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　　答：《办法》规定，经中国银监会批准，汽车金融公司可以从事以下部分或全部的业务：（1）接受境内股东单位3个月以上期限的存款；（2）提供购车贷款业务；(3)办理汽车经销商采购车辆贷款和营运设备贷款（包括展示厅建设贷款和零配件贷款以及维修设备贷款等）；(4)转让和出售汽车贷款应收款业务；(5)向金融机构借款；（6）为贷款购车提供担保；（7）与购车融资活动相关的代理业务；（8）经中国银行业监督管理委员会批准的其他信贷业务等。

　　与国外同类机构开展的业务相比，现阶段《办法》对汽车金融公司的业务范围作出了适当限制，所允许开办的业务限于汽车金融公司的基本业务，这是根据我国目前汽车消费信贷市场尚处于刚刚起步阶段，缺乏相应的业务风险控制和金融监管经验的实际而作出的现实选择。国外汽车金融公司也是经过近百年的发展，逐步形成了业务范围广、全能化金融服务的特点。随着市场发展需要和业务规模的扩大，中国银监会将视业务品种需求和金融监管状况，逐步扩大汽车金融业务范围。这样做，有利于控制业务风险，减少开办业务的盲目性。

　　

　　问：对这类机构加强金融监管的要求有哪些？

　　答：《办法》在汽车金融公司的市场准入、业务管理与风险控制、高级管理人员任职资格以及处置风险措施等方面都提出了监管要求。（1）机构设立的要求。除规定出资人资格、机构设立条件外，对机构设立的申报资料提出具体要求并予以严格审查。明确机构设立须经过筹建和开业两个阶段，筹建期内不得以汽车金融公司名义从事经营活动。汽车金融公司不得设立分支机构。

　　（2）业务管理与风险控制的监管要求。主要包括：对汽车金融公司实行资本总额与风险资产比例控制管理，要求资本充足率不得低于10%。公司要建立、健全各项业务管理制度与内控制度以及建立定期外部审计制度等。（3）对其高管人员实行任职资格核准或备案制度。公司董事长、总经理及副总经理、执行董事和财务总监等的任职资格应报经中国银监会审查核准。

　　为保证金融监管的有效性，中国银监会将制定《办法》实施细则，着重从机构设立程序、各类资产风险监控指标、业务管理要求和高级管理人员任职管理及强化监督检查措施等方面对《办法》进行细化，提出更为具体的监管要求，确保《办法》的有效实施。

　　

　　问：公众应如何增强风险防范和自我保护意识？

　　答：汽车金融公司作为提供汽车消费信贷的专业机构，它的出现，将为公众购车融资提供更多的选择和便利。同时也将促进汽车消费信贷市场的竞争。在目前社会信用状况和市场秩序有待改善的情况下，公众在寻求购车贷款过程中，要有风险防范和自我保护意识。一是自觉抵制非法设立机构非法开办汽车贷款业务的行为。《办法》明确规定，未经中国银行业监督管理委员会批准，任何单位和个人不得擅自设立汽车金融公司或者变相从事汽车金融业务,不得在机构名称中擅自使用“汽车金融”、“汽车信贷”等表明从事汽车金融业务的字样。二是自觉抵制可能出现的违反国家利率政策和《办法》及有关规定，擅自降低利率、超范围开展业务等恶性竞争行为。这样做，有助于监督汽车金融公司合法合规经营业务，也是对公众自身合法权益的最好保护。

　　

　　Answers of a CBRC official to questions raised by the press concerning the promulgation of the Administrative Rules Governing Auto Financing Company

　　With the approval of the State Council, the Administrative Rules Governing Auto Financing Company (hereinafter referred to as the Rules) is promulgated by China Banking Regulatory Commission (hereinafter referred to as the CBRC) on October 3, 2003 in the form of the CBRC Order. The formulation and implementation of the Rules signify China’s commitment to fulfilling its WTO entry obligations, and will contribute to the opening-up and a sound development of China’s auto financing market. Following are the answers of a senior CBRC official to the questions raised by the press concerning the promulgated Rules.

