2013年1月16日星期三

Automotive financial services boost China's auto industry development



Went to the New Year, China's automobile industry is experiencing the transition of return to normal growth, new car sales falling profits. As the world's largest new car market, the Chinese Automotive Aftermarket is still in its infancy. Represented by consumer loans, the automobile consumer finance will inject new automobile circulation growth momentum in the future.

Not long ago, China Minsheng Bank and Deloitte have jointly issued the "2012 China Auto Finance Report", beginning in 2009, China's new car sales have been ranked first in the world, car ownership has also exceeded 1 billion in November 2011. As the world's largest new car market, the size and maturity of China's auto market still has a wide gap with those mature markets. The research shows that automotive production processes only create about 30% of the profits, while distribution and service sectors are able to bring about 70% of the profits. Automotive financial services is the most valuable and the most dynamic part in the automotive industry value chain, it has a huge role in promoting the development of the automobile industry and automobile consumption.

However, due to limited sources of funding, the lack of financial product supply and other reasons, car service market of our car rental, car consumer finance, and used car has failed to be fully developed for a long time. With the continued growth of car ownership, increased consumer demand, in China, the automotive service industry still has huge space for development. In addition, the deepening auto finance will be conducive to the further enhance of the automotive aftermarket share of business profits, eliminate the asymmetry of the industrial development and value-added services, and promote the transformation and upgrading of China's automobile industry.

China's automotive consumer finance business has rapid development in recent years, the data show that China's auto consumption balance of financial products has more than 300 billion yuan at the end of 2011, commercial bank personal auto loan was only 136.7 billion yuan. What’s more, China's automotive consumer finance penetration is only 10%, much lower than the mature markets such as the United States, Japan, which has 50% to 70% penetration level. On the whole, single products, high interest rates, and cumbersome procedures are the main factors causing the consumer car loans are not enthusiastic. However, with the consumer group is younger, abundant supply of products and service efficiency improved, the report predicts that domestic consumer finance penetration is expected enhance from the current 10% to 30% or even higher in the next 10 years, China Automotive consumer finance market balance will be more than 1 trillion yuan.

Approved by the People’s Government of the Guangdong Province, Mingyang Electronic Science & Technology Co., Ltd. company is an electronic technology enterprise, Since establishment, the company commits himself to the design, R&D, production, sales and service of car battery, intelligent battery, intelligent control system, car alarm system, car security alarm and car control system. Combining with the modern high-end electronic technology; we developed the intelligent three-in-one multifunctional storage battery, intelligent automobile power control system, and cars anti-theft current control system etc., which are the initial innovation and leading technology.

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