CCFI Unveiled at 2025 Consumer Finance Ecosystem Conference in Chongqing
On June 6, 2025, China introduced its first publicly available industry assessment metric for consumer finance—the China Consumer Finance Index (CCFI). The landmark index was officially launched during the 2025 Consumer Finance Ecosystem Conference held in Chongqing.
The CCFI initiative was spearheaded by China (Shenzhen) Development Institute (CDI), a national high-end think tank. CDI President Fan Gang, a renowned economist, delivered the keynote address, while Vice President Dr. Liu Guohong presented the index findings and provided expert analysis.
National Consumer Finance Landscape: Shanghai, Beijing and Chongqing Lead
As the first comprehensive evaluation framework in China’s consumer finance sector, the CCFI establishes an assessment system tailored to domestic market conditions. The index evaluates three core dimensions—market entities, industrial ecosystem, and market environment—through 33 indicators across 12 categories. The inaugural edition features in-depth analysis of 30 major Chinese cities.
Following years of regulatory refinement, China’s consumer finance industry has undergone significant transformation in business models and risk profiles. The sector now demonstrates a multi-layered market structure with commercial banks as primary participants, complemented by specialized consumer finance institutions.
By the end of 2024, China’s outstanding consumer loans (including both short-term and long-term) reached ¥57.98 trillion, with household consumer loans (excluding residential mortgages) totaling ¥21.01 trillion—a 6.2% year-on-year increase. Beyond traditional banks, the ecosystem includes 31 licensed consumer finance companies, 25 auto finance firms, and approximately 180 online micro-lending institutions. Consumer finance companies collectively maintained loan balances of ¥1.3 trillion.
The CCFI’s top ten cities for comprehensive development are: Shanghai, Beijing, Chongqing, Shenzhen, Guangzhou, Hangzhou, Chengdu, Suzhou, Nanjing, and Jinan. Shanghai, Beijing and Chongqing dominated nearly all subcategory rankings, establishing themselves as clear national leaders. Shenzhen, Guangzhou, Hangzhou and Chengdu all scored above 50 points, demonstrating nationwide competitive advantages across multiple dimensions.
Institutional Strength: Chongqing and Shanghai Set the Standard
China’s consumer finance providers primarily consist of banking institutions, non-banking entities (including consumer finance and auto finance companies), and regional financial organizations like online micro-lenders. The concentration of influential financial institutions plays a pivotal role in advancing service quality and industry development.
The top ten cities for institutional strength rankings are: Chongqing, Shanghai, Beijing, Shenzhen, Guangzhou, Hangzhou, Tianjin, Nanjing, Chengdu, and Suzhou.
Analysts noted Chongqing and Shanghai maintain substantial leads over other cities. Chongqing ranks first nationally in both consumer finance companies and specialized institutions, while Shanghai leads in banking institution strength and places third in the other two categories. Beijing, Shenzhen and Guangzhou follow as third, fourth and fifth respectively.
Industrial Ecosystem: Beijing, Shanghai and Shenzhen Excel
With numerous participating entities and extensive operational scope, developing comprehensive industrial ecosystems proves critical for advancing regional consumer finance capabilities. The industrial ecosystem top ten comprises: Beijing, Shanghai, Shenzhen, Hangzhou, Chongqing, Guangzhou, Jinan, Chengdu, Qingdao, and Suzhou.
Beijing, Shanghai and Shenzhen all rank within the national top eight across five subcategories. Beijing leads in credit ecosystems and talent support, hosting 23% of China’s third-party credit agencies and significant percentages of financial (9%) and IT professionals (19%). Shenzhen maintains dominance in digital empowerment, outpacing rivals in cloud computing, big data and AI enterprise concentrations. Shanghai consistently ranks top-three across all five ecosystem dimensions.
Market Environment: Shanghai, Chongqing and Shenzhen Create Optimal Conditions
Assessing long-term industry potential, the CCFI evaluates market environments through four lenses: demand, industrial synergy, policy support and financial consumer protection. The market environment leaders are: Shanghai, Chongqing, Shenzhen, Guangzhou, Beijing, Chengdu, Hangzhou, Suzhou, Wuhan, and Changsha.
Shanghai, Chongqing and Shenzhen stand alone as the only cities exceeding 30 points. Shanghai leads in consumer satisfaction and service penetration rates. Chongqing ranks first in industrial synergy while placing second and third in policy support and financial consumer protection respectively. Shenzhen tops both demand and policy support categories.
Analysts highlight Chongqing’s emergence as a national consumer finance hub, benefiting from dual national strategies positioning the city as both an international consumption center and western financial center. Through deepening reforms, technological innovation, and brand enhancement initiatives, Chongqing has achieved comprehensive industry upgrades and quality growth.
Methodological Rigor and Future Applications
The CCFI employs advanced data normalization techniques and weighted scoring models to ensure cross-regional comparability. Data sources include official statistics, institutional reports, and proprietary market surveys conducted throughout 2024.
Industry experts anticipate the index will serve multiple stakeholders:
- Policymakers can identify regional strengths and development opportunities
- Financial institutions may optimize regional strategies and resource allocation
- Academic researchers gain standardized metrics for longitudinal studies
- Consumers benefit from improved market transparency
The CDI plans quarterly updates with expanded city coverage and additional sub-indices measuring digital transformation and inclusive finance penetration. Future editions may incorporate international benchmarking against major Asian consumer markets.
Strategic Implications for China’s Financial Sector
The CCFI launch coincides with China’s broader financial market reforms emphasizing:
- Risk-controlled innovation in retail financial products
- Enhanced consumer protection frameworks
- Technology-driven service delivery models
- Regional balanced development initiatives
As consumer spending contributes approximately 55% to China’s GDP growth, optimizing financial support mechanisms becomes increasingly vital. The index provides critical insights for achieving the 14th Five-Year Plan objectives of domestic demand stimulation and financial system modernization.
Financial regulators have welcomed the CCFI as a timely tool for monitoring industry health. The China Banking and Insurance Regulatory Commission (CBIRC) noted the index aligns with their risk surveillance priorities while supporting differentiated regional supervision approaches.
Looking ahead, index developers emphasize the CCFI’s dynamic nature, with methodology refinements planned to reflect evolving market conditions. The 2026 edition will introduce green consumer finance metrics, supporting China’s dual carbon objectives through sustainable lending practices.
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