Port communicationAnalysis and Foresight Author of New Pawn Regulation：Gu Xinsheng，Anhui Salt Pawn Company、General Manager of Anhui Salt Industry Financial Information Service Company。
In the second half of last year, especially after the National Financial Work Conference,，finance lease、pawn、There are constant rumors that the factoring industry will be transferred to the China Banking Regulatory Commission (CBRC) for supervision.，In particular, the pawn industry has mixed feelings about this，Fortunately, the old financial industry, which was the supervision of the original financial system, has returned to its roots.，Hope is greater than reality；What worries me is whether strict management will be implemented after the re-regulation、Restricted everywhere。At present, the pawn industry has become an effective supplement to the financial industry.。
According to the National Pawn Industry Supervision Information System，As of the end of February 2025，There are 8,532 pawn companies in the country，950 branches，Registered capital
- 3billion，Practitioners
- 5Thousands of people。Total corporate assets
- 2billion。 Last year’s financial work conference，One of the main contents is that all financial institutions and behaviors will be included in the regulatory system。
There has been a regulatory void for many years、regulatory vacuum、Private finance with regulatory arbitrage and less regulated quasi-finance have entered a new stage of development，my country's credit system will be under the premise of guarding risks，The levels of the credit market will be richer、more perfect。
Recently, the Ministry of Commerce issued a document clearly stating that，According to the "Decision of the Central Committee of the Communist Party of China on Deepening the Reform of Party and State Institutions" and other documents
Require
and the spirit of the National Financial Work Conference，The Ministry of Commerce has formulated financial leasing companies、Commercial factoring company、Responsibilities for pawn shop business operations and regulatory rules are assigned to the China Banking and Insurance Regulatory Commission，From April 20，Relevant duties are performed by the China Banking and Insurance Regulatory Commission。
Since then，The supervision of pawn shops was transferred from the People's Bank of China to the State Economic and Trade Commission in June 2000.、It was transferred to the Ministry of Commerce and officially returned to financial system management after 18 years.。So what impact and changes will be brought to pawn shops under the supervision of the China Banking and Insurance Regulatory Commission? The author does not venture to make some analysis and reflections on this，I hope it can provide some suggestions and reference to the industry and regulatory authorities.。
one、Supervision of the pawn industry in New China after the founding of the People's Republic of China，The development of the pawn industry has gone through a period of extinction、disorderly revival、Cleanup norm period、stages of orderly development，Supervision at each stage also presents different characteristics depending on the stage.。
- The demise of the pawn industry to a brief pawn blank stage，Supervision presents the characteristics of the new regime。 At the beginning of the founding of New China，The pawn industry isn’t going away anytime soon。
With the gradual rise of the socialist transformation movement of capitalist industry and commerce，Pawn shops are in decline。1954November 23，The Head Office of the People's Bank of China held a symposium on anti-loan sharking，Point out that the struggle between socialism and capitalism over lending is becoming increasingly acute.，It is clarified that the interest rate of credit unions should be used as the legal standard for lending interest rates in rural areas.，This has created a new restriction on pawn shops located in ordinary villages and towns.，The pawn industry is beginning to die out。
until early 1956，China's private pawn industry has fully implemented industry-wide public-private partnership。in some cities，The pawn shop has become an independent operating institution specializing in handling small-amount pledged loans under the leadership of the relevant branches of the People's Bank of China - the Small-Amount Pledged Loan Department。1966The Cultural Revolution broke out，The "Small Mortgage Loan Department" was finally completely cancelled.。
From the beginning of the "Cultural Revolution" in 1966 to the reform and opening up in 1987，This period is a blank period in the history of pawnbroking，Pawn shops are beginning to disappear completely in mainland China。
- The disorderly revival of the pawn industry has entered the stage of cleanup and regulation，showing disorderly development、vicious competition situation。
