The First Batch of Three Auto Finance Companies Have Been Approved None of the Chinese Companies Have Been Approved The China Banking Regulatory Commission disclosed yesterday that the China Banking Regulatory Commission approved SAIC General Motors Financial Co., Ltd., Toyota Motor Finance (China) Co., Ltd. and Volkswagen Automotive (China) Co., Ltd. Prepare to build. This is the first batch of auto finance companies that were approved to be established after the issuance of the Administrative Measures for Auto Finance Companies and the Implementation Rules for Auto Finance Companies. These three companies are not Chinese-funded auto finance companies. SAIC General Motors Financial Co., Ltd. is a Sino-foreign joint venture financial institution jointly funded by the United States General Motors Financial Services Corporation and Shanghai Automotive Group Finance Co., Ltd. It is proposed to be established in Shanghai; Toyota Motor Finance (China) Co., Ltd. and Volkswagen Finance (China) Co., Ltd. is a foreign-funded financial institution and is proposed to be established in Beijing. It will be exclusively funded by Toyota Financial Services Co., Ltd. and Volkswagen Financial Services Stock Company. In early December of this year, U.S. General Motors Financial Services Corporation and Shanghai Automotive Group Finance Co., Ltd., Toyota Financial Services Co., Ltd., and Volkswagen Financial Services Co., Ltd. respectively submitted applications for the establishment of auto finance companies to the China Banking Regulatory Commission in Shanghai and Beijing. After receiving the application, the China Banking Regulatory Commission will conduct a compliance review of the three applications in accordance with the prescribed procedures and market access requirements. Recently, Shanghai and Beijing Banking Regulatory Commissions first reviewed and reported to the China Banking Regulatory Commission for approval. The first batch of three auto finance companies were allowed to build, namely SAIC General Motors Financial Co., Ltd., Toyota Motor Finance (China) Co., Ltd., and Volkswagen Automotive (China) Limited. the company. In such a short period of time, it successfully completed the approval of market access for the three financial institutions, and it is rare in the history of China's financial supervision. The person in charge of the relevant department of the China Banking Regulatory Commission stated that when examining and approving the establishment of auto finance companies, the China Banking Regulatory Commission will strictly abide by the principle of national treatment and treat foreign and Chinese capital equally. Whether or not an application is approved depends entirely on whether the applicant meets the requirements for market access. Provisions. After the three auto finance companies have been allowed to set up, they will complete the preparatory work in the first half of 2004 and be allowed to start operations before they are allowed to start business. By then, China’s financial organization system will add a new type of non-banking financial institution—auto finance companies. The person in charge of the relevant department of the China Banking Regulatory Commission stated that, in accordance with regulations, after the auto finance company has been allowed to prepare for construction, the preparatory construction group shall implement the company’s capital, management personnel, and business sites, formulate the company’s articles of association, and formulate various rules and regulations for conducting business. These tasks should be completed within 6 months and an application for opening a business should be submitted to the CBRC. The China Banking Regulatory Commission will review the preparatory work for opening a business. If these tasks are in compliance with the relevant conditions stipulated in the "Administrative Measures for Auto Finance Companies," they can begin formal operations and provide financial services to the community. If the preparatory work for opening a business does not meet the requirements, the company will lose its eligibility for opening a business and will not be able to submit an application for establishment within six months. In addition, during the preparatory period, the preparatory group for the company concerned may not engage in business activities in the name of an auto finance company. Related Links On October 3, 2003 and November 12, 2003, the China Banking Regulatory Commission issued the "Administrative Measures for Auto Finance Companies" and "Implementing Rules." Subsequently, in order to openly and transparently apply for the examination and approval work, the relevant departments of the China Banking Regulatory Commission have also designed the operational guidelines for the applications and approvals of auto finance companies to guide the specific operations of applicants and approvers. These systems provided the institutional basis for the birth of auto finance companies and ensured the smooth progress of auto financing companies' application for establishment.
Muyuan is a foundry factory, has 15 years experience in producing casting. The materials we can produce are: High Chrome Cast Iron , Ductile Iron, Gray Iron, Ni-hard 1, Ni-hard 4 and so on.
Not only does MUYUAN offer the complete pumps, Pump Spare Parts, we also offer the mining used Mill Wear Liner, High Chrome Castings, ,Wear Ring and some other castings.
Mill Wear Liner
Mill Wear Liner,High Chrome Parts,Corrosion Resistant Castings,Wear Resistant Sand Castings
SHIJIAZHUANG MUYUAN INDUSTRY & TRADE CO., LTD. , https://www.cnmuyuan.com