Credit consumption in China began in 1950s, and was later cancelled. The credit consumption of banks with housing as a breakthrough began in the 1980s. However, when the shortage economy was dominant and the market economy was underdeveloped, credit consumption did not have the fully developed economic foundation and market conditions. Therefore, credit consumption is single in variety, narrow in scope and small in scale, and it is only in its infancy and exploration stage.
Since the 1990s, China's economy has developed rapidly, and the living standards of residents have been continuously improved, resulting in a relatively strong demand in the fields of housing and automobiles. At the same time, with the formation of buyer's market, insufficient consumer demand has become the main factor restricting economic growth. The government has taken various measures to expand domestic demand, and credit consumption, as an effective means to stimulate consumer demand, has been valued and popularized. Various policies, laws and regulations aimed at encouraging personal credit consumption have been introduced one after another. By the end of 2003, the balance of RMB consumer loans of commercial banks in China was157.36 billion yuan, which was 90 times higher than that of 172 billion yuan at the end of 1997. The balance of individual housing loans was 1 178 billion yuan, and credit consumption accounted for less than 0.
From the perspective of institutions providing credit consumption, domestic commercial banks and credit cooperatives have carried out consumer credit business to varying degrees. The four state-owned commercial banks of industry, agriculture, China and China Construction are the main bodies of the consumer credit market, and their consumer credit balance accounts for 88% of the total consumer credit provided by all financial institutions. From the perspective of credit consumption varieties, after the development in recent years, a credit consumption variety system of more than 10 categories and hundreds of varieties has been formed, including personal housing and house decoration, automobile consumption and credit card consumption, bulk durable consumer goods and education aid, tourism and medical loans, personal comprehensive consumption and personal short-term credit loans, and recovery line loans.
As can be seen from the data provided above, in the consumer credit issued by banks, personal housing loans occupy an overwhelming advantage. This shows that China's credit consumption business varieties have great room for innovation, and some credit consumption varieties with great development prospects are basically blank in China. In addition, although China has developed some credit consumption varieties, the depth of development is far from enough. It can be expected that after the establishment of the social credit system, consumer credit with credit cards as the main body will usher in a rapid development stage.
Judging from the current practice of various financial institutions, the development of consumer credit in China should make remarkable progress in the following aspects:
(1) Focus on the development of personal housing and automobile credit consumption.
In the current development of credit consumption in China, individual housing loans account for an absolute proportion. In the future, personal housing loans will remain the focus of consumer credit development. On the basis of effectively reducing the risk of housing loans, we will expand the scope and proportion of housing loans and focus on developing mid-range housing loans. In addition, with the improvement of automobile popularity, the demand for automobile consumption loans will increase substantially, which will become a major growth point of consumer credit.
(2) Vigorously develop credit card business and personal consumer durables credit consumption.
The proportion of credit card business in the United States is second only to housing credit. After the establishment of social credit system, China's commercial banks should seize the favorable opportunity to vigorously develop credit card business, encourage consumers to spend first and then repay, and turn credit cards into real credit cards. In addition, we should also vigorously promote commercial sales outlets and consumption outlets for credit card payment. According to statistics, China's durable consumer goods loans account for a small proportion in China's credit consumption business, and the market potential is huge. Therefore, commercial banks should actively cooperate with merchants to develop various forms of durable consumer goods loans.
(C) Vigorously develop student aid and tourism credit consumption
At present, the proportion of student loans in China is still very small, and commercial banks should take various forms to vigorously promote it. Relatively speaking, student loans are essentially financing for current education by consumers with future income, and their loan targets are generally of high quality. If it can be reasonably guided, it should become a good credit variety. In addition, with the increasing importance of "holiday economy", residents' spending on tourism is also increasing. Commercial banks, relevant financial institutions and tourism enterprises should actively respond to relevant national policies and vigorously promote tourism credit consumption within the scope permitted by national laws.
(D) Learn from the advanced business methods of American credit consumption.
All financial institutions should actively cooperate with relevant institutions, combine with China's reality, vigorously explore new varieties of credit consumption, explore the feasible distribution mode and risk control mode of these credit consumption varieties in China, actively improve and implement them, and improve China's credit consumption system as soon as possible. For example, different types of loans are formulated for different consumer groups, loans for operating vehicles are provided to individual industrial and commercial households and transport operators, and loans for small-scale household operations are provided to urban and rural families with entrepreneurial awareness. At the same time, according to different credit consumption varieties and loan objects, consumers are provided with a variety of choices in terms of interest rate duration and repayment methods.
