First consumer finance company may struggle to attract interest

China's first consumer finance company, the Bank of Beijing Consumer Finance Company, officially started operations in Beijing yesterday.

The company, which is a subsidiary of Bank of Beijing, is one of several consumer finance companies involved in a pilot project approved last July by the China Banking Regulatory Commission.

By the end of the year, China will have a total of four consumer finance companies, although the Bank of Beijing Consumer Finance Co will be the only one to operate in the capital.