Developing consumer finance and promoting the construction of modern economic system

The report of the 19th National Congress put forward the modern economic system for the first time, which specifically means that China should seek and build an economic system with quality first and efficiency first for a long time. Building a modern economic system requires China's economic transformation and upgrading, including the transformation of economic development mode from high-speed growth to high-quality development. Its main characteristics are changing the development mode, optimizing the economic structure and changing the growth momentum.

Developing consumer finance, from the national level, can promote the development of national real economy and the optimization of economic structure, and promote sound and rapid economic development; From the market level, it can promote the infrastructure construction of financial markets and improve the operating mechanism of financial markets; From a personal perspective, consumer finance will penetrate into residents' daily lives, change people's payment habits and consumption patterns, promote residents' consumption upgrading, and meet people's needs for a better life. Therefore, the development of consumer finance conforms to the internal logic of China's economic transformation and upgrading, meets the requirements of the modern economic system, and is an effective way to build a modern economic system.

Promote the development of the real economy and optimize the economic structure

In the past few decades, the service mode of traditional financial institutions in China tends to provide corporate financing and loans to large enterprises to a great extent, and its personal banking services are mainly aimed at the middle class, the rich and employees of corporate customers. However, in recent years, with the rise of mobile Internet technology, Internet finance began to enter the homes of ordinary people. Among them, consumer finance, which mainly serves the family, allows more people to enjoy the convenience brought by consumer finance with its low threshold, flexibility and convenience.

In a narrow sense, consumer finance refers to a modern financial service model that provides consumer loans to meet residents' consumption demand for final goods and services. According to the regulatory requirements, the businesses involved by China's consumer finance companies include personal durable consumer goods loans and general-purpose personal consumption loans. , excluding housing and car loans. It can be seen that the application scenarios of consumer finance are very extensive. The development of consumer finance not only enriches the industrial structure of the Internet finance industry, but also promotes the development of related industries of consumer goods production and circulation, thus further promoting the development of the real economy and optimizing the economic structure.

First of all, consumer finance can stimulate consumption, stimulate domestic demand, help economic growth and promote the adjustment and optimization of industrial structure. Investment, consumption and export are the three troikas driving economic growth, but for a long time, the sluggish consumer demand in China has led to insufficient economic growth momentum. Therefore, stimulating consumer demand and expanding domestic demand can inject new vitality into economic growth. Accelerating the establishment of a long-term mechanism to expand consumer demand and release residents' consumption potential involves many aspects of economic and social development, among which the development of consumer finance is an important focus. In China, most low-and middle-income residents have great consumption potential and desire to buy. The appearance of consumer financial products not only cultivated the credit consciousness of this group of people, but also enhanced their consumption ability and consciousness, and promoted the continuous upgrading of traditional physical consumption and emerging service consumption, thus promoting the adjustment and optimization of industrial structure.

Secondly, consumer finance can promote the production activities of consumer goods, thus indirectly promoting the effective supply of society. According to the data of the National Bureau of Statistics, the total retail sales of social consumer goods accounted for 44.28% of the gross domestic product (GDP) in 20 17, which made great contributions to the national GDP. At present, there are a large number of consumer financial products embedded in the consumption scene, which can help consumers with insufficient one-time payment ability but strong consumer demand to complete their purchases, thus indirectly promoting the market's supply of various goods and services including life and home, mobile phone digital, education and training, medical beauty and so on. Therefore, while creating a huge consumer market, consumer finance has also effectively promoted the large-scale growth of related products and services, and promoted a virtuous circle of demand and supply, production and consumption.

Finally, consumer finance helps to optimize the economic structure and expand the proportion of consumption in GDP. In developed countries, consumption accounts for 70%-80% of GDP. China's economic growth was mainly driven by investment and export for a long time in the past, and the proportion of consumption was relatively low. Therefore, consumer finance has a broad market development space, which directly helps consumption to stimulate economic growth and play an active role in economic restructuring. In March of 20 18, the National Development and Reform Commission released the Report on China's Residents' Consumption Development in 20 17, which showed that China's final consumption expenditure reached 43.5 trillion yuan in 20 17, accounting for 53.6% of GDP, and has accounted for more than 50 years since 20 12. It can be predicted that the development of consumer finance will become a new driving force for China's economic growth, promote supply-side reform and optimize China's economic structure.

