Research On The Impact Of Consumer Credit On Economic Growth

Consumer credit can stimulate consumption and stimulate economic growth. Since the reform and opening up, our country resident’s income and consumption level have been improved constantly, consumer demand influence the development of China’s economy for more in-depth, has become one of the “Troika”,which driving force of economic growth. The consumer credit market has been developing rapidly and growth is rising year by year, the consumer credit has launched, consumer credit products increase continuous since the People’s Bank of China issued “Guidance on Conducting personal consumer credit” in March 1999, promote the economic development of our country in a certain extent. However, compared with developed countries, China’s consumer credit total proportion of total bank loans is low, consumer credit business started late, weak foundation in market environment, uneven regional development, especially in economically underdeveloped areas, consumer credit in our country also has much room for development. This article select Neijiang, an old industrial city, as the research object, located in the heart of Chengdu-Chongqing Economic Zone, economic and social development is relatively backward of the coastal cities, low level of business development of consumer credit, Meanwhile in the background of China’s economy entered a "new normal", economic growth of Neijiang slowing year after year, currently analyzing the impact of consumer credit on economic growth, make policy recommendations to develop consumer credit, to stimulate economic growth of Neijiang, achieve sound and rapid economic development of Neijiang City has important practical significance, but also has certain reference significance for other western cities.In recent years, the consumer credit of Neijiang has been rapid development, to a certain extent, improve the people’s consumption level. But economic growth is promoted or not, and how much impact in the end, this article research the consumer credit problems exist in the process of development by collecting Neijiang economy, consumer credit quarterly data from 2008 to 2014, using the method of qualitative and quantitative research, establishing econometric model, using the unit root test, co-integration test, granger causality test etc., and the impact of short-term, long-term and classification of consumer credit on economic growth by empirical analysis method, and get the conclusion: long-term consumer credit and the housing loan has a significant influence on economic growth. Finally, this article put forward policy suggestions to develop consumer credit from several aspects, so as to promote economic growth, combined with the actual situation in Neijiang.