China Consumer Finance 40-People Think-Tank Forum was Established in Beijing
On July 14, 2017, the China Consumer Finance Innovation and Compliance Conference was held in Beijing together with the establishment of the China Consumer Finance 40-People Think-Tank Forum. Participants of the conference included relevant scholars specializing in consumer finance, officials from government regulatory authorities, and heads of major consumer finance companies. Participants reached the consensus that the prevention of financial risks is an important theme of the work on the consumer finance industry this year. Innovation on consumer finance must meet regulatory requirements, and compliance is the prerequisite for innovation. By no means shall innovation be the cover-up vest of regulatory arbitrage nor a theme for marketing hype. Product innovation shall head towards a simple and transparent direction and shall be integrated into specific consumption scenarios so as to effectively serve the genuine needs of consumers. If the product is too complex, it is then easy to cover up its real content and will consequently generate financial risks. The consumer finance industry should not only focus on innovation of products and business models, but also pay attention to the innovation of services in order to enhance the vitality and momentum for the healthy development of the consumer finance industry.
China Consumer Finance 40-people Think Tank Forum is an unofficial, non-profit specialized new think-tank founded collectively by renowned scholars and industry experts including Professor Li Daokui and Professor Wang Hongling. The Forum focuses on policy research in the field of consumer finance. The Forum will consist of 40 elite experts on consumer finance as its official individual members. The purpose of the Forum is defined as follows: embracing a forward-looking vision and a spirit of exploration, being committed to consolidating the academic foundation of the consumer finance industry, advancing research on the forefront issues of the consumer finance area, and promoting the reform and development of the consumer finance industry.
Professor Wang Hongling, founder of the China Consumer Finance 40-People Think-Tank Forum and researcher of the Tsinghua University Center for China in the World Economy (CCWE) has made comparative analysis at the meeting on the consumer finance industry in both U.S. and China in terms of their scale and developmental space. He believes that if China’s consumer finance industry insiders can understand the issue of developmental space correctly, avoid blind optimism and adhere to compliance during the development, then there still remains a relatively large developmental prospect. In regard to the compliance and regulation of consumer finance, Professor Wang Hongling advocates that regulation shall be conducted in strict consistence with modern market rules and maintain the transparency and openness of information.
Members of the Think-Tank Forum and relevant responsible people from consumer finance companies attended the meeting. Speakers of the meeting included: Zhong Dingli, General Manager of Bank of China Consumer Finance Co., Ltd.; Hu Xiaobo, General Manager of Huarong Consumer Finance Company; Dong Wenchang, CEO of Jinshang Consumer Finance Company; Qu Li, General Manager of Consumer Finance Services at Jindong Finance; Feng Yaokang, Chief Market Officer of Home Credit China Region; Xie Yunli, Chief Market Officer of Merchants Union Consumer Finance Company; Peng Aijun, General Management Department at PSBC Consumer Finance Company; Mr. Valeriy, Assistant General Manager of MXSF Consumer Finance Company; Xu Jing, General Manager of Legal Compliance Department, Suning Consumer Finance Company; Zhang Sha, Assistant General Manager of Baoyin Consumer Finance Company; Zhao Ming, Vice President of Lexin Group. The aforementioned speakers have elaborated on the theme of the conference based on the actual situation of their company. Li Keaobo, Research Executive of Tsinghua University Center for China in the World Economy (CCWE) has introduced the progress made in the research report of consumer credit this year. Feng Xingke, Secretary-General of China Consumer Finance 40-people Think-tank Forum hosted the meeting.
According to the introduction of Feng Xingke, Secretary-General of the Forum, China Consumer Finance 40-People Think-Tank Forum implemented the open invitation system and individual forum membership system, and individual members of the Forum may be subject to either admission or exit. Currently subsequent to the establishment of the China Consumer Finance 40-People Think-Tank Forum, Professor Li Daokui has assumed the post of president of the academic committee; government officials and renowned experts home and abroad will gradually be recruited as academic consultants, and meanwhile, relevant scholars and industry experts home and abroad will gradually be recruited as specially invited researchers to ensure broad representation. So far, experts and scholars of the China Consumer Finance 40-people Think-Tank Forum have conducted related consumer finance research for two consecutive years, released an annual research report on consumer finance for two consecutive years, and held China Consumer Finance High-level Forum twice.
