Yaodian
Macroscopically, the economy of 202 1 China will continue to repair, and the demand for consumer credit will gradually increase, but the growth rate of consumer credit has not recovered to the pre-epidemic level. By the end of 20021,the balance of short-term personal consumption loans (including credit cards and consumer credit) of financial institutions was 9.36 trillion yuan, with a year-on-year growth rate of 6.59%;
In terms of policy, the regulatory authorities have successively issued a number of policies and normative documents to further protect personal information and the rights and interests of financial consumers, and standardize credit card management and Internet loan management;
In terms of issuance, in 20021year, the issuance scale of personal consumption loan ABS products picked up, and the annual issuance scale was 47188 million yuan, up by 25.03% year-on-year;
In terms of issuance interest rate, the issuance interest rate of personal consumption loan ABS product priority (AAAsf) securities is 2.66%-6.00%, and the issuance interest rate of secondary priority (AA sf/AAsf) securities is 2.73%-6.50%, which is larger than that in 2020. Compared with yield to maturity, a one-year short-term bill, the AAAsf spread range of personal consumption loan ABS products initiated by commercial banks is -43.22~2 1.95BP, and the products initiated by consumer finance companies are -2 1.74~239.06BP, and the interest rates issued by different sponsors are obviously different.
In the secondary market, in 20021year, the turnover of personal consumption loan ABS products was1486.3 billion yuan, an increase of 9.84% over the whole year of 2020; Transaction 107, with an average amount of 654.38+39 million yuan, and the activity of secondary transactions needs to be improved;
In terms of asset pool characteristics, the asset pool characteristics of personal consumption loan ABS products issued by 202 1 continue to show the characteristics of small single amount and highly dispersed asset pool, and the contract interest rate/handling fee rate of the assets entered into the pool remains at a high level;
Product performance duration:
? In terms of overdue rate, with the normalization of epidemic prevention and control and comprehensive resumption of production, the impact of epidemic on residents' income and daily consumption has gradually weakened, and the overdue performance of the basic assets of ABS products issued by 202 1 has improved significantly;
? In terms of default rate, the cumulative default rate of personal consumption loan ABS products has been increasing year by year in recent years. 202 1 due to repeated epidemics in some areas, the macroeconomic growth rate slowed down, and the quality of personal consumption loan ABS product asset pool continued to be under pressure;
? The recovery rate of basic assets of personal consumption loan ABS products is generally low, and the prepayment rate varies with product characteristics;
In 20021year, China's economy continued to recover, and the balance of short-term personal consumption loans gradually increased, but the growth rate still did not return to the pre-epidemic level. Affected by the downward pressure of the macro-economy and repeated epidemics in some areas, the consumer confidence index fluctuated and declined. As the leverage ratio of residents continues to be at a high level, the credit performance of consumer credit may continue to be under pressure. At the same time, the regulatory authorities continue to introduce a series of policies aimed at further protecting personal information and the rights and interests of financial consumers, and standardizing credit card operation and Internet loan management.
In the first half of 200212002, thanks to the government's "dynamic zero clearing" policy, the domestic epidemic situation was effectively controlled, residents' living consumption expectations and consumer confidence were continuously restored, and residents' consumer credit demand gradually picked up. In the second half of the year, the epidemic spread locally, and the downward pressure on the macro economy was still relatively large, so the growth rate of short-term personal consumption credit in China slowed down. From the balance of personal loans of financial institutions, as of the end of 20021.1/trillion yuan, of which the balance of medium and long-term personal consumption loans (mainly housing mortgage loans) was 45.53 trillion yuan, and the balance of short-term personal consumption loans (including credit cards and consumer credit) was 9.33 trillion yuan.
Financial short-term personal consumption loans are mainly composed of credit card loans and personal consumption loans, of which credit card loans are the main ones. Judging from the use of credit cards, as of the end of September 20021year, the cumulative number of credit cards issued has reached 798 million, with a per capita card holding capacity of 0.57. In the same period, thanks to the gradual decline of the epidemic and the low base in the previous period, the total credit granted by credit cards was 20.66 trillion yuan, a year-on-year increase of1.14%; The amount used was 8.40 trillion yuan, up 8.25% year-on-year, but the growth rate has not recovered to the pre-epidemic level. The credit utilization rate was 40.66%, which was basically the same as last year.
