From government-led to"government + market" two-wheel drive, the world's largest credit information system

In recent years, the development of China's credit information industry has begun to accelerate, To standardize credit reporting activities, Protect the legitimate rights and interests of the parties concerned, Guide and promote the healthy development of the credit information industry, Promote the construction of social credit system, The People's Bank of China promulgated the Regulations on the Administration of Credit Information Industry, It was officially implemented on March 15, 2013. As a supporting system of the Regulations, the Measures for the Administration of Credit Investigation Agencies promulgated later made specific provisions on the establishment, alteration and termination of credit investigation agencies, and clarified the risk prevention and control and information security governance norms of credit investigation agencies when conducting credit investigation business and related activities.

In January 2015, the Central Bank issued the Notice on Preparing for Personal Credit Investigation Business, and announced the list of the first batch of 8 institutions that have obtained the qualification of personal credit investigation pilot institutions, including Internet companies, financial institutions and private companies. Finally, under the guidance of the central bank, these eight market institutions cooperated with China Internet Finance Association to set up the first market-oriented personal credit reporting institution Baixing Credit Reporting Co., Ltd. According to the principle of"mutual cooperation, joint construction, sharing and win-win".

Baixing Credit Bureau was registered and established in Shenzhen on March 19, 2018 and settled in Futian with a registered capital of 1 billion yuan. It was officially opened on May 23, 2018. The newly established 100-bank credit investigation service targets are mainly non-bank institutions engaged in Internet lending business, traditional financial institutions engaged in personal lending business, financial supervision and other future personal credit investigation agencies and related personal credit investigation service agencies. According to the data disclosure of Baixing Bank, as of May 22, 2020, Baixing Credit Information has expanded 1,710 financial institutions and signed nearly 1,000 credit data sharing institutions. Baixing Personal Credit Information System contains over 85 million personal information subjects and 2.2 billion credit records. A total of more than 40 million P2P borrowers were included, basically achieving full coverage of the population in peer-to-peer lending and effectively cooperating with the special rectification work of Internet finance. The positioning of 100 banks' credit investigation is still credit investigation for credit risk assessment, and they have reached cooperation intentions with five types of information sources, including map address information, local government information and life service information, forming differentiation and complementarity with the central bank's credit investigation center, which focuses on traditional banking business.

On January 17, 2020, the central bank's credit information system was officially switched to the second generation credit information system. The system is divided into enterprise and personal credit information basic database, The sources of credit information are mainly commercial banks and other financial institutions. The information included includes basic information of enterprises and individuals, credit information such as loans and guarantees in financial institutions, and major financial indicators of enterprises. Basically, credit files have been established for every enterprise and individual with credit activities in China, which are operated and maintained by the Credit Investigation Center of the People's Bank of China. At present, the system has become the largest credit information basic database in the world, with the largest number of people included, the most complete collection of credit information, the widest coverage and use. By the end of 2019, the credit information system included information of 1.02 billion natural persons, 28.341 million enterprises and other organizations, ranking first in the world. In 2019, the cumulative inquiries of personal and enterprise credit information systems were 2.4 billion and 110 million respectively, and the average daily inquiries were 6.57 million and 296,000 respectively.

At the same time, in the wave of opening up the financial industry to the outside world, including international credit giants such as Dun & Bradstreet in the United States, three major rating agencies such as Standard & Poor's, Fitch and Moody's in the United States have set up subsidiaries or registered wholly-owned corporate rating agencies in China respectively, and submitted filing and business applications to relevant departments. The credit reporting industry has achieved remarkable results in opening up to the outside world.