Consumer finance company pilot launches 3 banks allowed to build

BEIJING, January 7 (Xinhua) China's Banking Regulatory Commission has officially approved the Beijing Bank, the Bank of China and Chengdu Bank as the main contributors to the construction of consumer finance companies, which means that a long brewing consumer finance company pilot officially launched.　　July 2009, in order to increase the financial support to expand domestic demand and promote consumption, the CBRC issued the "Consumer finance company pilot management measures", and launched the Beijing, Tianjin, Shanghai, Chengdu, four consumer finance companies in the pilot examination and approval work. Under the pilot management scheme, consumer finance companies are "non-bank financial institutions that do not absorb public deposits, and provide loans for consumption to individual residents of China in a small and decentralized basis," mainly for residents to provide financing for consumption purposes, such as the purchase of household appliances, electronic products and other consumer durables, And for personal and family tourism, wedding, education, decoration and other uses of consumer matters. The pilot period does not deal with the mortgage and car loans business.