Jia Xinguang: There should be a major breakthrough in auto finance

After the outbreak of the foreign financial crisis in 2008, the State Council quickly formulated the "Reinvigoration and Adjustment Plan for the Automotive Industry" to promote domestic automobile consumption and the development of the auto industry, which requires the promotion and regulation of auto consumption credit.

Recently, SAIC General Motors Financial Corporation announced that it will issue 1.5 billion yuan in financial bonds for the country's first single-auto finance company, opening the door for diversified financing of auto finance companies. In the original regulations for the management of auto finance companies, auto finance companies only had two financing methods: self-raised funds and bank loans, which limited the use of funds from different sources, and in particular limited the channels for low-cost financing, plus various restrictions. It also makes it difficult for auto finance to develop normally over the years.

After the outbreak of the foreign financial crisis in 2008, the State Council quickly formulated the "Reinvigoration and Adjustment Plan for the Automotive Industry" to promote domestic automobile consumption and the development of the auto industry, which requires the promotion and regulation of auto consumption credit. “Modify and improve the auto consumer credit system, pay close attention to the formulation of automobile consumer credit management regulations, and standardize and legalize the entire process of auto consumer credit such as credit investigation, credit handling, vehicle mortgage, loan guarantee, and contract disposal, and support qualified domestic backbones. Automobile manufacturers establish auto finance companies, promote the diversification of auto consumption credit models, promote the standardized development of credit asset securitization, and support auto finance companies in issuing financial bonds, etc.” However, even if domestic funds are extremely abundant and monetary policy is very loose Under the conditions, the financial management department is still tightly guarding the door of auto finance. If you call for a long time, you will call it sesame seeds and call it watermelon.

According to financial industry sources, the reason why the financial management department imposed restrictions on auto finance was that it would cause trouble for foreign investors because China’s accession to the WTO promised to open up the auto financial market, so it set a high threshold in the regulations concerning auto finance. Harsh conditions are used to distress foreign capital. Unfinished digging did not contain foreign investment, and buried their own people. China's own-brand automobile companies have a lot of difficulties in developing auto finance. The second is that the relevant departments are playing fine with abacus and regard auto finance as a new golden doll. They just want to let a number of large state-owned banks take hold of them and try not to smuggle other funds. The result is that the banking industry is not doing well in auto finance and does not allow others to do it. In 2009, the state spent several hundred billion yuan to support automobile consumption, which played an important role in ensuring a steady growth of GDP. However, it was difficult to implement the “promotion of automobile consumer credit” in measures to promote the development of the automobile market.

The current implementation of various policies to promote automobile consumption will basically expire at the end of this year. Some people have already called for the cancellation of these car concessions. However, next year's auto market is facing a more severe situation, and it is still necessary to take the necessary measures to stabilize the market, among which the most important It is to regulate and develop the used car market and develop automotive finance.

At present, domestic auto finance services account for less than 10% of new car purchases, which is a far cry from the foreign figure of 70%-80%. China's per capita GDP has reached 3,800 U.S. dollars. According to international experience, per capita GDP exceeds 3,000 U.S. dollars, and cars have started to enter homes in large numbers. Therefore, car sales soared in these two years. Moreover, the national statistics department also acknowledges that the current personal income statistics are difficult to be accurate, so in fact, the purchasing power of cars is quite strong. The method of car loans is mainly recognized by young car consumers. At present, the “after 80′′ and even a part of “post 90s” have become the main force of car consumption. They are easy to accept credit consumption methods, so auto finance services will gradually become popular. Some agencies predict that the scale of domestic auto credit will reach about 500 billion yuan by 2016, equivalent to the current 5-6 times. At present, the domestic understanding of auto finance is also quite narrow, as if only the car is paid in installments. In fact, the concept of auto finance is much broader, such as credit card car purchase, loan car purchase, installment payment, leasing, insurance, dealer financing, bill discount, etc. In the area of ​​personal auto finance, some companies recently launched "one-stop" or one-stop auto financial services, extending their service coverage to driving learning, vehicle sales, parts sales, insurance, maintenance, fueling, rescue, etc. Auto finance has a vast development space.