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Ministries to Rectify Pawning Outlets
The State Economic and Trade Commission will join forces with the Ministry of Public Security to give an overhaul of pawning outlets across China, according to sources at with a work meeting Friday, September 7.
The two ministries will issue unified pawning business permits to legitimate pawnshops after the market rectification, which will start September 10, according to the meeting.
Those without the permits will be considered illegal businesses after the market overhaul.
Although the number of pawn outlets is shrinking, their scale and financial ability are getting larger.
About 1,100 pawnshops have been opened in Chinese provinces, autonomous regions and municipalities, except the Tibet Autonomous Region. Most of them are scattered in coastal regions.
In addition to their traditional function, pawnshops provide small loans to businesses.
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