The development prospect of consumer credit is broad, but there is still a long way to go, and its process is restricted by many factors such as the construction of credit system and residents' consumption concept. In order to promote the healthy and rapid development of consumer credit, we should do the following work well.
(A) to strengthen publicity and change the traditional concept of consumption.
It is very important to advocate moderate debt consumption under the situation that China's market economy has entered the buyer's market. Therefore, it is necessary to intensify publicity, guide residents to change their consumption concept of "debt-free", realize the transformation from debt-free consumption to moderate debt consumption, and gradually improve the level of consumer credit. China residents' credit awareness is still relatively weak and their knowledge of financial credit is relatively poor. Therefore, enhancing consumers' credit concept, credit knowledge and financial knowledge is one of the important conditions for developing consumer credit and expanding domestic demand.
In addition, for banks and other financial institutions, it is also necessary to gradually increase the proportion of personal credit business, change the concept of attaching importance to industrial and commercial credit while ignoring consumer credit, fully understand the role of consumer credit in developing financial credit and social economy, increase publicity on policy orientation, market orientation and operation mode of developing consumer credit, and strengthen business consulting services.
(2) Adjust the income distribution policy to improve the real income level of residents.
The actual income level of residents directly affects the development of consumer credit. Therefore, the state should take measures to increase income in income policy to ensure the reasonable growth of urban and rural residents' income; In the distribution policy, we should further narrow the income gap and speed up the establishment and improvement of the social security system, so as to change residents' income and consumption expectations and stimulate the reasonable growth of consumption.
(C) the establishment of consumer credit risk prevention system
The level of credit risk prevention directly affects the success or failure of consumer credit. At present, the development of personal consumption credit is not fast. The main problem is not the bank, but the imperfection and inadaptability of the external environment. However, in developing consumer credit, banks should be ahead of the times, make full use of existing conditions and promote the healthy development of personal consumption through financial means.
1. Establish personal credit system as soon as possible. In addition to establishing a citizen basic information database, we should also speed up the integration of citizen basic information and bank credit information, establish and popularize a personal credit risk scoring model and a consumer credit computer approval system suitable for China's national conditions as soon as possible, establish a regional and national personal credit investigation and evaluation firm or personal credit investigation company, provide continuous investigation services for the income of the respondents, establish a borrower credit data model, accumulate information and analyze it regularly, and link banks and government departments to inquire about information. In view of China's current situation, firstly, relevant laws should be promulgated as soon as possible, and its service targets, market access and exit norms, business scope and compensation mechanism should be clarified. Second, it is necessary to train a group of high-quality personal credit evaluation practitioners with professional knowledge to promote the maturity and authority of evaluation; Third, it is necessary to formulate a unified evaluation standard, enhance the comparability of evaluation results, and prevent unfair competition among evaluation agencies; Fourth, it is necessary to establish trade associations and strengthen industry self-discipline and evaluation.
2. Improve the security system. We should learn from the experience of developed countries, gradually improve the personal consumer credit guarantee system and reduce the risk of consumer credit. First of all, we should improve the guarantee law and increase the provisions on consumer credit; Secondly, it is necessary to cultivate a standardized second-hand housing market to make the mortgaged property easy to realize; Thirdly, banks should cooperate closely with insurance companies to combine consumer credit with life insurance, property insurance and performance guarantee insurance to reduce risks; Finally, it can be studied that the government can set up a consumer credit guarantee company to provide guarantee for consumer credit, especially long-term consumer credit.
(4) Improve the social security system.
At present, the degree of socialization of social security system is far from enough to completely relieve people's worries, so it is very urgent to establish a social security co-ordination system combining commercial and compulsory. Therefore, we should take the establishment and improvement of the social security system covering all urban residents as a very urgent task and pay close attention to the construction of the rural social security system.
(5) Strengthen the cultivation of professional talents.
Employees in consumer credit business need not only to be familiar with modern professional knowledge, but also to have knowledge of bank savings, settlement, financing, financial management, market research and interpersonal skills, that is, to become an "all-round" comprehensive talents. As China's consumer credit has just started, business personnel come from various departments, and the quality of personnel is uneven, and the overall level is low. Therefore, it is particularly urgent to strengthen the training of employees. (Published in People's Miscellaneous Talks in June 5438 +2006 10)