Consumer Finance & Non-Banking Financial Institutions Working Group Position Paper 2019/2020 - 消费金融与非银行金融机构工作组建议书2019/2020 Go back »


Consumer credit empowers individuals to both achieve their dreams and to face everyday challenges with ease, as it provides them with a reasonable and fair solution to afford what they want when they need it, as well as to respond to contingencies in a timely manner. Consumer credit gives the many full access to what would be otherwise only affordable to the few. Thus, it is an essential engine in the realisation of the Chinese plan to develop a consumer-based society while adding to the well-being of the nation.

European consumer credit firms are active and essential players in the implementation of the State Council’s Plan for Advancing the Development of Financial Inclusion (2016–2020), which aims to improve “the availability, uptake, and quality of financial products and services in China, with a clear emphasis on expanding and deepening financial inclusion for historically unserved and underserved population segments, including micro and small enterprises (MSEs), rural residents, lowincome urban groups, the poor, the disabled, and the elderly.”

Regulated by the China Banking and Insurance Regulatory Commission (CBIRC), consumer finance companies (CFCs) are allowed to operate nationwide and provide consumption-purpose loans, excluding car loans and mortgages, up to Chinese yuan (CNY) 200,000.

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