　　Question: What category of institutions does an auto financing company fall into?

　　Answer: An auto financing company (hereinafter referred to as the AFC) is a specialized business entity that provides loans for auto sales and engages in other related financial business activities. With a history of nearly a century outside China, an AFC is usually affiliated to a large automobile group to provide auto financing services for automobile buyers. An AFC is considered a financial institution in some countries, while in other countries a commercial entity. China’s existing laws and regulations provide that the consumer loan business falls into the category of financial businesses and therefore shall be exclusively conducted by financial institutions. In this respect, the Rules stipulates that an AFC is a non-bank financial institution that provides loans to both auto buyers and dealers in the mainland of China. This stipulation is interpreted as follows. First, an AFC is a non-bank financial institution, not a commercial entity in auto business. Second, an AFC is specialized in auto loan business, and therefore different from banks and other non-bank financial institutions in terms of the scope of business. Third, an AFC provides services to both auto buyers and auto dealers in the mainland of China. The auto buyers include both natural and legal persons and other organizations, while auto dealers refer to the entities specialized in auto sales. The auto manufacturers and the dealers in other business areas are not included in the category of auto dealers.

　　Question: Why dose China introduce the AFCs?

　　Answer: The introduction of the AFCs is both in line with China’s WTO-entry commitments and for the purpose of promoting a healthy development of and fair competition in China’s auto financing market.

　　Upon entry into WTO, China was committed to allowing the establishment of non-bank financial institutions to provide auto financing services. This marks a complete opening of China’s auto financing market in which non-bank financial institutions, whether domestic, Sino-foreign joint-stock or solely foreign-owned, are the credit providers.

　　In comparison with foreign markets, China’s auto financing market lags far behind. For the time being, the major credit providers in Chinese market are commercial banks and finance companies affiliated to automobile groups, while the non-bank financial institutions including trust companies, financial leasing companies and other kinds of finance companies are not qualified to engage in auto loan businesses. In fact, the volume of loans to individual auto buyers has been growing dramatically over the recent years with the volume in 2002 being 286 times that of 1998. Nevertheless, the existing volume is still far from sufficient to meet the needs of auto buyers, which is illustrated in the fact that only less than 20 percent of auto sales are financed with loans, far less than the average 70 percent in a mature foreign market. In order to fulfill its WTO-entry commitments and strengthen the standardized management of auto financing services provided by non-bank financial institutions, China recognizes the necessity to incorporate a new type of specialized institutions in the category of financial institutions, namely auto financing companies, to provide specialized auto financing services. The approach will contribute to the improvement of services, promotion of auto consumption and the development of auto industry, and therefore play a positive role in building up a well-off society in China.

　　Question: What is the main content of the Rules?

　　Answer: The Rules both serves as a regulatory guidance and provides legal protection for the legitimate business operations of an AFC. Accordingly, the Rules not only responds to the supervisory needs but also addresses the reasonable business needs. The drafting of the Rules started in the second half of 2001 and attracted the attention both at home and abroad. The final version of the Rules came as a result of a wide collection of views and comments, many rounds of consultations in case of the conflict of opinions, and numerous revisions of drafts, which aimed at ensuring the objectiveness and rationality of the Rules.

　　Containing 5 chapters with 42 articles, the Rules mainly specifies the criteria for an AFC’s market-entry, business scope, supervisory requirements and legal responsibilities. Chapter 1 “General Provisions” clarifies the purpose of the Rules, functions of an AFC, and the assignment of the regulatory authority. Chapter 2 “Incorporation, Change and Termination” specifies the qualification requirements of an AFC’s investors, conditions for the company’s establishment and termination, preparation and handling of business commencement, and application procedures for changes. Chapter 3 “Business Scope and Supervision” sets forth the 8 business lines that an AFC is permitted to engage in and the supervisory requirements for an AFC’s business management. For instance, when providing auto financing services for a natural person, an AFC shall comply with relevant regulations governing the auto loans to individual buyers. When providing auto financing services for a corporate legal entity or other organizations, an AFC shall comply with relevant regulations set forth by General Provisions of Loans. When its auto financing business involves foreign exchange or foreign debts, an AFC shall comply with relevant rules and regulations promulgated by State Administration of Foreign Exchange. Chapter 4 “Legal Responsibilities” specifies the identification of and penalties on non-compliance behaviors of an AFC. Chapter 5 “Supplementary Provisions” clarifies that the Rules is applicable to all AFCs in the mainland of China founded by investors from Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan province.

