Off the wire
• Spotlight: Egypt has long way to go to revive economy amid security challenges  • Nigerian troops make penetration into Boko Haram's largest camp: army chief  • Chinese, French FMs hold phone talks over ties, one-China principle  • U.S. stocks open higher after Fed decision to raise rates  • Chinese experts call for better trade dispute settlement with South Asia  • Ghanaian athlete banned for four years for doping  • More Tibetan children get preschool education  • Italian experts see Chinese wine market growing in demand  • ASEAN countries vow to strengthen cooperation in disaster response  • Pakistani authorities burn tons of narcotics in Islamabad  
You are here: 　 Home

China's consumer finance firms see over 100 bln yuan assets

Xinhua, December 15, 2016 Adjust font size:

China's consumer finance firms saw their total assets surpass 100 billion yuan (14 billion U.S. dollars) at the end of September with small-sum and convenient loans increasingly popular .

The regulator piloted consumer finance with four firms in 2010. A total of 16 new consumer finance companies opened in the first nine months of this year, with total outstanding loans of about 97 billion yuan, according to the China Banking Regulatory Commission (CBRC) on Thursday.

The 16 firms have offered loans of over 208 billion yuan, serving over 24 million customers with average amounts of 8,600 yuan.

The consumer finance market is growing fast with Internet companies like JD.com and Alibaba lending small sums for online shopping and other payments.

"Consumer finance can meet the demand from middle and low income consumers, " said Mao Wanyuan, a senior official with the CBRC.

The CBRC will approve new consumer finance firms as long as they are qualified. Three are ready with another eight in the pipeline, Mao said. Enditem