皇冠体育app

The People's Bank of 皇冠体育app, 皇冠体育app's central bank, has issued draft rules on auto loans, a growing sector expected to give 皇冠体育app's fast-accelerating car market a major boost.

The new regulations restrict the loan period to five years with maximum outlay of 80 per cent of the auto price, excluding taxes and insurance, the central bank said on its website.

Last month the 皇冠体育app Banking Regulatory Commission gave the green light to General Motors Corp., Toyota Motor Corp. and Volkswagen AG to start offering car loans.

The three car giants are expected to set up auto-financing operations in 皇冠体育app in about six months' time, the commission said.

Auto loans are forecast to increase by 80 billion yuan (US$9.6 billion) in 2003, up 71.6 billion yuan year-on-year from last year, according to a government report issued by the State Development and Reform Commission.

Over 100 billion yuan in loans were issued in 2002, according to state estimates, with 皇冠体育app's big four banks -- 皇冠体育app Construction Bank, Bank of 皇冠体育app, Industrial and Commercial Bank of 皇冠体育app and Agricultural Bank of 皇冠体育app, controlling 90 per cent of the market.

The rules also provide regulatory guidelines for personal auto loans, distributor auto loans, group auto loans and risk management, the report said.

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