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New Guidelines to Facilitate Loans to the Car Audio Industry

Written by the General Adminitration Team
Wednesday, 7 March 2012, 6:30

The weakening global economy already influenced the enterprises in China. Orders are reducing, amid the increase of material and labor cost, which made most foreign trade companies difficult to survive. This is also true to the car audio industry.

To ease the difficult business situation, the government is studying methods to help enterprises in China. New lending guidelines were just announced to improve the loan environment of green companies.

Released by the China Banking Regulatory Commission (CBRC), new lending guidelines encouraged bankers to increase financial supports for industries and projects with less pollution and energy consumption, such as the car stereo manufactures.

“This is really a favorable policy for us,” Joseph Lee said, a senior officer in the Car Audio Group. “As a car audio manufacture, we are qualified for the new lending guidelines.”

Joseph said their car stereo products were environmentally friendly, from the materials to the manufacturing processes. “The parts used in a car radio are environmentally friendly. We don’t hold many workers on the production lines of auto radio products. The machines are automatic, and we are not a high-labor-density manufacturer.”

According to the Car Audio Group, machines of car stereo products are of low energy consumption, compared with those in the textile industries.

According to the CBRC, bankers are supposed to evaluate the qualification of enterprises for the loan quota. The involved aspects include risks related to society and the environment. Oversea projects of the subjected companies are also required to be evaluated.

Under the new lending guidelines, a rating system of enterprises will be introduced. Those companies with higher ratings will get access to credit more easily.

“We currently have some oversea projects on the car radio,” Joseph said. “These projects of auto radio are all qualified for the new lending guidelines. We will prepare full documents and certification to prove our qualification as a green company of car audio products.”

Joseph believed that the Car Audio Group would get access to the loans with the new policies. With the financial supports from bankers, the company would be able to maintain competitive edges on car stereo products.

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Last Updated on Wednesday, 7 March 2012, 19:30