Promote infrastructure construction and improve the operating mechanism.

In recent years, the government has intensively introduced policies to support consumer finance. Commercial banks, consumer finance companies, online small loan companies, P2P online lending platforms, installment shopping platforms and e-commerce platforms under large Internet companies have set foot in the field of consumer finance. Consumer finance companies have developed for nearly eight years since the first batch of four pilot consumer finance companies were approved by the former CBRC on 20 10. As of 2065438+May 2008, there were 26 licensed consumer finance companies approved by CBRC. However, compared with the mature consumer credit market in developed countries, the development of consumer finance in China is in the ascendant, and the infrastructure construction of financial market needs to be improved urgently. The development of consumer finance plays an important role in promoting the infrastructure construction of financial markets.

The first is to promote the construction of the credit information system. Personal credit information is an important reference for financial institutions to issue personal credit, which plays an important role in identifying risks and reducing default rate. The threshold of consumer finance is relatively low, and its target population is mainly young customers with low and middle income and "small white households" without credit records in the credit information system. There is still a big gap between China's current credit system and developed countries. According to the data of Credit Information Center of China People's Bank, as of 2065438+September 2006, the credit information records of the central bank included 899 million natural persons, of which only 4120,000 people had credit business records, less than half. On the other hand, in the United States, the rise of American credit information industry originated from the prevalence of consumption, and it has developed for more than 100 years. In its personal credit reporting system, the three major credit reporting agencies have covered about 85% of American citizens, and 90% of financial institutions regard it as an important reference for credit granting. In order to adapt to the rapid development of consumer finance, the construction and improvement of China's credit information system is imperative and indispensable. On the one hand, the government needs to play a leading role in accelerating the establishment and improvement of personal credit information laws and regulations system; on the other hand, private capital should be allowed to participate in the construction of credit information system. On March 5, 20 13, China officially implemented the Regulations on the Administration of Credit Information Industry, making it clear that the credit information system is a basic database of financial credit information established by the state, and the main body of credit information system construction is no longer limited to the central bank. This regulation announced the official launch of the third-party credit information market, and a large number of third-party credit information agencies began to flood into the market. According to statistics, up to now, there are more than 500,000 enterprises with the word "credit investigation" in industrial and commercial registration. 2065438+On May 23, 2008, Baixing Credit Information, a market-oriented personal credit information agency led by the central bank and initiated by China Internet Finance Association and eight market institutions, was officially listed, which is expected to break the industry information barrier and become an important supplement to the national central credit information internet financial data. I believe that with the participation of the government and private capital, China's credit information system will be more and more perfect.

Second, promote the iteration of financial technology innovation. Financial technology, according to KPMG's definition, means that non-traditional enterprises use technology as a sharp knife to cut into the financial field, seize the market with more efficient scientific and technological means, improve the efficiency of financial services and better manage risks. The scientific and technological means mentioned here include but are not limited to a series of technological innovations such as big data, cloud computing, artificial intelligence and blockchain. In recent years, the cooperation between financial technology companies and financial institutions has become increasingly frequent, which has promoted the vigorous development of financial technology. In 20 17, the financing scale of China's financial technology industry grew rapidly, with 328 financing incidents, and the total annual financing was 79.6 billion yuan, accounting for 57% of the world. Financial technology companies have advantages in technology research and development and the transformation of scientific research results. They can better understand the needs of users through technical means, empower the development of consumer finance, and then promote the innovation iteration of financial technology.

