the borrower for the purchase of agreed household appliances br br Electronic Products durable consumer goods excluding housing and br Car Loans General purpose loans for personal consumption is the consumer finance company paid directly to the borrower for personal and family travel br br Education Decoration br Matters such as consumer loans ‘)
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