early 1980s，my country implements economic system reform，In the context of further deepening of reform and opening up,，1987December，The first pawn shop in mainland my country - Huamao Pawn Firm in Chengdu, Sichuan was officially re-established，It marks that the pawn industry in our country, which has been dead for more than 30 years, has finally recovered.，and quickly led to the recovery and development of the pawn industry across the country.。 1988February，Wenzhou Jincheng Pawn Shop opens，This is the first pawn shop in Zhejiang Province officially established。
1988May，Shenyang commercial pawn shop debuts，Became one of the earliest pawn shops established in Northeast China，Its service purpose is："Developing the economy，Serve the people，Honesty and trustworthiness，Convenient and fast。"July 1988，Pawn shop in Jishan County, Yuncheng District, Shanxi Province appears。This is a pawn shop founded by several farmers.。
1988August，Guangzhou longevity pawn shop in Guangdong Province was established，This is the earliest pawn shop established in Guangzhou after the reform and opening up.，The pawn shop aims to develop the economy，Daily service targets focus on individual citizens，Business scope includes gold jewelry、high-end watches、Mainly household appliances。In the international metropolis Shanghai，1988October，The birth of Shanghai Hengyuan Pawn，Marking the comeback of pawnbroking in China's largest city。
It has undoubtedly had a more significant and far-reaching impact on other large and medium-sized cities in the country.，In order to promote the strong development of the pawn industry in New China，Contributed one's strength。 From December 1987 to June 1993，According to incomplete statistics，There are more than 3,000 pawn shops nationwide，Registered capital is approximately 900 million yuan，The number of pawn shops is increasing at an average rate of more than 500 every year。
China’s newly revived pawn shops have no clear authority，Multiple approvals from local governments，Regulatory chaos，Leading to vicious competition in the industry，Seriously disrupted local financial order and social stability。1993August，With the approval of the State Council, the People's Bank of China promulgated the "Notice on Strengthening the Management of Pawn Shops"，Clarify that pawn shops are non-bank financial institutions，Placed under the supervision of the People's Bank of China。
1996April，The People's Bank of China formulated and promulgated the "Interim Measures for the Management of Pawn Shops"。The pawn shop was cleaned up during this period，Effectively regulates pawn behavior。During the thirteen years from December 1987 to June 2000，my country’s pawn industry has experienced a transition from disorderly revival to clean-up and regulation，1,350 pawn shops have been re-approved across the country，The total registered capital is more than 8 billion yuan，Nearly 10,000 people are directly employed。
- The pawn industry has been in an orderly development stage till now，It shows that there are ways to regulate、A pattern of healthy development。 2000June，Due to the reform of the financial system and the transformation of the functions of the People’s Bank of China，With the approval of the State Council，Pawn shops have lost their status as financial institutions，Transferred to the supervision of the State Economic and Trade Commission as a special industrial and commercial enterprise，A total of 1,110 households were handed over at that time。
2001August，The State Economic and Trade Commission issued new "Pawn Shop Management Measures"，A major breakthrough in this approach is to break the traditional framework of pawn shops only selling civilian goods.，Allow pawn shops to start real estate mortgage business、Allow pawn shops to borrow from commercial banks、Allow branches to be opened within the province，Broadened business scope，Expanded business scale，Greatly promote the healthy and standardized development of the pawn industry。
2001In September 2016, the State Economic and Trade Commission and the Ministry of Public Security jointly conducted a comprehensive clean-up and rectification of the pawn industry across the country.，Until April 2002, the clean-up and rectification work was basically completed.，Retained 890 qualified pawn companies handed over by the People's Bank of China，220 unqualified pawn companies were cancelled.。in，2001In the two years from 2002 to 2002，264 newly approved pawn shops nationwide，19 newly approved branches。
As of the end of 2002，There are 1,154 pawn shops nationwide，19 branches，Total registered capital is 7.5 billion yuan，More than 10,000 employees。 2003June，Due to the reform of state institutions，Following the abolition of the State Economic and Trade Commission, the pawn industry was placed under the supervision of the Ministry of Commerce.。2005February，The Ministry of Commerce, together with the Ministry of Public Security, on the basis of inheriting the "old methods" of the former Economic and Trade Commission，Jointly issued new "Pawn Management Measures"。
