1、外文翻译 文献 the development of consumer credit in China Material Source:BIS Author: Shen Bingxi and Yan Lijuan Consumer credit 一 particularly personal consumer loans such as home mortgages and loansfinancing purchases of automobiles and large durable goods一has developed at a very rapidpace in china over
2、 the past decade. with the deepening reform of the house marketbeginning in 1998, commercial banks began to extend mortgage loans to individuals seekingto buy their own homes. mortgage loans are now among the best assets held by chinas Commercialbanks.However,chinaspolicymakersandregulatorsarestillf
3、acing challenges,including a nascent economy-wide credit information system, financial institutions withvarying risk management standards and, in recent years, surging house prices. Therefore, inthe context of chinas macroprudential policies, the chinese regulatory authorities haveadopted a series o
4、f mortgage-related policies and regulations to mitigate and control creditrisks and facilitate the healthy development of housing finance, home ownership and housingmarkets. Chinas consumer finance market is at an early stage of development. Consumer credit is themain financing channel for household
5、s. In 2007, total outstanding loans to householdsincreased byRMB1.2 trillion, representing a year-on-year increase of 30.4%. Thisrepresents an acceleration of 9.3 percentage points, or RMB 546.6 billion, from the lendingpace of 2006. Consumer loans outstanding, of which 80% were housing loans, incre
6、ased byRMB 868.6 billion during 2007, compared with 2006. outstanding business-related loans tothe household sector increased by RMB 311 .1 billion over the levels at the end of 2006. With the rapid development of the chinese economy and the deepening reform of thefinancial system since 1998, the ho
7、usehold lending market, especially consumer loans, hasgrown sharply. By the end of 2007, outstanding consumer loans reached RMB 3.28 trillion,an increase of RMB 3.14 trillion over the level at the end of 1999, representing an averageyear-on-year growth rate of 48% over the period. Meanwhile, as corp
8、orate direct financinggained in importance and household 1 incomes rose, consumer loans became an increasinglyimportant asset class for commercial banks, resulting in significant changes in the assetstructure of chinese banks in recent years. The proportion of consumer loans outstanding intotal RMB
9、bank loans in China rose to 12.5% at the end of 2007, from 1.5% in 1999 The main lenders to consumers in china today are commercial banks and a number of autofinancing corporations. however, mortgage loans still dominate consumer credit, eventhough auto loans, student loans and loans for the purchas
10、e of large durable goods havebeen growing rapidly in recent years. In order to promote the development of the householdcredit market, the PBC has put in place a series of credit policies. documents such as“Management measures on individual housing loans“ (1998), “Management measures onauto loans“ (1
11、998) and “Opinions on consumer credit development“ (1999), among others,spell out the basic framework of supporting and regulatory measures adopted to facilitate thedevelopment of consumer finance. Chinas outstanding residential mortgage loans increased 142 times from 1997 to 2007, or64% a year, on
12、average, to reach RMB 2.7 trillion at the end of 2007. By the end of 2007,mortgage loans accounted for 82.5% of total outstanding consumer loans. In 2007, the ratioof mortgage loans to GDP reached 10.9%, compared with only 0.2% in 1997. According tothe mortgage survey of 20 big Chinese cities conduc
13、ted by the PBC in 2007, the averagesize of a home mortgage loan is RMB 274,000, the average maturity is 15.6 years and theaverage down payment is 37.4%. Today, state-owned commercial banks, joint stock commercial banks, local banks andforeign banks in China all provide mortgage loans to homebuyers.
