Consumer finance seen as driver in boosting consumption growth in China

Consumer finance will grown into an important industry because it is serving the real economy substantially.

Consumer finance is seen as the driver in boosting consumption growth in China which, in turn, will greatly impact the country's economic transformation, according to a report of Tsinghua University today.  

"I believe that consumer finance will be an industry with great importance, as consumer finance is substantially serving the real economy," said Li Daokui, professor at the Center for China in the World Economy in Tsinghua University.

Li spoke at third China Consumer Finance Forum held by the center which released a research report on Chinese consumer credit market in 2017.

Consumer financial services are a good way to complement traditional financial services because the former can be a catalyst to help people to pursue new consumption patterns, the report said.

The report, however, suggests that the consumer finance market should lay emphasis on both regulation and innovation in order to ensure the healthy and sustainable development of China's consumer finance market, and continue to buoy economic growth and drive the transformation of the consumption structure.

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