202 1 under the influence of some negative factors, such as repeated epidemics, power shortage and housing debt crisis, the downward pressure on the domestic economy has increased, and the consumer confidence index has shown a downward trend. At the same time, the leverage ratio of residents is the same as that at the end of last year and is still at a high level.
The persistent high leverage ratio of residents and the increasing downward pressure of macro-economy will affect residents' repayment ability and willingness, thus having a certain negative impact on the credit performance of consumer credit. Judging from the quality of credit card assets, with the effective control of the domestic epidemic, the total amount of credit cards overdue for half a year is relatively stable as a whole. By the end of September, 2002/kloc-0, the total amount of overdue credit cards for half a year was 86.926 billion yuan, accounting for 1.04% of the total credit card payable. On the whole, since 20 17, the proportion of the total credit overdue for half a year to the total credit payable has been declining. However, considering that since 20 12 1 credit card non-performing loan securitization products were issued in the inter-bank market, the accumulated disposal of credit card non-performing loans was 359.02 billion yuan, which may underestimate the overdue level of credit cards. Among them, from June 5438+0-September in 2020 and June 5438+0-September in 2026, the non-performing loans of credit cards were disposed of by issuing securitization products of non-performing loans of credit cards of 6.0/kloc-0.60 billion yuan and 7.7/kloc-0.0/./kloc-0.60 billion yuan respectively. If this part of non-performing loans is recovered, by the end of September, 20021,the proportion of credit card overdue for half a year to the total credit card payable will be basically the same as that of the same period last year.
In terms of policy, with the increasing emphasis on the protection of personal information and consumers' rights and interests, the regulatory authorities have continuously issued corresponding policies and normative documents in protecting personal information and financial consumers' rights and interests and promoting compliance management.
With regard to the protection of personal information and financial consumers' rights and interests, in August, 20021,the National People's Congress Standing Committee (NPCSC) passed the Law on the Protection of Personal Information in People's Republic of China (PRC), which made it clear that personal consent should be obtained for handling sensitive personal information such as financial accounts, and individuals have the right to withdraw their consent, and personal information processors should provide convenient channels for withdrawing their consent. In September, 20021,the People's Bank of China issued the Measures for the Administration of Credit Information Business, which clarified the definition of credit information and the boundaries of credit information management. All aspects of credit information business are clearly defined; Emphasize that credit information security and cross-border use comply with laws and regulations; Improve the openness and transparency of credit information business.
In promoting compliance management, with the overall economic stabilization, the bank credit card business has also ushered in a recovery growth, and the regulatory authorities have issued a number of policies to further standardize the credit card business. At the same time, in view of the rapid development of Internet consumer finance in recent years, the regulatory authorities have also formed more systematic and comprehensive regulatory requirements in the field of online lending.
Specifically:
Standardize credit card management
In 2002110/0, the People's Bank of China issued the Notice on Promoting the Market-oriented Reform of Credit Card Overdraft Interest Rate, and decided that "the credit card overdraft interest rate shall be determined by the card issuer and the cardholder through independent consultation, and the upper and lower limit management of credit card overdraft interest rate shall be abolished. The card issuer shall fully disclose the credit card overdraft interest rate and update it in time, and indicate the credit card overdraft interest rate and interest settlement method in a significant way in the credit card agreement "; 202 1, 10, the China Banking Regulatory Commission issued the Notice on Matters Related to Serving the Normal Production of Coal-fired Power Industry and Orderly Circulation of Commodity Markets to Ensure the Smooth Operation of Economy, demanding to standardize the credit card operation behavior and installment management, and standardize the cooperation between banking institutions and non-bank financial institutions such as consumer finance companies; In 20021,110/0, the Banking Association issued the Credit Card Collection Guidelines (Trial), which further clarified and adjusted the collection behavior, collection behavior norms, external collection agency management, internal control management, promoting the healthy development of the industry and self-discipline. In February, 2002165438+,the CBRC issued the Notice on Further Promoting the Standardized and Healthy Development of Credit Card Business (Draft for Comment), which included strengthening the management of credit card business, strictly regulating the marketing behavior of card issuance, strictly controlling credit management and risk management, strictly controlling the flow of funds, comprehensively strengthening the standardized management of credit card installment business, strictly managing cooperative institutions, strengthening the protection of consumers' legitimate rights and interests, and strengthening the supervision and management of credit card business.
