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Business / Markets

Czech firm eyes China growth

By Li Jiabao (China Daily) Updated: 2014-04-15 07:15

Czech firm eyes China growth

Michal Skocil, CEO of Home Credit China 

A Czech provider of consumer finance vowed to double its business in China this year as the Chinese government advances ambitious reforms and shifts economic growth to rely more on domestic consumption.

"For 2014, we want to double or more than double the targets," Michal Skocil, chief executive officer of Home Credit China, told China Daily.

"What's most important to me is to keep developing the company and the industry in a stable and transparent way. The targets are a message to demonstrate how attractive the service is. There is very strong demand and it is a very well-developing industry," Skocil said.

Consumer finance generally refers to short-term loans for personal purchases of durable goods or services such as home decoration, health services and education.

Czech firm eyes China growth
Rules relaxed for consumer finance companies 

Czech firm eyes China growth
China's inflation up 2.4% in March
Home Credit, a consumer finance provider from the Czech Republic, entered China in 2007. It is the only foreign company among the four consumer finance participants in a pilot program launched in four cities by the China Banking Regulatory Commission in 2009. The company now has 12,000 employees, 23,000 points of sale where it offers loans and cooperative agreements with more than 17,000 retailers.

"In general, when I look at China's new development strategy, obviously there is a strong focus on growing domestic consumption. This is exactly where consumer finance can be very effective," Skocil said.

China's central government rolled out a comprehensive reform plan late last year to deepen reform and promote further opening-up of the world's second-largest economy. Part of the plan involves providing financing to more micro-sized enterprises and low-income people.

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