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This chapter reviews the history and the development of consumer finance in China, Japan, and South Korea. The current situation, history, development path, economic effects, legal system, market regulation, and infrastructure of consumer finance in China, Japan, and South Korea are discussed. This chapter also presents the features of the development of consumer finance in China, Japan, and South Korea.
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According to article 2.7 of the Laws Governing Use and Protection of Credit Information, credit defaulters refer to those who fail to make repayment without justified reasons within the specified date, and mostly multiple debtors who get loans from many financial institutions. As financial institutions share information of credit defaulters, those who expect to get loans from financial institutions should provide their credit information. Banking association defines that credit defaulters are those whose unpaid debts reach 0.3 million yuan for over three months. Once listed as credit defaulters, borrowers are restricted in terms of transactions and are faced with disadvantages in society. On April 28, 2005, the registration system for credit defaulters was abolished; it is the credit information companies that manage personal credit information. Financial institutions change the name of credit defaulters into objects for credit management.
One of the reasons is that the definition of credit defaulters was changed in 2004–2005. For instance, defaulters of department stores, tax defaulters, and defaulters of small amounts in the short term are not classified in the new definition. According to the old definition, the number of credit defaulters reached four to five million.
SK global company saw the settlement incident totaling 1.9975 trillion yuan. As the credit crisis of companies skyrocketed in South Korea, the enterprise bond market became paralyzed. The liquidity of credit card companies that relied on enterprise bonds due to shortage of deposits suffered from the blow.
The shopping volume declined successively in 2003 and 2004, but has continued to grow stably since 2005, despite a slight decline. It can be safely said that shopping was not affected greatly during the credit card turmoil period. It is obvious that the credit card bubbles in South Korea resulted from over-issue of credit cards to those who should not be members, and that large quantities of cash loan caused bad debts.
- Overview of Development of Consumer Finance in China, Japan, and South Korea
- Palgrave Macmillan US
- Chapter 2
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