Consumer finance can better serve real economy

The consumer finance sector should focus more on serving the real economy in future while continuing to play an important role in stimulating domestic demand, a leading member of the industry said.

“Every consumer is important for the country’s economic recovery,” said Zhao Guoqing, founder and CEO of Chongqing-based MaShang Consumer Finance.

The consumer credit sector has fundamentally solved the pain point of the general public’s consumption demand and has greatly improved their consumption experience by offering small-amount, flexible and convenient credit products, he said.

After five years of development, Zhao’s company now has more than 100 million registered users, with the total amount of consumer loans issued exceeding 400 billion yuan (US$56.5 billion).

With more than 800 independently developed core systems, MaShang Consumer Finance provides affordable financial services to a wide customer base and takes on the mission of serving the real economy.

The company has helped more than 6 million people in rural areas build a credit record.

More than one third of its users are in rural areas, and the total transaction volume of the group is more than 170 billion yuan.