Internet loan management
In February, 20021,China Banking Regulatory Commission issued the Notice on Further Regulating the Internet Loan Business of Commercial Banks, further strengthening the requirements of independent risk control, urging commercial banks to implement the main responsibility of risk control, independently completing the risk control links that have an important impact on loan risk assessment and risk control, and putting forward detailed supervision standards on the proportion of capital contribution, concentration and cross-regional business of loans issued by commercial banks and cooperative institutions, so as to guide commercial banks to further standardize Internet loans. In March, 20021,five ministries and commissions, including China Banking and Insurance Regulatory Commission, China, jointly issued the Notice on Further Standardizing the Supervision and Management of College Students' Internet Consumer Loans, standardizing the marketing behavior of lending institutions and their outsourcing cooperative institutions, strengthening the risk management of college students' Internet Consumer Loans in banking financial institutions, standardizing the collection behavior, strengthening the protection of personal information, and deploying the supervision, inspection, investigation and rectification of college students' Internet Consumer Loans. In 20021,1/year1October, China Banking and Insurance Regulatory Commission, China issued the Guiding Opinions on Regulating the Supervision and Price Management of the Banking Service Market, requiring banks to "understand the service contents and price standards provided by cooperative institutions such as Internet platforms, stipulate the disclosure requirements of service price information, the responsibilities and obligations of the three parties in dispute resolution, etc., and prohibit cooperative institutions from using banks. It is necessary to continuously evaluate the cooperation model and promptly terminate the institutional cooperation that is inconsistent with the quality and price of service charges. "
Table 1:202 1 Major Policies of Consumer Finance Industry in China
Generally speaking, in 20021year, the consumer credit demand of residents showed a gradual upward trend with the recovery of domestic economy. However, due to the repeated epidemics in some areas and the increasing downward pressure on the macro economy, consumer confidence has declined, and the growth rate of consumer credit has not yet recovered to the pre-epidemic level. The leverage ratio of residents remains at a high level, and the credit performance of consumer credit may continue to be under pressure. In terms of policy, the supervision content of consumer finance industry is more detailed and the supervision intensity is increased, aiming at guiding the industry to develop more standardized and healthy.
202 1 The issuance scale of personal consumption loan securitization products in the inter-bank market has rebounded, and the number of sponsors has also increased compared with the previous year. Judging from the number of issues, consumer finance companies still surpass commercial banks to occupy the main position as sponsors.
As the epidemic prevention and control entered the normalization stage, China's economy continued to repair, and residents' demand for consumer credit gradually picked up. In this context, the issuance scale of asset-backed securities for personal consumption loans in the inter-bank market has rebounded from the previous year. In 20021year, personal consumption loan ABS products were issued 16 notes in the inter-bank market, with the issuance scale of 47188 million yuan, an increase of 25.03% compared with 2020.
According to the types of basic assets, personal consumption loan ABS products can be divided into general consumption loan ABS products and credit card installment ABS products. In 20021year, ABS products of general consumer loans were issued 13 bills, with a total issuance scale of 24.368 billion yuan, an increase of 32.69% over 2020; Credit card ABS products are issued in three phases, with a total issuance scale of 22.82 billion yuan, an increase of 65,438+07.77% compared with 2020.
From the perspective of sponsors, in 20021year, there were 10 sponsors of ABS products for personal consumption loans, including 5 commercial banks (China Merchants Bank, Ping An Bank, Hangzhou Bank, Bank of Ningbo Bank and Bank of Communications), an increase of 3 over the previous year, and 6 bills were initiated by * * *, with a total issuance scale of 33.835 billion yuan, accounting for 7655. There are 5 consumer finance companies (including Gitzo Consumer Finance, Xingye Consumer Finance, China Post Consumer Finance, Yin Hang Consumer Finance and Hubei Consumer Finance), an increase of 65,438+0 over the previous year, with a total issuance scale of 65,438+00 yuan, accounting for 28.30%. Among the above consumer finance companies, Yin Hang Consumer Finance and China Post Consumer Finance are the first ABS products to offer personal consumption loans.
