Establish a credit information system covering the whole society

Adhere to the “government + market” two-wheel drive credit investigation development
The People’s Bank of China adheres to the “government + market” dual-wheel drive development model, and gradually builds a development pattern of financial credit information basic database (hereinafter referred to as the Central bank credit information system) and market-oriented credit information institutions to develop and complement each other, and business credit report compliance.
(1) The central bank’s credit information system ranks among the top in the world.
The credit information system of the Central bank led by the central bank, based on the comprehensive sharing and application of personal and corporate credit information nationwide, has become the largest credit information system in the world, covering the largest population and collecting the most comprehensive types of credit information.
(2) Market-oriented credit investigation institutions meet the needs of diversified credit investigation.
In accordance with the principle of “having stable data sources, advanced information processing technology, and clear market demand”, the enterprise credit bureaus shall handle the record according to law. As of the end of August 2022, 136 enterprise credit bureaus filed in the branches of the People’s Bank of China have achieved full coverage of public information such as enterprise registration, and only in the first eight months of 2022, a total of 5.2 billion credit services have been provided for credit products such as credit scoring, anti-fraud, corporate profiling, joint modeling, and decision support.
Foster internationally competitive credit rating agencies in accordance with the principle of “high standards, marketization and internationalization”. By the end of August 2022, there are 55 registered rating agencies nationwide, and well-known foreign rating agencies such as Standard & Poor’s and Fitch have entered the Chinese market in the form of sole proprietorship. In the “introduction” at the same time, China’s local credit rating agencies are also gradually “going out”, improving the international influence. A rating market structure has been formed, with large bond market credit rating agencies as the mainstay and small credit market credit rating agencies as the auxiliary, and various forms of ownership coexist. The overall strength of the rating market has been continuously improved.