The market size of China’s consumer loans, excluding mortgages, will reach 9.8 trillion (US$1.48 trillion) by the end of 2017, accounting for 12.32% of the GDP, according to a report released by a think tank, Yicai.com reported.
According to a report published by Analysys, consumer loans could reach 14.67 trillion yuan by 2019. Also, online consumer loans are expected to contribute 350 billion yuan in 2017. Though this category emerged only in recent years, it continues to grow at a rapid pace.
Meanwhile, the Internet has subverted traditional consumer loans from the perspective of customers, products, services, business process and risk control. Not only are licensed consumer finance companies betting on this area, but also e-commerce platforms and P2P platforms.
Meanwhile, traditional financial institutions are gradually relying on Internet technology to promote their consumer credit businesses. Currently, ICBC, CCB, CMB, Industrial Bank, China CITIC Bank and others have introduced online consumer credit products.