After The Financial Crisis Era Problem Of Consumer Finance Companies Development In China

The world economy is currently at post-financial crisis era, ie, the reconstructions stage after the financial tsunami. At this stage the key components for our economic developments are stimulating potential domestic consumption demands, promoting the transformation of economic growth and ensure our economy growth steadily and over the long-run.In July 2009, to implement the government’s policy on "sustain growth, expand domestic demand, adjust the economic structure, benefit the people", and to enhance the financing supports to expanding domestic consumptions and keep economic stable and fast growth, the Banking Regulatory Commission announced<Consumption Financing Company Management Trial Rules> with Central Government approval. The commission also started the registration approval of pilot consumption financing companies in Beijing, Tianjin, Shanghai and Chengdu. At the moment, to pilot on consumption financing companies are positive and necessary for the era. Developing consumption financing companies will enhance domestic demand stimulations, promote economic developments, will satisfy the consumption financing services needs of various consumer groups, improve the living standards of the people, and will help improve the current financing infrastructure. However, consumption financing companies are new in China and still in pilot stage, thus there are lots of limitations and improvement areas for consumption financing companies.The article is composed of five chapters, specific contents are below:Chapter One, Introduction. The chapter introduces the relevant research backgrounds and purpose for this article, and based on which the chapter proposed the author’s research structure and methodology, followed by the challenges as well as new concepts of the research.Chapter Two, this chapter primarily discusses the situation and characteristics of the post-financial crisis economy. The author focused on the definition and overall summary of the post-financial crisis era, and analyzes the economic characteristics that reflect the times, and also analyzes the impacts to consumption financing services by the economic development of post-financial crisis, based on reality.Chapter Three, primarily discusses the consumption financing companies and development experiences overseas. In this chapter the author introduces the history, status-quo and future outlooks for the developments of the consumption financing companies overseas, and from which the author summarizes the development experiences of the consumption financing companies overseas; based on above analysis the author proposes the necessity for our country to enhance the developments of consumption financing companies in post-financial crisis era.Chapter Four, mainly introduces the development status and existing problems of consumption financing companies in China. In this chapter the author introduces the establishment and pilot operations of consumption financing companies in China, base on which the author analyzes and proposes the problems and shortcomings of our consumption financing companies.Chapter Five, the chapter summarizes the research results of the whole article, proposes the policy suggestions to developing consumption financing companies in China, mainly from internal and external perspectives. Finally the author outlines the article’s limitations and future next step directions of the research.