　　Question: What are the main conditions for the establishment of an AFC?

　　Answer: In accordance with China’s WTO-entry commitments, China’s auto financing market shall be opened with no restrictions imposed on the capacity of the shareholders of an AFC, and with both local and foreign shareholders being equally treated. This arrangement will help attract capital input from both domestic and foreign investors, and facilitate the investors’ sharing of benefits brought by an opened financial market and improved auto financing services in China. On the other hand, to embody the prudent principle and the financial sector supervisory requirements, the Rules sets out the qualifications of an AFC and its investors, in particular, the principal investor.

　　First, a qualified investor of an AFC shall satisfy the following requirements. (1) The investor shall be corporate entity licensed either in or outside China. This entity can be either a non-financial enterprise or a non-bank financial institution. In case of a non-financial enterprise, the institution shall have total assets of the previous year no less than RMB4 billion yuan or of an equivalent value in convertible currencies, and business revenue of the previous year no less than RMB2 billion yuan or of an equivalent value in convertible currencies. In case of a non-bank financial institution, with registered capital no less than RMB300 million yuan or of an equivalent value in convertible currencies. (2) The investor shall be well-performed and profitable for the last 3 consecutive years. (3) The principal investor shall be an auto enterprise or a non-bank financial institution. The auto enterprise refers to the enterprise that manufactures and sells whole unit of automobiles. The principal investor refers to the investor with the largest share of capital input and its input accounting for no less than 30 percent of the AFC’s total equity.

　　It should be noted that in accordance with China’s WTO-entry commitments and the Commercial Bank Law of the People’s Republic of China, the corporate entities referred as an AFC’s investors do not include local and foreign banking organizations.

　　Second, a qualified AFC shall meet the following requirements: (1) The AFC’s minimum registered capital shall be paid-in capital and no less than RMB500 million yuan or of an equivalent value in convertible currencies. (2) The AFC shall satisfy the qualifications required by relevant Chinese laws including the Company Law as well as in this Rules. (3) The AFC’s senior managerial personnel shall be familiar with the auto financing and related businesses. (4) The AFC shall have sound organizational structure, management system and risk controls. (5) The AFC shall have a proper business venue, safety measures and other necessary facilities for operations.

　　Question: What are main business lines of an AFC

　　Answer: The Rules stipulates that an AFC is permitted to provide following businesses in part or in whole:

　　(1) Taking deposits with a term of no less than 3 months from its shareholders in China.

　　(2) Extending loans for auto purchase;

　　(3) Extending loans to auto dealers for the purpose of purchasing automobiles or operational facilities (including the show room construction, purchase of spare parts and equipment repairs);

　　(4) Transferring and selling auto financing receivables;

　　(5) Borrowing from financial institutions;

　　(6) Providing guarantee for auto purchase financing;

　　(7) Other agency businesses relating to auto purchase financing;

　　(8) Other credit businesses approved by the CBRC.

　　In comparison with their international counterparts, the AFCs in China face some restrictions on their business scope and are only allowed to engage in the basic business lines permitted to an AFC. This arrangement is out of the consideration that China’s auto financing market is still in its infant stage, and the relevant experience in risk control and supervision is not sufficient. The omnipotent business cope of the international AFCs is the result of a century’s evolvement and development. As both the market and the industry grow, the CBRC will progressively expand the business scope for an AFC in line with the growing demands and supervisory capability. This gradual approach will help control risks and avoid unsound business conduct.

　　Question: What are the supervisory requirements on an AFC?

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