Consumer finance firms fill the vacancy of bank ...
Latest data from CBRC show that as of December 15，2016，China has approved the opening of 16 consumer finance companies.Consumer finance companies and commercial banks carry out dislocation competition and complementary development with cultivating new growth points of consumption as the goal.They enhance the consumption ability of low-income consumers by providing small amount and low threshold consumer credit products.
In recent years，the consumer finance companies continued to further provide products and services to third-or fourth-tier cities and gradually built a business grid system with the offline outlets and the online channels supplemented each other，thus the availability and convenience of financial services have been improved.Meanwhile，the category of cooperative businesses has gradually expanded from traditional retailers to other emerging areas of consumption including education，tourism and health through close combining consumer scenarios and actively expanding the consumer credit business to continuously seek characterized development mode.Data show that by the end of September 2016，the consumer finance companies have issued consumer durables loans RMB 30.359 billion yuan covering home appliances，mobile phone，digital products and others，and general purposes consumer loans RMB 66.671 billion yuan covering decoration，education，tourism，house renting，highend medical and others.
Under the new economic normal，the importance of consumption in economic growth will be more prominent，and it needs more financial support.The development of consumer finance companies is also facing many challenges.The number of participants in consumer credit market has increased and the market competition is now fierce.Commercial banks are increasing their efforts on innovation and support in the field of new consumer credit with the help of specialized agencies，characterized outlets and online banks.At the same time，the evolution of the Internet technology has spawned new industrial formats.P2P lending information intermediaries，small loan companies and e-commerce providers have developed rapidly by precisely seizing the small amount consumer credit needs of low and medium income consumers.At the same time，the social credit environment needs to be optimized to provide mature credit soil for the development of consumer credit.