Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Economy

China's consumer finance firms see fast asset growth

January 02, 2020


Abstract : China's consumer finance firms saw fast expansion in assets and outstanding loans as small-sum and convenient loans became increasingly popular, according to an industry report.

BEIJING, Jan. 2 (Xinhua) -- China's consumer finance firms saw fast expansion in assets and outstanding loans as small-sum and convenient loans became increasingly popular, according to an industry report.

By the end of September 2019, the total assets of China's consumer finance firms reached 493.8 billion yuan (about 70.7 billion U.S. dollars), with outstanding loans at 460.4 billion yuan, serving more than 100 million clients, according to the latest report released by the China Banking Association.

China piloted four consumer finance companies in 2010 to provide consumer financial services to low- and middle-income clients. By September, China had 24 such firms making small consumer loans.

Consumer finance companies refer to non-banking financial institutions approved by the regulator to offer consumer loans to individuals. They are not allowed to absorb public deposits.

Scan the QR code and push it to your mobile phone

Keyword: China consumer finance firms

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial