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This chapter compares the development of consumer finance in China, Japan, and South Korea and the lessons that can be drawn from the differences among them for China. This chapter summarizes and compares the experiences of the countries from the perspectives of the legal system and the credit information system.

This chapter analyzes consumer finance and its significance and discusses consumer finance’s concept and effects as well as its real economic foundation. This chapter also gives an overview of the development of consumer finance in China. According to the authors, the development of the national economy, the formation of the market (in which supply exceeds demand), the residents’ consumer structure, and the social security system are considered to be the four economic bases for consumer finance in China. Moreover, this chapter asserts that the development of the national economy, the acceleration of urbanization, changes in the consumption philosophy among the younger generations, and improvements in the social credit system are the impetus behind the growth of consumer finance in China.

This chapter reviews the history and the development of consumer finance in China, Japan, and South Korea. The current situation, history, development path, economic effects, legal system, market regulation, and infrastructure of consumer finance in China, Japan, and South Korea are discussed. This chapter also presents the features of the development of consumer finance in China, Japan, and South Korea.

This chapter investigates consumer finance in China from the perspective of the retail industry’s development. This chapter discusses the current situation and history of China’s retail industry, particularly the prepaid card business. Consumer finance in China has chosen a different development path than Japan and South Korea.

This chapter reviews the third-party payment and consumer finance industry in China, Japan, and South Korea. Focusing on credit card overdrafts, loan quality, key consumption sectors, credit card regulatory policy, and other credit business, this chapter draws attention to the current credit card systems in China, Japan, and South Korea. Case studies of Credit Saison Co. Ltd. and Lotte Credit Card are presented which include the development, transformation, and experiences of the two companies

Since coined by President Kennedy in 1963, economic growth has been likened to “a rising tide that lifts all boats” (Kennedy, 1963), thereby evoking a picturesque harbor where yachts and skiffs alike rise with the incoming tide. Yet, the importance of this clever aphorism goes beyond its pithy and vivid depiction. Within neoclassical economics, economic growth represents the surest means to alleviate poverty. According to this view, sustained economic growth offers new opportunities to entrepreneurs and business owners as they respond to the surging demand by hiring new employees. During prolonged expansions, these employment gains can extend through all neighborhoods, even reaching those last to be hired. The resultant expansion of incomes from rising profits and payrolls underwrite further spending that fosters additional production and employment in a self-sustaining manner. Rising incomes permit households to accumulate wealth as each works toward its version of the American Dream. Indeed, economic growth can yield a surge of opportunities that extends material prosperity through all parts of our communities. It can bring opportunity and lift the hopes of those who are often neglected and left stranded.