While strengthening the regulation, this measure，Further expanding the living space of pawn shops，Clarify that pawn shops can engage in property rights pawn business，Allow pawn shops to set up branches across provinces，Allow motor vehicle pawns to go through pledge registration procedures。The new pawn policy effectively protects the existing market share of pawn shops，More effectively ensure the stable and healthy development of the pawn industry。
A look at the traditional pawn industry that was banned before reform and opening up，Re-examining the comeback of the modern pawn industry, which already has contemporary social and economic、Cultural and market demands and the imprint of new institutional norms，Modern pawn shops developed from the "pawn shops" of the past，It not only inherits and maintains the industry characteristics of traditional pawnshops，It also reflects the differences of the times arising from the objective needs of the market economy.。
Basic similarities between old and new pawns，There are three main：First, pawn activities are all forms of borrowing and lending for a limited period of time using property as collateral.，Pawn business is a financial business；Second, the purpose of setting up pawnshops is “to integrate social funds”，They are all part of the social financing system，All are non-bank financial institutions；Third, the main social function of pawns is to “rescue and solve problems”、"Help those in need"，They all belong to a flexible and convenient financing channel for non-bank institutions that can adjust urgent and surplus funds.。
two、Analysis of the impact and changes brought by new regulation on the pawn industry After the pawn industry was re-transferred to supervision，In today's era of strict financial control,，There are bound to be some big changes。 first，Impact on the determination of the legal status of the pawn industry。 The pawn industry has been restored since 1987，The most criticized issue is the lack of legal status of pawns.。This time supervision is handed over to formal financial supervision，The industry is hungry、Looking forward to it。
At present, our country’s laws do not provide for pawn power.，The currently enforceable "Pawn Management Measures"，It was jointly formulated by the Ministry of Public Security and the Ministry of Commerce in 2005.,Administrative regulations,The level of effectiveness is lower than that of laws and administrative regulations,Much content has lagged behind the realities of a rapidly evolving industry。
In particular, there is no certainty of pawn power，Only civil law can be applied in litigation cases、Relevant provisions of the Guarantee Law, etc.，For real assets、Business scope、The collection of interest fees cannot be recognized by the court.,Bringing asset shrinkage to the pawn industry、Revenue decreases、The business is illegal or even the risk of losing the lawsuit。Making the pawn industry miserable。 In the past few years, there was a lot of clamor for the country to formulate "Pawn Management Regulations"，Now it seems almost impossible。
Now we can only place our hope on the new regulatory authorities.，After all, professional regulatory authorities，Leading big finance，According to the top-level design of financial executives，The pawn industry is undoubtedly an important part of、indispensable，It should attract the attention of regulators。After all, China’s financial system is incomplete without a piece.，Even if the pawn level is low，What's more, the status and influence of China's pawnshops are unparalleled by any other country in the world.。Therefore, it is time to determine China’s pawn rights.、just right。
The author thinks：The national regulatory authorities this year combined with the formulation of the "Lender Regulations"，It is a better practice to include the determination of pawn rights。 March 12 this year，The General Office of the State Council issued a notice on the State Council’s 2025 Legislative Work Plan，Arrangements were made for various government legislative projects。 in，The "Regulations on Non-deposit Lending Organizations" (drafted by the People's Bank of China) were submitted to the Standing Committee of the National People's Congress for review。
The process of formulating this regulation，Also full of ups and downs：2007beginning of year，The relevant person in charge of the Research Bureau of the People's Bank of China stated that，The "Lenders Ordinance" is under discussion；2008Year，The head of the Research Bureau of the People's Bank of China revealed，The draft "Lender Regulations" drafted by the central bank has been submitted to the Legislative Affairs Office of the State Council；2009April，It is reported that the Legislative Affairs Office of the State Council has conducted a survey on the "Lender Regulations"，The regulations were included in the second-tier legislative plan of the Legislative Affairs Office；2014Year，The central bank renamed the "Lender Regulations" to the "Regulations on Non-deposit Lending Organizations"；2025August，The Legislative Affairs Office of the State Council issued the "Regulations on Non-deposit Lending Organizations (Draft for Comments)"，Finally I can see my true face。
But to this day，This regulation has not been officially released yet。This time, the document from the General Office of the State Council is very clear，Good things should come true soon。
The original "Regulations on Non-deposit Lending Organizations (Draft for Comments)" did not include the content of pawns，It is unclear whether there is any content about pawns in the draft regulations this time.，But we should make strong appeals and suggestions through the original regulatory authorities and industry associations，Reflect the demands of the industry，At the same time, we should also report to the government through various channels.，Seeking to establish pawn power。
We also believe that the state and regulatory authorities will take a high position、Take charge of the overall situation，Achieve full coverage of financial supervision、No blind spots。Make pawn legalization a reality，Solving the long-standing problems in the pawn industry。 Involving pawn entry，The main content to solve the problem of legal status should include the following：First, establish pawn power，Second, the protection of interest charges，The third is to solve the problem of too small absolute limit。For details, please refer to my article "Some Thoughts on the Law of Pawn"。
The second step is to adjust the business model and positioning.。 Different people have different views on this issue，In particular, the debate about returning to civilian products has been going on for a long time.，But the key is to find the right method。The correct way is：Top-level design based on finance，The idea of establishing hierarchical supervision，Clarify regulatory measures and methods at all levels。in financial regulation，The level of the modern pawn industry is relatively low，This is determined by the location and function of the pawn itself.，Undoubtedly。
starting from this point，The problem of deciding on the pawn business model and positioning will be easily solved。 The first question is that the business is positioned at "seeing things and lending money"，That is to put the collateral, that is, the pawned thing itself, first.，Identify the authenticity and quality of items，Evaluate the value and discount of the item，Lending based on this。Not lending on credit，Different from other forms of lending。This is the root of the pawn attribute，It should basically remain unchanged。
The second is the issue of real estate mortgage pawns and "small amount dispersion"， Traditional pawns do not have real estate pawn business。In the article "Research on Business Risk Issues in the Pawn Industry", the author，Explained the reasons for allowing pawn shops to start real estate mortgage business，No further details here。Pawn real estate mortgage business broadens the scope of pawn business，Expanded business scale，It has set a precedent for our pawn business to provide financing services to small and medium-sized enterprises today.。
The pawn industry as a special industrial and commercial enterprise，Give full play to the "small amount" pawn、short term、Simple、"Flexible" feature，In meeting the financing needs of small, medium and micro enterprises and the emergency needs of residents、Played a positive role in promoting economic and social development。
but，The pawn real estate mortgage business also laid the foundation for the unlimited expansion of the pawn business.，Many irregular pawn shops are not subject to single-family loan limit restrictions，Expand business volume，accumulated risk，cause big losses，Make the pawn business unsustainable or even go bankrupt。at the same time，Due to lax supervision，Real estate pawn business also disrupts the real estate regulation market。
On May 22 this year, "Securities Daily" published an article stating that "some bank credit funds flowed into the property market through pawning."，An article titled "The advance interest rates of many pawn shops exceeded 24%"，Later, "International Finance News" wrote: "For house purchase loans, don't go to the bank, go to the pawn shop."?Be careful”Pick up sesame seeds and throw away watermelon”！
"Articles，This reflects the current environment in which the country is vigorously controlling the "barbaric growth" of the property market.，There is strong dissatisfaction and concern about the real estate loan business of various types of financial institutions.。 From this point of view，Everyone is generally worried about whether the real estate mortgage pawn business will be banned after strict supervision.。The author thinks，Canceling the real estate mortgage pawn business is unlikely，However, it is very possible to limit the amount of real estate mortgage pawns.。
