China to Establish Consumer Finance Companies

The Beijing News, 5/13/09

The China Banking Regulatory Commission (CBRC) has released a draft of trial administrative measures for consumer finance companies. After one month of seeking comments on the draft, consumer finance companies will be established in the cities of Beijing, Shanghai, Chengdu, and Tianjin. The consumer finance companies will be allowed to provide small-scale loans to consumers for the purchase of designated items such as home electronics, appliances, and other long-lifetime products. Loans may not exceed 5 times the borrower's monthly income, and variable interest rates for the loans can not exceed 4 times the base interest rate.

Keywords: consumer electronics policy China Banking Regulatory Commission consumer hardware home appliances

Feedback

Sending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily