China aims to accelerate national integrated financing credit service platform construction
China will strive to accelerate the construction of a national integrated financing credit service platform network, thereby providing more convenient financing channels for micro, small and medium-sized enterprises, especially private ones, a senior official said at a news conference on Wednesday.
Such remarks came after the country officially launched a national financing credit service platform in January.
Li Chunlin, deputy director of the National Development and Reform Commission, said most MSMEs in China lack sufficient collateral and guaranteed repayment sources. With the national financing credit service platform in place, it will be more convenient and efficient for the financial institutions to evaluate the MSMEs' creditworthiness and extend credit loans to them.
Li also said China will further integrate local financing credit service platforms with repetitive functions or inefficient operation. Each province can only have one financing credit service platform, while each city or county cannot have more than one such platform.
He stressed efforts to include another 17 categories and 37 items of information in the credit information sharing lists, varying from the MSMEs' main personnel to qualifications.
Aimed at ensuring credit information security, China will continue to improve the management standards for financing credit service platforms at all levels and strengthen the protection of four key aspects including data sharing, use, transmission and storage. The country's ability to monitor and mitigate security risks is also expected to be further enhanced, Li said.
The national financing credit service platform has so far collected over 78 billion pieces of credit information and provided inquiry services to financial institutions for more than 276 million times. Currently, the platform has an average of over one million visits per week, Li added.
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