The Development Of China's Consumer Finance Company

The development of consumer finance company has had a long history in Western countries, and formed a more mature business model, consumer finance companies greatly promot the growth of consumer demand, thereby it has played an important role in promoting the economic development. China over-relianced on the economic development of the external market for a long time, but after the 2008 financial crisis, China's export business suffered a more serious impact of the previous export-oriented economy, and it has been unable to support our economic development, while our residents maintained a high savings rate, far less than the domestic market demand. Thus, in 2009, the Central Economic Work Conference, highlighted the importance of expanding domestic demand, and has put forward the expansion of household consumption as the key points to promote domestic demand, growth, and to promote China's economic growth mode transformation. Income in our country is temporarily unable to significantly improve the situation, consumer credit growth is undoubtedly an important tool to stimulate consumption. So, this time to introduce the pilot consumer finance company, is a major innovation in China's financial industry, rich types of financial institutions in China and help promote the growth of consumer demand to support sustainable economic development. The consumer finance company can also benefit individuals who can not receive the new financial services from commercial banks, meet different levels of consumers needs, and improve living standards for consumers.In this paper, I will give a detailed introduction about the consumer finance company, and combined with the current domestic economic situation, carried out a detailed analysis about the necessity and the possibility of the consumer finance company's establishment in China, indicated that consumer finance company in China will have a broad development prospects. But according to China's economic conditions and consumer habits, the consumer finance company in China will encounter some of the barriers. Then according to China's national conditions, I give some measures to improve the internal and external environment of China's consumer finance companies upon the experiences of the United States and the European Union in consumer finance companies.