14、However, the four mainstate-owned banks (Industrial and Commercial Bank of China, Agriculture Bank of China,Bank of China and China Construction Bank) still account for about 68% of total mortgagelending by banks. commercial banks provide 79.4% of total housing loans, while local HPFmanagement centr
15、es provide 11.9%. In1998, the PBC released “Management measures on auto loans“ as a guideline forcommercial banks. Auto loans grew quickly from 2001 to 2003. by the end of 2003,outstanding auto loans approached RMB 184 billion, more than three times the level at theend of 2001 .however, the growth o
16、f auto loans slowed significantly beginning in 2004. Inorder to stimulate auto lending, the PBC and the china Banking Regulatory Commission(CBRC) adopted a series of measures to guide the auto loan operations of both commercial 2 Banks and auto financing companies. the result was a modest recovery a
17、nd, by the end of2007, the amount of outstanding auto loans reached RMB 110.7 billion. However, auto loansstill account for only 3.4% of total consumer loans in China. With the government subsidising loans to certain groups of students, student loan productshave become more diversified. There are th
18、ree main types of student loans: (1)national,(2) local and (3) commercial. only students from poor families who meet all of the specifiedconditions, including passing an income test, can apply for national and local student loans,both of which are subsidised. by the end of 2007, total outstanding st
19、udent loans reachedRMB 23.8 billion, 8.6 times as much as the total in 2001， but student loans still accounted forless than 1%of total consumer loans in China. With the development of chinas financial markets, product innovations are more frequent.Recently, commercial banks have promoted a large num
20、ber of new products, including fixed-rate mortgages, grace period loans, relay mortgages and reverse mortgages, among others.These innovations have improved the efficiency o f bank management and expanded thechoices available to homeowners. In the secondary market, mortgage-backed securities(MBS) an
21、d securities backed by auto loans have also developed very quickly. by the end of2007, RMB 7.18 billion worth of MBS, and RMB 1.99 billion worth of securities backed byauto loans, had been issued.At the same time, the payment habits of consumers and the ideas of bank management havechanged. credit c
22、ard operations have become the main channel through which commercialbanks lend small amounts to consumers. By the end of 2006, a total of about 49.59 millioncredit cards had been issued. On the whole, chinas consumer loans growth has accelerated, mainly because of thefollowing factors.First, in the
23、past five years the Chinese economy has developed quickly and grown at arobust rate. from 2003 to 2007, GDP grew, on average, by about 10.6% annually on a year-on-yearbasis, while household incomes rosesharply.Between2003andend-2007,theaveragedisposableincomeofchinesecitizenslivingin urban areas inc
