Pudong is expected to be the first pilot consumer finance company

Although the "Consumer finance company pilot Management scheme" issued by the CBRC is still in the process of soliciting opinions, the competition for the first batch of pilots has already begun. May 16, in the 2009 Lujiazui Forum, the Shanghai Pudong New Area government and the Huangpu government and the Bank of China Shanghai Branch, Shanghai Bank signed the promotion of consumer finance strategic Cooperation Agreement.　　According to the agreement, Pudong New area is expected to be the first pilot consumer finance company in China.　　Consumer finance is bullish. According to the CBRC's draft, the first pilot cities of the consumer finance company will be located in Beijing, Shanghai, Tianjin and Chengdu, and the main contributors shall be domestic and foreign financial institutions.　　People familiar with the situation told reporters that although the current pilot approach has just begun to solicit opinions, many Chinese and foreign financial institutions have expressed their interest in setting up consumer finance companies to the CBRC. In addition to the Bank of China and Shanghai, which has already signed an agreement with the Pudong New area, Li Xiaopeng, deputy governor of ICBC, said at the 2009 Lujiazui Forum on 16th that ICBC attaches great importance to the CBRC's decision to set up a consumer finance company and is studying the decision, and there is no specific plan.　　However, such efforts will be strengthened as required. At the same time, many people in the industry are also optimistic about the development of consumer finance companies. Hurod, president of China UnionPay, said at the forum that the pilot position of consumer finance company is to solve the demand of consumer credit of low-end people.　　He believes that after a year of pilot, such companies can have a certain development.　　Morgan Stanley executive director and China strategist Lou just said that, although the current Chinese consumer credit system is not very developed, credit record time is relatively short, but in the long run, consumer finance will be a great opportunity. Earlier, the Banking Regulatory Commission in response to the reporters asked questions, the establishment of a consumer finance company such a new type of financial institutions, is to promote China's economy from the investment-oriented to the consumption-oriented transformation needs.　　By setting up consumer finance companies, the growth of personal consumption can be promoted, thus boosting the production and sales of manufacturers and retailers, driving the demand of related industries and changing the over-reliance on exports and fixed assets investment by GDP. According to experts, compared with developed countries, China is currently engaged in consumer credit services, the type of financial institutions are very small, consumer loans accounted for the total amount of loans in the proportion of less than 12%.　　For consumer durable goods consumption, as well as tourism, education and other general use of personal consumption and other aspects of credit financial services, is still more fragmented, professional degree is deficient.　　Because of this, experts believe that to launch a large-scale domestic consumer market, in addition to increasing the credit support of banks and other institutions, but also need more specialized financial institutions such as consumer finance companies support. Pudong is expected to lead the pilot to understand that in Shanghai, the signing ceremony, with the Pudong New area is the Bank of China Shanghai Branch, and Huangpu District, the cooperation of the Shanghai Bank.　　After the meeting, the HUANGPU government and the representatives of the local merchants, signed a consumer card preferential merchant Agreement, and to the first batch of 10 customer representatives issued a consumer card. According to the reporter understand, up to now, no other governments and banks have signed similar agreements, and Shanghai is at the front.　　Analysts believe this means that Shanghai is likely to take the lead in the pilot of consumer finance companies.　　Wei Weixian, deputy director of Shanghai Banking Regulatory Bureau, said at the signing ceremony that Shanghai will give full play to the advantages of first-try in Pudong's reform and opening-up, and support the first pilot establishment of a consumer finance company in Pudong.　　Shu, Deputy district director of Pudong New area, said that the Pudong district has made consumer finance an important part of this year's comprehensive package of reforms in Pudong, and that young white-collar workers with potential spending power and solvency will be the preferred customer base for consumer finance companies.　　At present, Pudong Lujiazui Financial District, Zhangjiang Hi-Tech Park is the main gathering area, attracting about 100,000 high-end financial talents and 100,000 high-tech talents, they have a strong desire to spend on wedding, education, tourism and other key business of consumer finance, meanwhile they are willing to accept and try new and convenient mode of consumption finance. Fang Xinghai, Director-General of Shanghai Financial Services Office, believes that finance plays an important role in promoting consumption. For example, he points out, for example, consumers would spend 100 of dollars, now it would take only 80.　　There may be things that are not willing to do, and are willing to do it now, thus pulling the consumption.　　The people also said that in the first area of reform, Pudong pioneered the pilot consumer finance company to provide specialized consumer credit service, which will rationally guide residents ' consumption demand, prosper the market of high-end consumer durables, and create new consumption growth areas, and explore the consumer finance companies in Shanghai and even the whole country. It is reported that the first batch of consumer finance companies pilot will be launched in June.