In 20021year, three consumer finance companies were approved by CBRC, namely Yin Su KGI Consumer Finance, Chongqing Ant Consumer Finance and Sichuan Weipin Fubon Consumer Finance. Among them, Yin Su KGI Consumer Finance was jointly established by four shareholders, namely Jiangsu Bank, Taiwan Province KGI Commercial Bank, Blue Ocean House and Five Star Holdings, with a registered capital of 2.600 billion yuan, and the contribution ratio of each shareholder was 54.25%, 366.5438+07%, 7.5% and 2.08% respectively. It is an internet consumer finance company that does not set up offline business outlets and uses technology to drive the whole process of online lending. The registered capital of Chongqing Ant Consumer Finance is 8 billion yuan, and the top three shareholders are Ant Technology Group Co., Ltd., Nanyang Commercial Bank Co., Ltd. and Guotai Shihua Bank (China) Co., Ltd., with shareholding ratios of 50.00%, 65,438+05,065,438+0% and 65,438+00.00% respectively. Sichuan Weipin Fubon Consumer Finance was established by Vipshop (China) Co., Ltd., Xtep (China) Co., Ltd. and Fubang Huayi Bank Co., Ltd. with a registered capital of 500 million yuan, and the shareholding ratio of each shareholder was 49.90%, 25. 10% and 25.00% respectively. By the end of 20021,among the 30 licensed consumer finance companies approved by the CBRC, 15 consumer finance companies have been approved to carry out asset securitization business, and 9 of them have successfully launched personal consumption loan ABS products in the interbank market, namely Industrial Consumer Finance, Suning Consumer Finance, Jincheng Consumer Finance, BOC Consumer Finance, Gitzo Consumer Finance, Instant Consumer Finance and Hubei Consumer Finance. As more and more consumer finance companies have been established for three years and meet the regulatory requirements for applying for asset securitization business, more and more consumer finance companies will participate in the asset securitization market in the future.
From the issue interest rate, the issue interest rate range of priority (AAAsf) securities is 2.66 ~ 6.00%, and the issue interest rate range of secondary priority (AA sf/AAsf) securities is 2.73 ~ 6.50%, which is 3.45 ~ 4.67% and 3.70 ~ 5. 10 respectively higher than that of the same level securities in 2020. Compared with yield to maturity, a short-term bill of one-year medium-term bonds, the AAAsf spread range of personal consumption loan ABS products initiated by commercial banks is-43.22 ~ 21.95 BP; For consumer finance companies, AAAsf spreads range from-21.74 to 239.06 BP.
The issuance rate of personal consumption loans ABS products initiated by consumer finance companies is generally higher than that initiated by commercial banks. There are also great differences among different consumer finance companies. Taking priority securities as an example, the issuance rate of personal consumption loan ABS products AAAsf securities initiated by Gitzo Consumer Finance is significantly higher than that of other sponsors, while the issuance rates of consumer finance companies such as China Post Consumer Finance, Hangzhou Bank Consumer Finance and Industrial Consumer Finance are relatively low.
In terms of transaction volume, in 20021year, the turnover of ABS products for personal consumption loans was1486.3 billion yuan, an increase of 9.84% over the whole year of 2020; Number of transactions 107, with an average amount of 65438+39 million yuan. In 20021year, the transaction amount of ABS products in inter-bank market credit was 747.033 billion yuan, and the transaction amount of ABS products in personal consumption loans only accounted for 1.99%, so the activity of secondary transactions needs to be improved.
The collective assets of personal consumption loan ABS products have the characteristics of small average household amount, high dispersion and short remaining period. Due to the different characteristics of consumer credit products of different sponsors, there are differences in asset pool characteristics among different personal consumption loan ABS products, but the contract interest rate/handling fee rate of collective assets remains at a high level.
The basic assets of personal consumption loan ABS products are mostly unsecured and unsecured credit loans, with small average household amount, high homogeneity and high asset dispersion. The basic assets of personal consumption loan ABS products issued by 202 1 mainly have the following characteristics:
The average outstanding principal balance of single-family loans is very small, and the asset pool is highly dispersed. 202 1 The average number of ABS products issued for personal consumption loans was 185426.75, and the average outstanding principal balance of single-family loans was 78700 yuan, and the asset pool dispersion decreased slightly compared with the previous year. The average outstanding principal balance of single-family loans initiated by commercial banks is less than that of consumer finance companies, mainly because the basic assets of products initiated by commercial banks include credit card installment loans, and their single-family credit line is small and the remaining period is short. For the credit card installment loan ABS products issued in 20021,the average outstanding principal balance of single-family loans in the pool is between 0.88 ~ 1. 1.9 million yuan, and the asset pool is highly dispersed.
