Consumer finance companies to open in 10 more Chinese cities

Fourteen cities now have these companies.

The China Banking Regulatory Commission said the 10 cities are Chongqing, Guangzhou, Hangzhou, Hefei, Nanjing, Qingdao, Quanzhou, Shenyang, Wuhan and and Xi'an.

CBRC also said qualified financial institutions from Hong Kong and Macao will be allowed to establish these companies in Guangdong.

CBRC in 2010 approved Beijing, Shanghai, Tianjin and Chengdu as the first four cities to open pilot consumer finance companies.

Last week, CBRC released amended management rules for these finance companies and started soliciting public opinion on the rules.