Core Viewpoint - The appointment of Li Cheng, the general manager of Citic Consumer Finance, as the vice mayor of Fuyang City marks a significant trend of financial executives transitioning to local government roles, highlighting the increasing integration of financial expertise in municipal governance [1][5]. Group 1: Appointment Details - Li Cheng was officially appointed as the vice mayor of Fuyang City by the Fuyang People's Congress on April 10, 2024 [2]. - Following his appointment, Li Cheng has participated in several public events as the vice mayor, indicating an active role in local governance [3]. Group 2: Background of Li Cheng - Li Cheng has over 20 years of experience in the financial industry and was involved in the establishment of Citic Consumer Finance, serving as its general manager since March 2022 [4]. - Citic Consumer Finance is one of the 31 licensed consumer finance institutions in China, having been established in June 2019 with a registered capital that has increased from 3 billion to 1 billion yuan [6][7]. Group 3: Industry Trends - The trend of financial executives taking on local government roles is becoming more common, with at least 15 former financial officials appointed as "financial vice mayors" in 2024 alone [5]. - Citic Group has a history of its executives moving into government positions, indicating a broader pattern of financial professionals influencing public policy [5]. Group 4: Company Performance - In 2023, Citic Consumer Finance reported a revenue of 708 million yuan, a year-on-year increase of 37%, and a net profit of 118 million yuan, up 36.66% [7]. - Despite growth, Citic Consumer Finance ranks outside the top 20 in several key performance indicators among licensed consumer finance companies, facing competitive pressures [7]. Group 5: Regulatory Challenges - Citic Consumer Finance received its first fine since establishment in June 2024, totaling 1.2 million yuan due to various compliance issues, including inadequate management of cooperative mechanisms and deficiencies in the credit approval process [8].