The contract interest rate/commission rate of collective assets continues to be maintained at a high level. The weighted average contract interest rate of personal consumption loan ABS products issued on 202 1 is 15. 19%, which remains at a high level. According to the types of sponsors, the weighted average contract interest rate of the basic assets of products sponsored by commercial banks is mostly between 6 ~ 17%, and that of products sponsored by consumer finance companies is between 1 1 ~ 24%, which is higher than that of banking products. This is mainly because the customer qualification of consumer finance companies is weaker than that of banks, and the risk is higher, so they need to charge higher interest rates. In addition, because the repayment method of principal and interest of consumer loans mostly adopts equal interest, that is, the interest-bearing method is full interest, the internal rate of return of cash flow in asset pool is related to the aging of asset pool, that is, the longer the aging, the higher the internal rate of return. On the whole, the interest rate of personal consumption loan ABS products continued to remain at a high level, which brought a high excess spread for ABS products and provided certain credit support.
Compared with previous products, the weighted average remaining period of basic assets has not changed much, but there are some differences between products. In 20021year, the average weighted average remaining period of the basic assets of personal consumption loan ABS products was 15.94 months, which was basically the same as that in 2020. In 20021year, the average weighted average remaining period of commercial banks' asset pools was 1 1.73 months, an increase of 1.79 months compared with 2020, mainly due to Anshun 202 1-65438+Consumer Finance Company 202/. For example, the pool loans of Xingqing 202 1-2 and Xingqing 202 1-3 are mainly used for large-scale consumption such as decoration, which has the characteristics of large single amount and long term.
The cumulative default rate of personal consumption loan ABS products issued in 20021shows a slight upward trend compared with that in 2020, and the cumulative default rate of personal consumption loan ABS products initiated by consumer finance companies is higher than that initiated by commercial banks. Affected by repeated epidemics in some regions and the slowdown of macroeconomic growth, the solvency of borrowers in some regions or industries has declined, and the credit performance of consumer loan assets has continued to be under pressure.
Cumulative default rate 3
At present, the cumulative default rate of personal consumption loan ABS products in the interbank market is generally defined as the loan amount overdue for more than 90 days/the initial size of the asset pool. Compared with other personal consumption credit assets (such as personal housing loans and personal car loans), personal consumption loans are mostly unsecured and unsecured credit loans, which are relatively greatly affected by the economic cycle. From the performance of personal consumption loan ABS products issued in the inter-bank market from 20 17 to 20021year to the end of 20021year, the cumulative default rate is increasing year by year.
From the perspective of the types of sponsors, the cumulative default rate of ABS products initiated by commercial banks is lower than that initiated by consumer finance companies. This is mainly due to the huge retail customer base, mature risk control system and low capital cost of commercial banks, and the quality of customers obtained by commercial banks is relatively better. However, we also notice that the cumulative default rate of ABS products initiated by both commercial banks and consumer finance companies is increasing year by year, or it is related to the rapid expansion of consumer credit scale and the sinking of service customers in consumer finance industry in recent years. The credit performance of personal consumer loan assets will continue to be under pressure due to repeated epidemics in some areas and downward pressure from the macro economy.
202 1 interbank market * * * issue 16 personal consumption loan ABS products. By the end of 20021period, the cumulative default rate was between 0.00% and 5.50%. Among the products initiated by consumer finance companies, the cumulative default rate of "Jieying" series is generally high, ranging from 2.48% to 5.50%, but lower than that of "Jieying" series issued in 2020; Chu Win 202 1- 1 and Chu Win 202 1-2 have two phases and three phases respectively, and the cumulative default rates are 1.04% and 0.5 1% respectively. Because the product is released quarterly (three issues, that is, nine months), the default performance is reasonable. At the same time, two consumer finance companies, China Post Consumer Finance and Hangzhou Bank Consumer Finance, launched products in 202 1-1,and Hangbang 202 1- 1 were not observed because of their short duration. Most products initiated by commercial banks have a short term and no default performance has been observed. Anshun 202 1- 1 initiated by Ping An Bank lasted for four periods, with a cumulative default rate of 0.90%, which is at a high level among commercial banks, or related to its asset characteristics and corresponding customer base. Anshun 202 1- 1 collective assets are car owners' loans, that is, cash loans with cars as collateral for personal consumption or business. The weighted average interest rate of collective loans is 16.79%, which is at a high level.
