What is the progress of China’s credit information system construction in recent years? The People’s Bank of China published a column for authoritative interpretation. The column pointed out that in recent years, the People’s Bank of China has followed the principles of rule of law, marketization and science and technology, and made positive progress in promoting the construction of credit information system.
Adhere to the orientation of central bank’s basic credit information service and continuously improve service quality and efficiency
The column pointed out that the basic database of financial credit information built and operated by the Credit Information Center of the People’s Bank of China has become the most populous credit information collection system in the world. Inquiring about credit reports has become a necessary link for financial institutions to carry out credit business and risk prevention and control, which provides strong support for the sound development of financial services to the real economy. By the end of September, 2023, the basic database of financial credit information had included 1.164 billion information of natural persons and 127 million information of enterprises and other organizations, and multiple inquiry channels such as artificial window, self-service inquiry machine and online inquiry had been built. In September, the average daily query volume was about 14 million times.
The Credit Information Center of the People’s Bank of China has continuously expanded its service system to help enterprises, especially small and medium-sized enterprises, develop their financing. We continued to improve the accounts receivable financing service platform. By the end of September 2023, the platform had contributed to 470,000 financing transactions with an amount of 20.1 trillion yuan, including 384,000 financing transactions with an amount of 15.7 trillion yuan for small and medium-sized enterprises. We will continue to improve the unified registration and publicity system for movable property financing and provide nationwide movable property financing registration and inquiry services. By the end of September 2023, the system had handled 28.569 million movable property financing registrations and provided 180 million inquiries.
Vigorously develop the multi-level credit information market and widely cover the social credit information needs.
The column pointed out that the People’s Bank of China adheres to the "government+market" two-wheel drive, and cultivates the credit information market to meet social needs in all directions and at multiple levels.
First, actively and steadily develop personal credit reporting agencies. In 2018 and 2020, individual credit agencies Baixing Credit Information Co., Ltd. and Park Dao Credit Information Co., Ltd. were approved, and the two institutions were established in 2023. In September, 28.2 billion credit information services were provided to realize the sharing and application of personal non-credit alternative data. The second is to guide enterprise credit reporting agencies to improve service quality and efficiency. 149 credit reporting agencies for enterprises on record integrate information such as enterprise registration, production and operation, contract performance, and provide products such as credit report, credit score, anti-fraud, joint modeling, decision support, etc., in 2023 1-mdash; In September, 16.4 billion credit information services were provided. The third is to deepen the construction of local credit information platform. Promote the establishment of 30 provincial-level local credit information platforms nationwide, connecting 2,502 local government departments, public utilities and other data source units. 1-mdash in 2023; In September, local credit information platforms helped 1,527,900 enterprises to obtain loans of 5.5 trillion yuan.
Actively promote the development of credit rating market and enhance the comprehensive strength and international influence of China’s rating agencies.
The column pointed out that the rating system is an important arrangement in the financial market. The People’s Bank of China promotes the development of rating market with institutional management as the core, and constantly enhances the comprehensive strength and international influence of China’s rating agencies.
The first is to optimize the credit rating market structure. There are 52 rating agencies for record in China, and a market structure in which various forms of ownership coexist has basically taken shape. 1-mdash in 2023; In September, it provided 17,000 bond market rating and credit market rating services. The second is to steadily promote the opening up of credit ratings. Standard & Poor’s Global Rating Company and Fitch Ratings Co., Ltd. entered the China market in the form of sole proprietorship, while Moody’s Investors Service Company exhibited its business in the form of joint venture. Third, the internationalization process of local rating agencies has achieved initial results, international cooperation and exchanges in rating have become increasingly frequent, and overseas rating business has been continuously expanded. New breakthroughs have been made in overseas regulatory accreditation of local rating agencies. Five rating agencies have won seats in the BRICS Business Council, four rating agencies have joined the Asian Credit Rating Association, and three rating agencies have become members of the International Capital Market Association.
Strengthen the supervision of credit reporting in an all-round way and effectively protect the legitimate rights and interests of information subjects
The column pointed out that protecting the legitimate rights and interests of information subjects is the cornerstone of credit reporting work, and it is also an important goal for the People’s Bank of China to carry out credit reporting supervision.
The first is to form a legal system of credit information with regulations as the guide and regulations as the main body. In January 2013, after the State Council promulgated the Regulations on the Administration of Credit Information Industry, the People’s Bank of China issued a series of regulations, such as the Measures for the Administration of Credit Information Institutions, the Measures for the Administration of Credit Information Business and the Interim Measures for the Administration of Credit Rating Industry, which provided legal protection for the healthy development of the credit information industry. Second, strict supervision in an all-round way and continuous improvement of the governance system of the credit reporting industry. Strengthen the on-site inspection of access institutions, credit reporting institutions and rating agencies of the basic database of financial credit information; Improve the off-site supervision framework, improve the timeliness, effectiveness and pertinence of supervision, and significantly improve the operational compliance of various institutions. The third is to strengthen the publicity of credit information, relying on the "3.15" Consumer Rights Protection Day, "6.14" Credit Records Care Day and other nodes to continue to carry out credit information popularization activities, and successively set up columns such as "the 10th anniversary of the promulgation of the Regulations on the Administration of Credit Information Industry" and "a new journey of ten years of credit information" to popularize credit information, enhance social credit awareness and promote the concept of honesty and trustworthiness to be deeply rooted in the hearts of the people. Revise and improve the "Procedures for Handling Credit Complaints", handle the rights and interests of the masses in accordance with the law and regulations, and effectively protect the rights and interests of the masses.
Promote the high-quality development of the credit information industry
The column pointed out that in the next step, the People’s Bank of China will adhere to the service tenet of credit reporting for the people, firmly anchor the goal of serving the real economy and preventing financial risks, constantly improve the credit reporting system covering the whole society, and enhance the supply capacity and operational quality and efficiency of the credit reporting system.
First, continuously improve the multi-level credit information system and optimize the market layout. Adhere to the two-wheel drive direction of "government+market" and promote the construction of basic credit information and market-oriented credit information system of the central bank. Continuously improve the basic database of financial credit information, continuously expand the types of credit information, enrich service channels, and consolidate the status of the central bank’s basic credit information service; Deepen the construction of accounts receivable financing service platform and unified registration and publicity system for movable property financing, and help the virtuous circle of industrial chain supply chain. Based on market demand and guided by releasing the vitality of data elements, we will promote the development and growth of credit reporting institutions and provide diversified credit reporting products and services. Further promote the construction of local credit information platform, further optimize the system and mechanism of credit information sharing and application in local government affairs and public utilities, and enhance the ability of sustainable development.
The second is to continuously enhance the strength of rating agencies and enhance their international competitiveness. Support powerful financial technology forces to enter the rating market, encourage stock institutions to integrate and grow, enhance market strength and improve the overall quality of the industry. Create a healthy and orderly rating ecological environment and enhance the independence and credibility of rating agencies. Encourage rating agencies to "go global", expand overseas rating markets, and enhance international competitiveness and international influence.
The third is to promote social credit legislation and promote the high-quality development of the credit information industry with strict supervision. Deepen the top-level design of social credit system and credit information system construction in social credit legislation, improve credit information market access conditions and business rules, and promote the modernization of credit information industry governance capacity. We will strictly strengthen the supervision of credit information in an all-round way, improve the supervision system and standards, enrich the means of supervision, improve the efficiency of supervision, build a dam for information security, effectively protect the legitimate rights and interests of the people, and make every effort to promote the healthy development of the credit information market.
(CCTV reporter Dong Bin)
关于作者