First, consumer finance, that is, credit loans for consumption purposes.
Generally speaking, it refers to microfinance products and financial services provided by institutions or enterprises for individuals with daily consumption (excluding housing and automobile consumption loans) as their main needs. Consumer finance has the characteristics of small single credit line, flexible service mode, short loan period (generally 1- 12 months), simple process, simple application materials and fast payment.
The participating institutions of consumer finance have formed a market structure with banking department, industry department, internet e-commerce department and P2P department as the main bodies. The scale of consumer finance market climbed from 679.8 billion yuan in 20 10 to 8,453.7 billion yuan in 20 18, and the proportion of domestic loans rose from 1.7% to 6.3%. Consumer finance
2. In 2008, the American financial crisis had an impact on China's economy. In order to maintain the momentum of economic growth, the government of China officially announced the launch of consumer finance pilot in 2009.
20 10 the first batch of four consumer finance companies in China was approved for establishment. 2065438+September 2003, China Banking Regulatory Commission announced to expand the scope of pilot cities for consumer finance companies, and the number of pilot cities has reached 16. The newly added cities mainly take into account the eastern, central and western regions, including Wuhan and Guangzhou. On October 20 13, 1 1 year 10, the CBRC issued the Measures for the Pilot Management of Consumer Finance Companies, allowing private capital to intervene, liberalizing business geographical restrictions and increasing the absorption of shareholders' deposits.
It has promoted the further expansion of consumer finance companies. In 20 14, the revised Measures for the Administration of Pilot Consumer Finance Companies was officially implemented, encouraging more investors with superior consumer finance resources and distribution channels to participate in the pilot.