On June 18, ICBC opened China’s first personal credit consumption finance center. Upon establishment, the Personal Credit Consumption Finance Center will integrate personal credit consumption loan businesses across the Bank to develop consumption credit business that requires no mortgage, no guarantee and no offline operations. Through innovations in service patterns and financial products, it will focus on the multilevel and diversified needs of different consumers, work with relevant parties to create a financial environment to encourage and enable consumption,.

ICBC launched a series of personal credit consumption loan products at the opening ceremony. The design concept of these products has taken into account the public’s consumption financing needs in the Internet age. Customers can apply for loans via ICBC's Internet banking, mobile banking, direct banking and instant messaging platform – ICBC eConnect. The entire process is handled via Internet, which is simple and convenient and requires no guarantee or mortgage, and the lending rate is lower compared with similar products in the market.

Chairman Jiang Jianqing said at the opening ceremony that consumption is an important engine that pulls economic growth and upgrades China's economy. As China's per capita GDP has exceeded USD 7,000, we are in a period where consumption is growing rapidly and structural upgrade is speeding up. China's total retail sales of consumer goods have been growing at an annual rate of 15% in the past five years and reached RMB 26.2 trillion in 2014. Consumption contributed 50.2% to GDP growth, driving the latter by 3.7 percentage points, indicating China's consumption market has plenty of potential and sustainability. ICBC has always committed itself to providing all-inclusive support to blend financial services in each link of the consumption chain. For example, ICBC has issued over 600 million bank cards, with an annual consumption amount of RMB 7.5 trillion. ICBC has installed nearly 1.4 million POS terminals in over 1 million merchants across the country, which created an enormous potential to stimulate consumption. The Personal Credit Consumption Finance Center will help the financial sector to play a better role in promoting consumption upgrade, energize the financial sector and stimulate consumption, develop new drives for economic growth in the process, and boost economic upgrade with financial leverage.

Chairman Jiang pointed out that ICBC established the Personal Credit Consumption Finance Center on the basis of the Bank Card Business Department and the Peony Credit Card Center because credit card business is highly consistent with personal credit consumption loans in many aspects. ICBC will effectively transplant its operation experiences and well-developed operation patterns in credit card business to the innovation of personal credit consumption loans and establish a personal loan system requiring no mortgage or pledge where the customers can apply for loans with their credibility, thus truly reflecting the value of credibility. Meanwhile, ICBC will integrate the Group's resources, step up product innovation, system optimization, process integration and channel expansion of personal credit consumption finance, strengthen its marketing and operation, redouble its efforts to sharpen the core competitiveness of personal credit consumption loans and push forward its healthy and rapid development from a high starting point.

ICBC has mature business patterns and management experiences in consumption finance. Its balance of personal consumption loans reached RMB 2.91 trillion, and nearly RMB 700 billion if adjusted for personal housing mortgage loans; and its balance of credit card consumption loans reached RMB 410 billion. ICBC has launched a series of personal credit consumption loan products in recent years. For example, ICBC launched "Easy Loan" in 2013, which is a credit loan product provided through bank cards. "Easy Loan" can be used for direct consumption in online and offline channels and obtained with one touch. The balance of "Easy Loan" has come close to RMB190 billion. ICBC is the first bank in China that has issued over 100 million credit cards, ranking the first in the Asia-Pacific region and the third in the world. While China is promoting information consumption, green consumption, housing consumption, tourism consumption, tourism, culture and sports consumption, and elderly care, health care and domestic service consumption, ICBC's establishment of the Personal Credit Consumption Finance Center will meet the multilevel and diversified needs of different consumers by strengthening innovations in service patterns and credit products. While striving to improve the people's happiness index, it can ensure every drop of spending builds to create a mighty river. Meanwhile, capitalizing on the framework of e-ICBC and the interconnection of various platforms and the development of online channel based personal credit consumption finance, ICBC will better integrate flow of goods, flow of funds and flow of information. By accurately locating customer's consumption records, financing needs and credit standing, it can effectively transform the customers' potential consumption to actual consumption, transform their consumption needs to consumption credit needs, and bring about brand new experiences and quality services to customers through the combination of "consumption, finance and Internet", thereby benefiting all the customers.

As personal credit consumption loan requires no guarantee or mortgage and is completely based on the credit assessment of personal customers, the maturity of credit reference and risk control will have a direct impact on its long-term development. ICBC has accumulated abundant management experiences and a professional team in credit business. It has realized centralized management of all the customers, accounts and transactions since 2007 and accumulated the PD and LGD data of personal customers for over eight years, so it can deeply explore the credit information of customers in and outside the Bank and use Big Data and internal ratings based approach in credit extension. Therefore, it has realized the transformation from manual experience to data analysis, from single dimension factors to multidimensional cross analysis, and from simple data judgment to credit extension model analysis. ICBC has also set up the first visual monitoring system based on Big Data that supports real-time intervention to dynamically monitor customers' fund flows, transaction behaviors and asset changes and ensure the risks of personal credit consumption loans are controllable and the funds are used for consumption.