European Union Chamber of Commerce in China

Consumer Finance & NBFI (Beijing)

Event: Consumer Finance & NBFI Working Groups meeting

Date: Tuesday, 10^th December 2013, 8:30-10:00am

Location:

European Chamber offices Beijing (C411A, Beijing Lufthansa Center, 50 Liangmaqiao Road, Chaoyang District)

Dear Working Group member,

We are pleased to invite you to the next meeting of the Consumer Finance & Non-Banking Financial Institutions Working Group which will take place on Tuesday, 10^th December, starting at 8:30am jointly in both the European Chamber offices in Beijing and Shanghai.

At this meeting Prof. Zhao Xijun, Head of the Financial and Securities Institute of Renmin University of China delivering a presentation on the development of Consumer Finance Companies in China.

The China Banking Regulatory Commission has recently revised the rules governing the Consumer Finance Company (CFC) Pilot Project (see here for the Chinese version of the text of the measures that will enter into force on 1^st January 2014). The new rules expand the project from four cities to 14 (the Consumer Finance Position Paper has had a recommendation regarding the expansion of the pilot project for the last four years). The rules also establish that their annual revenue must total more than RMB 30 billion. CFC now can extend small loans for personal consumption that cannot exceed RMB 200,000 instead of the previous cap of five times an applicant’s monthly salary.

Prof. Zhao Xijun is the deputy dean of school of finance at Renmin University of China, he is also the Head of the Financial and Securities Institute of Renmin University of China, executive director and member of academic committee of China international finance research institute and vice president of Beijing international finance research institute. Prof. Zhao got his PhD. From school of finance of Renmin University of China. His research interest covers international finance, capital market, financial regulation, monetary policy and Chinese economy. He has written reports to PBOC, CSRC, SAFE, Ministry of Commerce and other government agencies and financial institutions; He has led and participated more than 10 academic research projects, and some of his research got awards from China Finance Institute, People’s Bank of China, and Ministry of Commerce.

Tentative Agenda

1.       Presentation on the development of consumer finance companies in China – new regulatory framework by Prof. Zhao Xijun, Head of the Financial and Securities Institute of Renmin University of China

2.       Any other business and forward agenda

If you would like to attend please send notification to Mr. Will Hu at whu@europeanchamber.com.cn.

For more information on the Consumer Finance & NBFI Working Group, or the European Chamber in general, please contact Xavier Sans Powell in Beijing, xsanspowell@europeanchamber.com.cn or Felix Hamilton in Shanghai, fhamiltong@europeanchamber.com .

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