The 4th Anting International Auto Finance Forum opens in Anting town, Jiading district of Shanghai, on Oct 26, attended by hundreds of government officials, experts, scholars, and industry leaders in auto finance sector. [Photo/jiading.gov.cn]

The 4th Anting International Auto Finance Forum took place in Anting town, Jiading district of Shanghai, on Oct 26.

Shen Huadi, deputy head of Jiading, attended the forum and praised Jiading as one of China's areas with the most complete auto industrial chain and the most well-developed auto industrial clusters.

Currently, the district is working on improve the capacity of finance to serve real economy as well as strengthening finance's support to the auto industry. It aims to take the lead in promoting the development of auto finance industry, and help the industry upgrade and grow better

Many auto finance-focused experts, scholars, and industry leaders also flocked to the forum and shared their views about the development trend, opportunities and challenges of auto finance in the era of "new retailing".

Wang Wei, chairman of Jianyuan Financing Lease Co suggested empowering auto dealers in the "new retailing" era.

Dai Qiusheng, executive vice president of Everbright Financial Leasing, expressed the belief that new technology promotes the development of new finance, and also boosts new retailing indirectly. He said new technology makes it easier for the finance sector to get clients, more effective to recognize risks, faster to grant loans, and more convenient to seek cooperation.

Song Tao, general secretary of Auto Finance Branch of China Automobile Dealers Association, announced that China's auto finance market size exceeded 700 billion yuan ($105.3 billion) in 2016 and remains a year-on-year increase at 25 percent. It is estimated to reach 1.85 trillion yuan in 2018.

The 2017 Report on China Auto Finance was also released by Jianyuan Financing Lease Co and the Roland Berger during the forum. The report focuses on new vehicle finance and second-hand vehicle finance and also analyzes the future major forces in auto finance – auto finance firms.

The forum started in 2014 and has grown into an authoritative event in the country's auto finance sector. Each year it inspires more people to take an interest in auto finance. Its organizers said they expect to improve the competitiveness of the local auto industry and attract more companies on the auto industrial chain to settle in Anting through such events.

Shen Huadi, deputy head of Jiading district of Shanghai, speaks at the 4th Anting International Auto Finance Forum on Oct 26. [Photo/jiading.gov.cn]

Wang Wei, chairman of Jianyuan Financing Lease Co, gives a key speech at the 4th Anting International Auto Finance Forum in Jiading, Shanghai, on Oct 26. [Photo/yescar.cn]