The China Banking Regulatory Commission (CBRC) released the Administrative Measures for Trial Consumer Finance Enterprises (Draft for Comment) on May 12, 2009, and is expected to approve establishing pilot firms in Beijing, Shanghai, Tianjin and Chengdu.
Under the Draft for Comment, the consumer finance firms will mainly provide loan for purchasing durable goods and for individuals’ ordinary consumption. It is stated that it must not be involved in such high-risk products as real-estate loan and auto loan during the trial.
It is also stipulated that minimum registered capital of such firm must be RMB 0.3 billion or the equivalent convertible currencies.(June.5th 2009)