consumer finance companies including Shanghai Rural Commercial Bank, Hua Xia Bank, etc., which are applying for establishment), and those that have begun to develop their business 23. In addition, competitors in the field of consumer finance also include financial institutions represented by banks, consumer finance companies represented by credit cards as their core products and established by Internet platforms (Huabei, a subsidiary of Alipay, etc.). Borrowing, Jingdong Payment, Jingdong Finance and Tenpay, etc.), online micro-lending institutions sms marketing service and non-financial institutions (Qudian, Lexin, Paipaidai, Yirendai, etc.) mainly based on installment and cash loans. The second is the policy environment . In September 2018, the Central Committee of the Communist Party of China and the State Council issued the "Several Opinions on Improving the Consumption Promotion System and Mechanism to Further Stimulate the Potential of Residents' Consumption". , vigorously cultivate emerging consumption, and continuously stimulate potential consumption. In August of the same year, the China Banking and Insurance Regulatory Commission issued the "Notice on Further Doing a Good Job in