10 cities to open consumer financing companies in China

The China Banking Regulatory Commission (CBRC) announced on Friday that consumer finance companies are to open in ten more cities. The cities include Chongqing, Guangzhou, Hangzhou, Hefei, Nanjing, Qingdao, Quanzhou, Shenyang, Wuhan and and Xi'an. Meanwhile, qualified financial institutions from Hong Kong and Macao will be allowed to establish such companies in south China's Guangdong province. In 2010, the CBRC approved Beijing, Shanghai, Tianjin and Chengdu as the first four cities to open pilot consumer finance companies. The commission on Thursday released amended management rules for these finance companies and started soliciting public opinion on the rules.