Third, promote the improvement of financial-related laws and regulations. In the process of rapid expansion of consumer finance, there have also been many industry chaos, such as excessive credit to immature groups, multi-head lending, ultra-high rates, violent collection and so on. The healthy development of consumer finance should be based on perfect laws and regulations, so relevant departments have issued a series of laws and regulations to regulate the development of consumer finance. In 20 17, China internet finance association issued the information disclosure standard of internet finance-consumer finance (draft for comments) to its member units, which defined and standardized 23 disclosure indicators and put forward specific requirements for information disclosure behavior of institutions. At the end of 20 17, the Office of the Leading Group for Special Remediation of Internet Financial Risks and P2P Online Loan Risks officially issued the Notice on Standardizing and Rectifying "Cash Loan" Business, which defined "Cash Loan" for the first time, emphasizing the policy red line of annualized interest rate of 36%, and its severity exceeded market expectations. This means that in the environment of stricter supervision, consumer finance enterprises can only go further by ensuring operational compliance.

Help upgrade consumption and meet people's needs for a better life.

The report of the 19th National Congress of the Communist Party of China puts forward that it is necessary to improve the system and mechanism of promoting consumption and enhance the basic role of consumption in economic development. With the upgrading and transformation of mass consumption concept and consumption demand, young people born after 80s, 90s and even 00s have gradually become the main force of consumption, which is different from the situation that the previous generation emphasized saving and neglected consumption. Nowadays, young people pay more attention to living in the present, spending in advance and improving their quality of life with their future ability to pay. With the help of consumer financial products, people can realize the intertemporal distribution of personal income, thus significantly expanding the current consumption capacity. Consumer finance has entered a brand-new stage, effectively promoting the consumption upgrade of individual residents and meeting people's demand for a better life, which is embodied in the following three aspects.

The first is to enrich consumers' borrowing options. Traditional loan types, such as mortgage and car loan, have high entry threshold, strict examination and slow lending, while consumer finance is embedded with more consumption scenarios, characterized by short-term, small amount, unsecured and unsecured, which lowers the threshold and makes the procedures more convenient and faster. With the development of consumer finance, the former personal consumer credit is mainly mortgage, and it has changed to other "small+high-frequency" consumer loan projects that can improve living standards.

The second is to change traditional consumption habits. The data shows that China's consumer credit accounts for 20% of the total credit, but in developed and mature countries, this ratio can generally reach about 60%. The original intention of the state to support the establishment of consumer finance companies is to meet the reasonable consumer finance needs of the broad masses of the people, promote consumption and expand domestic demand. When people have a stable expectation of future income, they don't have to rely solely on savings deposits to spend. With the help of consumer financial products, on the one hand, it can help low-and middle-income people improve their quality of life in a short time, on the other hand, it can better cope with the possible currency depreciation in the future. Young people who need to study abroad and families who update consumer goods such as home appliances can enjoy real convenience through consumer finance.

The third is to meet the needs of a better life. The report of the 19th National Congress of the Communist Party of China pointed out that the main contradiction in our society has been transformed into the contradiction between the people's growing need for a better life and the unbalanced development. The important manifestation of this major contradiction in the financial field is that a large number of "double-innovation" customers, vulnerable groups and low-income people cannot get better modern financial services. The modern economic system requires a more balanced regional and urban-rural development pattern. The main audience of consumer finance covers young people in low-and middle-income second-and third-tier cities, prompting their consumption structure to change from survival consumption to development consumption, thus improving their living standards. Therefore, the development of consumer finance is not only to meet the requirements of inclusive finance, but also to better meet people's needs for a better life.

China's consumer finance has entered a period of rapid development, which has become one of the new driving forces for China's economic growth. In the future, consumer finance will continue to play the role of economic engine, with financial technology as the driving force, inclusive finance as the development direction, and sound financial supervision as the guarantee, and will gradually sink into more consumption scenarios and move towards a higher-quality development path of the industry. Fully understanding the role of consumer finance, speeding up the construction of supporting policies and regulations and guiding the healthy and stable development of consumer finance market are effective ways to build a modern economic system.