The consumer finance system is taking shape
Generally, consumer finance refers to a type of modern financial service method in which financial institutions offer consumption loans to economic entity or family through multi-level and multi-channel credit loans, so as to help consumers achieve cross-stage consumption plan, spur demand in the current consumer product market, and promote the expansion of the current consumer product market.
According to the latest statistics of China Banking Regulatory Commission, as of the end of 2012, the five major commercial banks ICBC, Agricultural Bank of China, Bank of China, Construction Bank of China, and Communications Bank of China supported consumer loan balance of RMB 6,137.1 billion Yuan, an increase of RMB 705.5 billion Yuan year on year, a growth of 12.99 percent; and total consumer loans given out in the first three quarters amounted to RMB 1,124.2 billion Yuan. Among these numbers, balance of personal housing loan was RMB 5,299.1 billion Yuan, an increase of RMB 6,224 billion Yuan year on year; car consumption loan was RMB 59.7 billion Yuan, a decrease of RMB 31.6 billion Yuan compared with the same period of last year; education, medical and travel loans were RMB 11.8 billion Yuan, RMB 1.8 billion Yuan less than the same period of last year; and personal comprehensive loans amounted to RMB 6,270 billion Yuan, increasing by RMB 63.8 billion Yuan compared with the same period of last year.
Besides, the five major commercial banks issued a total of 35.11 million new credit cards in the first three quarters of this year; aggregated transaction volume reached RMB 2,889.5 billion Yuan, increasing by RMB 1,081.9 billion Yuan year on year, a growth of 59.85 percent; balance of credit card loan and overdraft amounted to RMB 759.3 billion Yuan, an increase of RMB 285.8 billion Yuan year on year, a growth of 60.36 percent.
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