Three departments issue a document! Automobile, household appliances, home furnishings, etc. should reasonably increase consumer credit to support development | credit | consumer credit

The guidance documents supporting the development of business credit economy have been implemented.

On August 21st, the Ministry of Commerce, the National Development and Reform Commission, and the State Administration of Financial Supervision jointly issued the Guiding Opinions on Promoting the High Quality Development of Commercial Credit System Construction, proposing to actively develop credit sales, promote the development of credit consumption, support the development of credit financing, and standardize the development of credit evaluation. Specifically, it includes: reasonably increasing consumer credit support for consumers to purchase products such as cars, home appliances, and home furnishings; Deeply promote credit construction in the field of household services and other consumer goods. The Opinion also proposes to achieve the exchange and sharing of multi-dimensional credit records of various business entities in the business field with the national credit information sharing platform.

Reasonably increase consumer credit support for products such as automobiles and household appliances

The Opinion makes arrangements for the development of a high-level business credit economy. In promoting credit consumption, the document proposes to promote cooperation between financial institutions and commercial circulation enterprises, reasonably increase consumer credit support for consumers to purchase products such as cars, household appliances, and home furnishings, and continuously optimize interest rates and cost levels.

Public information shows that since the beginning of this year, under a series of consumer promotion policies, various banks have already launched a consumer loan marketing price war, attracting customers by directly lowering interest rates and issuing interest rate coupons, discount coupons, and other methods. At present, the interest rate of consumer loans is concentrated between 3.3% -3.8%, with a maximum limit of 200000 yuan. Analysis suggests that with further interest rate cuts, the interest rates on consumer loans may continue to decrease.

In addition, the Opinion encourages commercial circulation enterprises to actively create consumer oriented credit application scenarios under the premise of controllable risks, and provide consumers with flexible transaction arrangements such as use first, pay later, and deposit reduction.

The Global Payment Report released by Worldpay, a subsidiary of FIS, shows that global consumers are actively embracing emerging payment methods, and the emerging buy and pay market in China is growing significantly, with a growth rate ahead of other payment methods.

Encourage enterprises to actively use credit tools such as credit reports and credit insurance

The Opinion proposes to actively develop credit sales. We need to study and improve the credit sales guarantee mechanism, and encourage enterprises to actively use credit tools such as credit reports, credit insurance, factoring, and guarantees. Support the development of domestic trade credit insurance and encourage areas with conditions to explore the establishment of risk compensation mechanisms; Sort out enterprise information and support insurance institutions in providing precise services. Better leverage the role of export credit insurance, optimize underwriting and claims conditions.

According to public information, as of now, many regions in China have implemented the "credit report reform", and Shanghai, Tianjin, Anhui and other places have implemented the implementation plan of replacing the certificate of no illegal or irregular activities with enterprise public credit information reports. The Guangdong Provincial Development and Reform Commission has revealed that it is exploring the promotion of the 3.0 version of the reform, further expanding the application scope and scenarios of credit reports, improving the timeliness of reports, and providing more personalized and intelligent credit services for enterprises.

At the same time, the role of export credit insurance has been further highlighted since the beginning of this year. Against the backdrop of strong export performance in the "new three types" of foreign trade represented by new energy vehicles, lithium batteries, and solar cells, in the first half of the year, China Export Credit Insurance Company underwrote exports of the new energy industry chain at $17.48 billion and domestic trade at RMB 1.13 billion, a total year-on-year increase of 69.7%.

The relevant person in charge of China Export&Credit Insurance Corporation (Sinosure) introduced that since the beginning of this year, Sinosure has strengthened its refined management of the industrial chain business, studied and introduced support policies for the new energy industrial chain, promoted the extension of the existing industrial chain to upstream, downstream, and segmented fields, and helped relevant enterprises to deeply participate in the global industrial chain value chain.

The Opinion also puts forward requirements for the development of credit financing and credit evaluation.

Deepen credit construction in the field of household services and other consumer goods for people's livelihoods

The domestic service industry concerns thousands of households. The country attaches great importance to the construction of the credit system in the field of domestic affairs, and relevant departments have issued a series of documents. In August 2019, the National Development and Reform Commission and seven other ministries jointly issued a notice on the special action of credit construction in the field of domestic services. In October 2021, the National Development and Reform Commission implemented the Action Plan on Carrying out Credit Construction for Domestic Enterprises.

The Opinion proposes to promote credit construction in key areas, including deepening credit construction in consumer sectors such as household services. Zhao Huaiyong, Deputy Director of the Finance and Credit Construction Department of the National Development and Reform Commission, recently stated that the National Development and Reform Commission will work with relevant departments such as the Ministry of Commerce to actively promote the construction of a trustworthy environment and promote the improvement and expansion of the domestic service industry. One is to improve the credit record of the domestic service industry. The second is to improve the credit management system. The third is to support the development and growth of domestic enterprises. The fourth is to strengthen integrity education and training.

Other key areas include: encouraging foreign trade enterprises to deeply cultivate the international market and win industry reputation and market influence through honest operation; Fully implement the Foreign Investment Law and its implementation regulations, and deepen the management system of national treatment and negative list before foreign investment access; Improve the credit reward and punishment mechanisms in the field of foreign economic and trade cooperation, including foreign investment, foreign contracting of projects, foreign labor cooperation, and foreign aid execution.

The Opinion emphasizes the need to establish a multi-dimensional credit record covering various business entities in the field of domestic trade and foreign trade, foreign investment, foreign investment cooperation, and foreign aid execution, based on the unified platform of the Ministry of Commerce's business system for business credit information exchange and sharing, and achieve exchange and sharing with the national credit information sharing platform.