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Requirements eased for private capital to invest in consumer finance
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China has further lowered the threshold for investment in the financial sector by allowing private capital to invest in consumer finance companies that provide loans directly to consumers, the top banking regulator said today.
The cities of Beijing, Tianjin, Shanghai and Chengdu were allowed to establish a consumer finance company each in 2009. The trial program has been lately expanded by the China Banking Regulatory Commission to 14 cities including the existing four, according to a statement on the regulator’s website.
Domestic non-financial companies with annual revenue over 30 billion yuan (US$4.9 billion) in the past one year are allowed to invest in consumer finance companies. Threshold of minimum ownership is lowered from 50 percent to 30 percent, said the CBRC.
Furthermore, new financial firms are allowed to do business beyond their registered cities. Previously, the four cities faced geographical restriction.
Qualified financial institutions in Hong Kong and Macau are allowed to set up consumer finance companies in Guangdong Province including Shenzhen, the CBRC said in the statement citing Closer Economic Partnership Arrangement between the central government and its special administrative regions.
Under the expansion of the trial program, 12 new companies have been approved to be established, according to the CBRC.
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