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Policy Options on Promoting the Reform of China’s Movable-Assets-Based Financing Market(No.59, 2019)


By Wang Wei, Li Bu & Wang Nian, Research Team on “Impact Evaluation of Movable-Assets-Based Financing Market Development on China’s Economic and Social Development”, Research Institute of Market Economy, DRC

Research Report, No.59, 2019 (Total 5559) 2019-4-25

Abstract: Movable assets-based financing, also known as movable guaranty financing, refers to the financing mode that lenders obtain financial support from financial institutions, enterprises or individuals with various movable assets as collateral. Since the promulgation of the Property Law in 2007, major progress has been made in the reform of China’s property rights guaranty system for movable assets bolstered by the initial performance of movable-assets-based financing market. With the improvement of supporting laws and regulations, the constant optimization of market environment and the promotion of relevant fundamental infrastructure construction, China’s movable-assets-based financing market development has witnessed the following features: the market scale expands year by year, the number of market entities increases rapidly and the innovation of financing products and service models becomes accelerated, all of which have exerted a profound impact on social and economic development. However, it should to be noted that the growth of China’s movable-assets-based financing market still lags behind the advanced international market performance and is not in step with the requirement of social and economic development due to some relatively complex constraints induced by institutional mechanism. Efforts need to be made to speed up reform and innovation so as to unleash huge development potential to effectively underpin a high-quality development.

Key words: movable-assets-based financing, financial market, reform and innovation