"The current is the best period for the development of China's factoring industry, and it is expected that the next five years will usher in a great development.。Wei Jianguo, vice chairman of the China Center for International Economic Exchanges and former Vice Minister of the Ministry of Commerce, said at the 2017 China Factoring Annual Meeting held on June 28。

　　Factoring business is a comprehensive financial service that integrates financing, receivables collection, management and bad debt treatment on the premise that creditors transfer their receivables。According to relevant statistics, China's factoring business exceeded one trillion yuan in 2016, and it is expected to double in 2017 and reach 2 trillion yuan in 2023.A total of 4 trillion yuan。

　　At present, China's factoring industry presents the characteristics of steady improvement of bank factoring and rapid development of non-bank factoring。What opportunities and challenges will China's factoring industry face under the new normal economy？In the fierce market competition environment, how should bank factoring and commercial factoring choose their own positioning？

　　The problem of small and micro accounts receivable stimulates the development potential of factoring industry

　　Statistics show that in 2000, China's factoring market accounted for less than 3‰ of the world's business, to 2015 accounted for 15%, becoming the world's second largest factoring market。This means that China's factoring business has taken more than 30 years to catch up with the United States' business volume of more than 100 years。

　　"However, it is worth noting that the proportion of factoring in China's trade settlement and the proportion of GDP still lags far behind that of Western developed countries.。So the factoring business in our country is promising。Zhang Yanling, executive director of the International Chamber of Commerce Global Council and former Vice president of the Bank of China, said。

　　Under the new normal of the economy, China has introduced a number of policies to promote factoring products to introduce financial resources into the real economy to help the development of small and medium-sized enterprises, which has brought important opportunities for the development of the factoring industry。

　　In February 2016, the People's Bank of China and other eight ministries and commissions jointly issued the "Several Opinions on Financial Support for Stable Industrial Growth, structural adjustment, and increased efficiency" pointed out that it is necessary to vigorously develop accounts receivable financing and accelerate the development of accounts receivable securitization business, and the two parts of the article made a clear statement on enterprise accounts receivable。May of this year，The People's Bank of China and other seven ministries and commissions jointly issued the "Small and micro enterprises receivables Financing special action Work Plan"，It is emphasized that commercial factoring companies should focus on the financing of accounts receivable of small and micro enterprises，Provide trade finance, sales ledger management, customer information research and evaluation, accounts receivable management and collection services。

　　"For more than two consecutive years, the joint voice of the ministries and commissions, the problem of small, medium-sized and micro enterprises accounts receivable has attracted great attention from the country, and also makes the factoring industry dedicated to serving enterprise accounts receivable face new challenges and usher in new development opportunities.。China Association of small and medium-sized Enterprises executive vice president Zhang Jingqiang believes。

　　How to test the professional ability of factoring by risk control

　　Challenges and opportunities coexist。At present, the number of micro, small and medium-sized enterprises in our country is increasing rapidly at the same time is also facing greater development pressure。Among them, a large number of receivables of enterprises can not be collected back, and they can not get out of the downturn in business。As a special factoring industry for accounts receivable, it plays an irreplaceable role in solving the accounts receivable of small, medium and micro enterprises。However, due to laws, policies, costs, credit environment and other restrictions, the dominant bank factoring business has no more enthusiasm for micro, small and medium-sized enterprise services, while the non-bank factoring industry is limited by capital and leverage ratio, and lacks refinancing channels, so its market share in the entire factoring business is still small。

　　"The contradiction between the huge new demand and the serious lack of supply is becoming more and more prominent, the factoring industry how to design more targeted products, under the premise of controllable risk to expand the service for small and medium-sized enterprises, is a major challenge facing the factoring industry.。"Zhang Jingqiang said。

　　At the same time, how to give full play to the management function of factoring business to micro, small and medium-sized enterprises receivables and establish a set of credit evaluation and risk control system suitable for domestic micro, small and medium-sized enterprises is another challenge facing the factoring industry。

　　"At present, bank factoring is more focused on financing than non-bank factoring, and it is still necessary to strictly examine the credit status of sellers and even provide mortgage guarantees to occupy their bank's credit line.。Many factoring firms use the name of factoring to make working capital loans, which relaxes the examination, approval and process management of factoring financing, and weakens a series of comprehensive service functions such as investigation, collection, management, settlement, financing and guarantee that factoring business itself should have。Zhang Jingqiang believes that this phenomenon reflects the misuse of factoring in the Chinese market, but also reflects the lack of professional ability of some factoring providers。

　　In addition, how to better broaden refinancing channels is another challenge faced by factoring businesses。"China's commercial factoring companies also show the financial characteristics of foreign non-bank factoring companies that are asset-light, which determines the handling fee generated by the difference between financing interest and financing cost and income, and becomes the main source of income for domestic factoring companies.。Therefore, the scale of capital has become one of the core competitiveness of factoring business, and whether there is sufficient capital to purchase accounts receivable has become an important factor for factoring to survive。"Zhang Jingqiang said。

　　Misplaced competition to focus on the blue ocean is a win-win way

　　With the changes of the market, the relationship between bank factoring and commercial factoring is also quietly changing。Experts believe that banks should change their concept and cooperate closely with factoring companies through re-factoring, that is, the factoring company transfers the assets to the bank, the bank gives the funds to the factoring, and the factoring company then faces all the suppliers。In the face of joint ventures, they play their respective strengths and become cooperative and interdependent。

　　"Factoring companies are asset-light and always short of money, and the least bad thing for banks is money, how can they bring the advantages of both into play?。Factoring business needs to be re-innovated, banks should be re-factoring providers, and factoring companies should be professional service providers。"Zhang Jingqiang believes。

　　Experts believe that non-bank factoring should be an effective supplement to bank factoring, and it should exert its flexibility in the mechanism and pay more attention to the factoring needs of micro, small and medium-sized enterprises, or even ordinary micro, small and medium-sized enterprises, which is a huge blue ocean market。The non-bank factoring business should be liberated from the thinking of the original supply chain core enterprises，Stand in a longer industrial chain perspective，Look at the further links in the micro, small and medium-sized enterprises，Let individual small and medium-sized enterprises in the industrial chain，Conduct an overall risk assessment，Give full play to the commercial acceptance bill in the whole industrial chain of small and medium-sized enterprises credit bonding role。

　　"Commercial factoring and banks should give play to their comparative advantages and cooperate for development。Zhang Yanling also suggested，For new businesses, small businesses and micro-enterprises，These are businesses that have difficulty getting loans from banks，Factoring services by the factoring provider，Then the commercial factoring will refinance or refactor to the bank，This includes asset-backed loans to commercial banks known as ABL，And accounts receivable as collateral loans to banks;Asset securitization，Financing from banks with accounts receivable pool，So as to form a cooperative inclusive financial model。

　　"If financial institutions can help commercial factoring solve the bottleneck of funds, solve a large number of accounts receivable problems, small and medium-sized enterprises financing difficulties, large enterprises high debt ratio, a large number of vicious circle triangle debt in society will be much easier to solve.。"Zhang Yanling said。