Hurod: Boosting supply capacity and developing credit card consumer credit

May 16, China UnionPay president Hurod in the "2009 Lujiazui Financial Forum" during the interview with the Shanghai Securities newspaper, that the current China should vigorously develop credit card as the representative of consumer credit business, the construction and improvement of consumer credit service system.　　Enhance the supply capacity of consumer credit Shanghai Securities Daily: In the "2009 Lujiazui Financial Forum", you proposed that China should speed up the construction and improvement of consumer credit service system to enhance the consumption of credit supply capacity, I would like to ask you the current consumer credit market in China what evaluation? Hurod: In an international environment where global economic growth is generally slowing down, consumption has become an important engine of China's economic growth, in which the growth of residents ' consumption is not only an important factor to overcome the impact of the current financial crisis, but also a key driving force for China's sustained economic development in the coming period,　　It is also an important basis for the continuous improvement of China's economic structure. Therefore, with the transformation of China's consumption patterns and the rapid expansion of consumer credit demand, it is urgent to speed up the construction and improvement of consumer credit service system to enhance the supply capacity of consumer credit.　　Shanghai Securities Daily: In the construction and improvement of consumer credit service system, what are the specific recommendations?　　Hurod: To construct and perfect the service system of consumer credit can start from the following three aspects.　　The first is to improve the institutional system of consumer credit supply, and gradually form a diversified consumer credit supply system which is supplemented by non-bank financial institutions such as commercial bank, automobile finance company and consumer finance company. Second, we should continuously enrich the product system of consumer credit and innovate the mode of consumer credit business.　　Credit products have both long-term and short-term, both large consumption and small consumption, both for the urban residents and the rural residents. The third is to improve the security system to promote the development of consumer credit. We should perfect the system of administrative regulations on consumer credit, and in the judicial system, we should set up a relatively perfect and flexible write-off system for bad debts in accounting system. We should perfect the credit system, give full play to the function of personal credit system, and create a good environment for trust. There should be an effective operation and management mechanism within the consumer credit supply institutions such as commercial banks, so as to enhance the ability of customer credit evaluation and consumer credit risk processing.　　To improve the specialization of consumer credit market, the development of credit investigation, debt collection and other Third-party institutions, consumer credit should also be a good public opinion environment. Increase credit card consumer credit products innovation Strength Shanghai Securities Daily: credit cards play a unique role in consumer credit.　　How to promote the consumer credit business which is represented by credit card?　　Hurod: In recent years, China's credit card in the field of consumer credit has made considerable progress, but compared with developed countries, there is still a lot of room for development. At present, we should enlarge the target customer group of credit card actively, improve the credit limit of the high-end customer group, increase the product innovation strength, and prevent the credit card business risk effectively, and promote the healthy and rapid development of the credit card business in China. In addition, in the mode of operation of credit card business, China can learn fromInternational experience, consider setting up an independent credit card company under financial holding, specializing in credit card business and increasing consumer credit supply.　　Shanghai Securities Daily: The State Council in document 134th "on the promotion of circulation to expand consumption," said the "further promote the use of bank card" requirements, the development of bank card business and promote economic growth how the relationship? Hurod: In recent years, the bank card has become more and more popular in our country, and has been the most important personal non-cash payment tool. Convenient, fast bank card payment relative to cash can make the cardholder's consumption decision faster, the willingness to consume more strongly, the consumption behavior is more active, especially the credit card's consumption credit function can stimulate the consumption directly. The study shows that the ratio of bank card payment to total retail sales of consumer goods is 10%, which can lead to GDP growth of about 0.5%. With the further development of bankcard industry, the pulling effect of bank card on consumption domestic demand will be further revealed.