After all, the positioning of quasi-finance is "small amount dispersion"。 The third one is the pawn business of civilian goods。The pawn business of civilian products is an old business of pawn、where the roots are，It's impossible to throw it away。The author thinks，After new regulations，This business will be encouraged and strengthened，Enhance the ability and level of serving the people，In addition to emergency lending, it also includes appraisals、Keep or even exchange (pawn), etc.。 The fourth is the innovation of “Internet +”。
This is in line with the times、Respond to the country's call、Need to enhance service functions，It is also the need for pawn development。For details, please refer to the author's discussion in the article "Research on the Operation and Development of the Pawn Industry under the New Normal"。 Thirdly, changes and adjustments to the supervision itself。 According to understanding，After the pawn was transferred to the supervision of China Banking and Insurance Regulatory Commission，Daily management work will be handed over to the local financial bureau (financial office) for implementation。
According to "Professional、The principle of “strict management”，The following adjustments and changes to the work can be expected:。 one、Tighter daily management。 After transfer to supervision，Local financial offices have officially launched supervision of pawn and other financial industries。As local financial regulatory reforms advance,，finance lease、Factoring、asset Management、The development and supervision of emerging financial formats such as pawnbroking have become new topics for local regulatory agencies。
Not only relevant regulatory measures and methods will be introduced one after another，Daily management will continue to be strengthened，It will be directly reflected in the behavioral supervision of the pawn industry.，Penalties and intensity will also be increased for illegal and illegal pawn behaviors.。 two、Check and rectify。 After all handover，Regulatory authorities will launch industry-wide inspection and rectification work。
- March 28 this year，The Shenzhen Finance Office issued a notice to carry out the annual review of pawn companies in 2025，Conduct annual review of Shenzhen branches of pawn companies in this city and pawn companies in other places that have been approved to be established before the end of 2025。From the main content，The content of this annual review includes the financing aspects of pawn companies.、Assets and operating conditions, etc.。
Specifically，This annual review includes a total of eight items，Especially for loan situations，
Require
Check whether the pawn shop makes excessive loans、Operation beyond scope，Especially whether there is a credit loan。 That's it
Require
Pawn companies should conduct self-examination in advance，Implement standardized operations、Legal compliance。Otherwise, if any violations are found during the inspection, penalties will be imposed，Some may even have their business licenses revoked。
- May 4 this year，The China Banking and Insurance Regulatory Commission, together with the Ministry of Public Security and four other ministries and commissions, jointly issued the "Notice on Matters Concerning Regulating Private Lending and Maintaining Economic and Financial Order"，It is strictly prohibited for employees of banking financial institutions to serve as major members or actual controllers，Carry out organized private lending；Illegal issuance of loans to school students is prohibited；Loans without designated purposes are prohibited，or to provide services、Selling goods in the name of，Actual high interest charges (
cost
) Act of granting loans in disguised form。
According to the spirit of this document，Pawn companies that do not operate in a standardized manner or operate in the form of private loans must make rectifications immediately，Especially some private pawn companies that operate irregularly，Otherwise, you will be severely punished and punished。 three、Blocking illegal fund-raising is the most important issue for financial regulatory authorities.。Suspected illegal fund-raising will be strictly investigated and severely punished。 Four、Bank loans are blocked。 Starting from deleveraging，Pawn loans from banks will be completely banned。
three、Urging the establishment of the National Pawn Industry Association。 at present,A national pawn trade association has not yet been established。After the transfer of supervision，Regulatory authorities will actively promote,Establish a unified national pawn industry association as soon as possible,Clarify necessary self-regulatory responsibilities,Effectively combine government supervision with industry self-discipline,Allow associations to assist regulatory authorities in daily supervision,in training、Protect industry rights and interests、Make achievements in mediating business disputes and establishing and improving industry integrity systems.。
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