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Central bank gives a lift to car financing

By Tong Hao (chinadaily.com.cn)
Updated: 2009-01-16 19:11

People's Bank of China, the central bank, said today that it would support the establishment of more auto financing companies and the expansion of their business scope to help boost vehicle consumption.

In a statement, the central bank also said it would encourage commercial banks and auto financing firms to "gradually develop" the auto credit business in China.

"The central bank will support the issuing of new auto financing company licences if necessary," the bank said.

The bank said it would encourage the development a "long-term and stable financing" structure for the automobile industry.

Auto loans of all financial institutions nationwide amounted to 158.3 billion yuan ($23.14 billion) in 2008, the central bank said in the statement.

The State Council, China's Cabinet, on Jan 14 approved a stimulus package for auto industry after car sales growth slowed to 6.7 percent in 2008, the lowest level in the past 10 years.