Overdue rate
With the normalization of epidemic prevention and control and full resumption of production, the impact of epidemic on residents' income and daily consumption gradually weakened, and the overdue performance of the basic assets of personal consumption loan ABS products issued by 202 1 was significantly improved. From the performance of surviving products, the overdue rates of the basic assets of personal consumption loan ABS products are 1~30 days, 3 1~60 days and 6 1~90 days respectively, which is lower than that in 2020. Compared with the same period in the past three years, the short-term overdue rate of basic assets of surviving products on days 1~30 and 3 1~60 basically dropped to the pre-epidemic level, and the overdue rate on days 6 1~90 decreased compared with 2020, but it was still higher than the pre-epidemic level. It can be seen that the impact of recurrent epidemics in some areas on residents' income and living consumption has not been completely eliminated, and the slowdown in economic growth has affected individuals.
Annual cumulative recovery rate 5
We observed the overall recovery performance of partially paid personal consumption loan ABS products from 20 16 to 202 1. The average annualized cumulative rate of return of products initiated by consumer finance companies is 12.46%, among which Zhongying Xinyi Loan 20 16- 1 performed relatively well, with an annualized cumulative rate of return of 36,438. The average annualized cumulative yield of "Xingqing" series products is 5.59%, which is at a low level among the products initiated by consumer finance companies. The average annualized cumulative yield of Jieying series products is 13. 18%, among which the average yield of Jieying series products released in 2020 is 14.04%, which is higher than that of products released in 20 19 (12.32%).
Prepayment rate 6
The weighted average interest rate of ABS products in personal consumption loans is relatively high, and early repayment may lead to a decline in excess spreads. In addition to the influence of the borrower's own financial situation, the initiator's prepayment policy has a greater influence on the borrower's prepayment intention. Early commercial banks had strict requirements on the prepayment of credit card installment loans. Early repayment will not only generate a certain percentage of penalty interest, but also the handling fee for early repayment will not be reduced, and the borrower's motivation for early repayment is insufficient. However, the prepayment policy of consumer finance companies is more flexible, and because of the higher loan interest rate, borrowers are more motivated to prepay when their economic ability allows. Since the second half of 20021,the prepayment rate of ABS products for personal consumption loans has risen sharply, or it is related to the high interest rate of consumer loans. The central bank has comprehensively lowered RRR to urge borrowers to replace loans.
conclusion
202 1 China's economy has gradually returned to normal, and residents' demand for consumer credit has gradually picked up. Correspondingly, the issuance scale of personal consumption loan ABS products has stabilized and rebounded. Under the background of normalization of epidemic prevention and control in COVID-19, and comprehensive resumption of work and production, the impact of epidemic on residents' income and daily consumption has gradually weakened, and the overdue performance of basic assets of personal consumption loans ABS products has obviously improved. Nevertheless, in the post-epidemic era, repeated epidemics in some areas, persistently high leverage ratio of residents, and slow economic growth have all had a certain impact on personal solvency, and the cumulative default rate of personal consumption loan ABS products is increasing year by year. We expect that the performance of personal consumption loan ABS products will be further differentiated in the future, and the performance of ABS products initiated by institutions with high-quality customer base, core risk control technology and perfect post-loan management mechanism will be more stable.
The 1 products issued on the same day are selected for analysis with lower issue interest rate.
Loans for personal consumption and business purposes such as home decoration, travel, study abroad, wedding, medical treatment, etc. The collateral is the vehicle.
3 Cumulative Default Rate = Cumulative Default Amount/Asset Pool Balance on the initial calculation date.
4. Cumulative default rate = ∑ default amount in each period after each product is issued/∑ balance of asset pool on the initial calculation day of each product. Only the products with performance period exceeding 6 periods (inclusive) are selected to count the cumulative default rate, which is the same as this section.
5 Cumulative Recovery Rate = Cumulative Recovery Amount/Cumulative Default Amount, Annualized Recovery Rate = Cumulative Recovery Rate/Days of Performance Period *365, in which the days of performance period include the packaging period. Some paid products have not disclosed relevant data in the entrustment report, so they are excluded.
6. The statistics of prepayment rate started from the second performance period of each product, which has been annualized.
This article is from China Chengxin International.
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