Comparative Study On Consumer Finance Companies

From the law of development of the global economy, a country in the early stages ofeconomic development, mainly rely on the high rate of investment to promote economicgrowth；When the economy develops to a certain level, the momentum of economicgrowth will change from the supply to demand, and from investment-led toconsumption-driven. Developed countries in the world are the main consumption driveneconomy, and residents of final consumption has made a great contribution to the GDPgrowth of a country. However, the development of our national economy faces the problemof consumption is being difficult to start comprehensively. Overall, the commercial banksare generally focus on bigger companies, bigger industry and bigger loans business, andtheir consumer loans are mainly for housing and automotive loans, but a small amount oftemporary consumer finance is difficult to incorporate into their views. In July2009, theChina Banking Regulatory Commission issued “the consumer finance company pilotmanagement approach” to start the pilot consumer finance companies. The establishmentof consumer finance companies can provide more financial services, which has thepositive significance to promote the growth of consumer demand, and the growth ofeconomy. However, the consumer finance company in China is in the initial stage, andthere is a great gap between ours and the developed countries’. Therefore, we need toactively learn from foreign experiences to promote our own development. Based on theabove, this paper attempts to adopt a combination of theoretical analysis and comparativeanalysis to analyze the characteristics of the development of the consumer financecompanies in U.S., Japan and Europe, and summarize their experience and lessons. Also,this paper tries to find out the problems of the development of our consumer financecompanies, which led to the corresponding countermeasures and suggestions for thehealthy development of China’s consumer finance companies.