24、reasedbyRMB5,314 toRMB13,800, or 62.7%. The growth in disposable income spurred thedevelopment of consumer loans.Second, the social security system, which includes the pension system, the public healthsystem as well aslow-income and disability support system, developed further, stimulatingconsumer d
25、emand.Since2001,theto talassetsofthesocialsecurityfundhave expandedsignificantly. 3 译文 消费信贷在中国的发展 资料来源：国际清算银行 作者：盛丙烯，晏丽娟 随着中国经济的快速发展，中国的个人信贷业务近几年业发展迅速，特别是消费信贷， 如家庭抵押贷款和贷款融资购买汽车和大型耐用消费品已发 展的十分迅速。在中国过去的十年发展中，随着房地产市场深化改革 。 从 1998年起商业银行开始将触角延伸到个人寻求抵押贷款购买自己的住房。按揭贷款现在是中国商业银行持有的最佳资产。然而，中国的决策者和管理者仍面临着挑战， 包括
26、新生的经济领域信用 信息系统，与金融机构不同的风险管理标准 。 近年来，房价飙升 影响着银行的贷款 。因此 在对中国的宏观审慎政策的背景下，中国监管当局采取了抵押贷款相关政策法规，减轻和控制信贷系列风险和促进住房金融，房屋所有权和房地产市场的健康发展。 但是目前中国消费金融市场仍然还处于早期 的发展 阶段 。 家庭贷款是消费信贷主要的融资渠道。 2007年 ,总助学贷款机制针对家庭增加 1.2万亿元人民币 ,同比增长 30.4%。从 2007年 开 起贷款增加迅速，消费者贷款卓越。期中有 80%的房屋贷款 ,相比 2006年增加了 868.6亿人民币。在 2007年，有关贷款以人民币计价的家庭
27、部分增加 3110.1 亿元。这与 2006 年底中国的经济快速发展和深化改革金融市场有关。自从 1998 年以来 ,家庭贷款 的 市场特别是消费者贷款增长迅猛。到 2007 年底 ,消费贷款 达到 3.28 万亿美元 ,增加 了 3.14 万亿元。与在1999 年同比增长 48%。与此同时 ,随着企业直接融资和家庭的收入 的 增长 ,成为了增长 消费贷款的重要保障 。 中国的银行主要是 商业银行在从事消费信贷业务。在消费信贷中按揭贷款仍然占主导地位 ，汽车贷款，助学贷款和大件耐用消费品的购买商品贷款已在近几年迅速增长。为了促进消费信贷 的 市场，中国人民银行已经实施了一系列信贷政策。 “管理
28、办法对个人住房贷款 ”（ 1998年）， “管理措施汽车贷款 ”（ 1998年）和 “消费信贷发展的意见 ”（ 1999年）等，阐明了支持的基本框架和监管措施，促进 消费信贷 在我国的发展 。 从 1997年到 2007年， 中国 未偿还住宅按揭贷款增加了 142倍， 平均达到2.7万亿人民币于 2007年底。到 2007年底，按揭贷款占未偿还总额的 82.5，消费贷款。 2007 年，该按揭贷款 比率 ，国内生产总值达到 了 10.9， 而 1997年只有 0.2。 中国人民银行于 2007年 在 中国 主要的 20大 城市按揭统计调查 ，平均住房抵押贷款的规模为 27.4 万 人民币 ，平
29、均期限为 15.6 年，平均首付是37.4。 最近，住房公积金贷款迅速增长。到 2007年底，未偿还 贷款 达到 4720亿人民币 。 相当于由商业银行持有的抵押贷款，约 17.5的流通股的住房公积4 金较 去年同期增长 33.3。如今，国有商业银行，股份制商业银行，地方银行，中国所有外资银行为购房者提供按揭贷款。然而，四个主要国有银行（中国工商银行，中国农业银行，中国银行和中国建设银行）仍然占总数 的 约 68按揭贷款银行。商业银行提供住房贷款总额的 79.4，而当地住房公积金管理中心提供的贷款额 为 11.9。 1998年，中国人民银行发行为指引商业银行对 “关于汽车贷款管理办法 ”。在
30、2001至 2003年汽车贷款快速增长。截至 2003年底，汽车贷款接近 1840亿人民币，超过在 2001年年底的三倍水平。然而，从 2004年开始汽车贷款增长明显减缓。为了刺激汽车贷款，中国人民银行和中国银行业监督管理委员会（银监会）采取了一系列措施，以指导商业银行和汽车金融公司这双方在汽车贷款业务。其结果是有效的，在 2007 年底 未偿还 汽车 贷款总额达到 1107.0 人民币亿。然而，汽车贷款 占 中国 消费者贷款 只有 3.4。 随着政府补贴贷款 的增加 ，学生贷款产品 种类 更加多样化。主要有三种类型的学生贷款：国家，本地及商业银行。来自贫困家庭的学生只有符合规定的所有条件，包
31、括通过入息的审查，才可以申请国家助学贷款和地方贷款，这两者都是有补贴。到 2007年底 ，累计贷款达到 238亿元人民币，是 2001年的 8.6倍，但学生贷款占中国消费者贷款总额不到 1的。 随着中国金融市场的发展，产品创新更加频繁。近日，商业银行，推出了一大批新产品，包括固定利率抵押贷款，宽限期贷款，抵押贷款和反向抵押贷款等。这些创新，提高了银行管理的效率和扩大了可供选择 的 途径。在二级市场上，按揭证券和汽车贷款支持证券也发展 的 很快。到 2007年底，有价值 71.8亿人民币 的 按揭证券，价值 19.9亿 人民币 汽车贷款 的 证券， 也 已经发行。与此同时，消费者的付款习惯和银行
32、管理的想法已经改变。信用卡业务已成为 主要的商业银行贷款给消费者的小数额渠道。到 2006年底，共约 49590000信用卡已经发行。 从总体上看，中国的消费贷款在快速发展，主要是因为 有 以下因素 ： 首先，在过去五年中国经济发展迅速，从 2003年到 2007年国内生产总值增长 平均每年约 10.6。在上年度的基础上，家庭收入急剧上升。 2003年至 2007年年底，在该年 城市地区的平均生活中居民人均可支配收入 从 5314元 增加至 13800元。可支配收入的增长刺激了消费贷款的发展。第二，社会保障体系，其中包括养老保险制度，公共健康系统，以及为低收入和残疾保障 的 体系 等进一步的发展，刺激消费需求。 2001年以来，社会保障基金的总资产已显着扩大。
