It is reported that the country will introduce supporting policies on automobile consumption credit in the near future, which will also be the highlight of the new policy of automobile market in 20 10. In this regard, Zheng Changjiang, director of the public relations department of Changan Automobile (000625), said that the development of automobile consumption credit can greatly enhance the attractiveness of policies, expand automobile consumption and further promote the release of domestic automobile consumption demand. Under this favorable support, the fiery momentum of automobile consumption in 2009 will continue in 20 10, and the growth trend of China automobile market will not change for a long time, and a reasonable and healthy growth rate can still be expected.
According to relevant sources, the main content of the new auto credit policy is: the state will increase its support for auto finance business, mainly by directly giving financial support to auto finance companies in the form of low-interest loans. The target of support is auto financing companies with independent brands and auto credit business departments, but it does not include major commercial banks.
"If the state gives direct support in the form of low-interest loans, the loan interest provided by auto financing companies to customers is expected to be further reduced, which will attract more consumers and dealers to enter the door of auto financing companies." Liang Fang told reporters: "From the perspective of the development of automobile enterprises, automobile consumption credit is not only an important source of future profits for enterprises, but also an important way to promote the sales of their products."
The "Automobile Industry Revitalization Plan" launched in March 2009 clearly stated that "developing modern automobile service industry. Accelerate the development of consumer credit, support key automobile manufacturers to accelerate the establishment of auto finance companies, and carry out auto consumer credit and other businesses. " On February 23rd last year, the central bank issued the Guiding Opinions of the People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on Further Improving Financial Services to Support the Adjustment and Revitalization of Key Industries and Restrain Overcapacity in Some Industries, which also proposed "supporting auto finance companies to issue financial bonds". Improve the automobile consumption credit system and business process, and realize the legalization and standardization of the whole process of automobile consumption credit such as credit reporting, credit processing, vehicle mortgage, loan guarantee and default disposal. "
"Under the premise of steady economic growth, the rapid growth of automobile consumption credit scale in the future is relatively certain. With the liberalization of China policy and the rejuvenation of major consumer groups, the automobile finance business of automobile manufacturers will not only increase automobile sales in the next few years, but also gradually become a new growth point of their performance. " Luan Zhao, a researcher in the automotive industry of jianghai securities R&D Department, thinks.
The proportion of automobile consumption credit in China in 2009 is estimated to be around 10~ 15%, which is not only lower than developed countries such as Europe, America and Japan, but also significantly lower than other BRICS countries (40~50% in Russia and over 70% in India and Brazil). This is influenced by the income level and traditional consumption habits, and the more important reason is that the high financing cost leads to the high interest rate of automobile loans. In August, 2009, the People's Bank of China and the Banking Regulatory Commission of China issued an announcement to allow qualified auto financing companies to issue financial bonds, which can effectively reduce their financing costs and clear the main obstacles for the development of auto financing companies.
Compared with the current commercial banks, auto financing companies have obvious advantages. Because the risk is difficult to control and the bad debt rate is high, the enthusiasm of commercial banks to carry out car loan business is not high at present. In contrast, auto finance companies have a special risk monitoring system, and their risk control ability is obviously stronger than that of commercial banks that rely on traditional risk control methods. At present, the average overdue rate of auto financing companies in China for more than 30 days is only 0.7%.
According to the 2009 Futian Index-China Resident Mobility Index Report jointly released by Foton Motor and Horizon Research Consulting Group, 9.8% of households plan to buy cars in the coming year in 2009, slightly higher than the 9.3% purchase expectation in 2007. Among them, small towns and rural families show a high demand desire, which is expected to reach 12.4% and 1 1.5%. "If the market share of automobile consumption credit in China can be expanded to about 20% this year, then the automobile sales will increase by more than 5% accordingly." Liang Fang stressed.
"Foreign brand enterprises have auto financing companies in China, and these financial companies have launched financial auto loan business for their brands, so they are very attractive to consumers." Luan Zhao further pointed out, "With the rejuvenation of the main force of automobile consumption, the concept of early consumption is gradually accepted by people. A number of surveys show that more than 50% consumers are willing to borrow money to buy a car. If the interest rate is reasonable, the proportion of auto loans will increase substantially, and the next few years will become a period of rapid development of auto finance in China. "
In 2009, the domestic automobile market was full of drama, and the state issued a number of policies to stimulate automobile consumption, which played a key role in the rapid growth of automobile consumption. Whether the 20 10 automobile market can maintain its original heat will depend on whether the automobile consumption credit can continue to undertake the important task of expanding domestic demand and promoting consumption given by the policy.