Credit information sharing is a necessary guarantee to serve the real economy

More than 130 corporate credit reporting agencies of various types in China have registered with branches of the People’s Bank of China, which has achieved full coverage of public information such as enterprise registration, and provides credit products and services such as credit scoring, anti-fraud, corporate portrait, joint modeling, and decision support. As the competent department of the credit investigation industry, the People’s Bank of China also promotes the construction of local credit investigation platforms to realize the sharing and application of enterprise-related information. Through local credit investigation platforms, non-credit information collection and sharing and financing services for small and micro enterprises have been realized, greatly improving the financing availability of small and micro enterprises. By the end of 2022, more than 40 local credit investigation platforms have been built, providing nearly 100 million inquiry services and helping millions of enterprises to obtain loans, of which the first loan rate exceeds 60%. In addition to financial credit information sharing, public credit information sharing also provides a strong guarantee for the operation of the real economy. The National credit information sharing platform connects 46 departments and all provinces (autonomous regions and municipalities), collecting more than 73 billion pieces of credit information from 160 million market players. The “Credit China” website continues to play a role as the “general window” for the government to commend integrity and punish dishonesty, and the daily query volume of the website exceeds 200 million times. These credit information sharing platforms have made great contributions to the development of the real economy.

The difficulty, expensive and slow financing of small and medium-sized enterprises has always been a huge problem restricting the operation and development of small and medium-sized enterprises. In the financing of small and medium-sized enterprises, financial institutions are faced with the problems of low profit, high risk and high cost, which are difficult to solve for a long time. In order to alleviate information asymmetry, credit information sharing is particularly important in improving the above situation. According to the needs of credit and financing, we will promote the collection and sharing of relevant public credit information, expand cooperation between banks, insurance, guarantee and credit services, provide more abundant and local tailored financial products and services for micro, small and medium-sized enterprises, and help micro, small and medium-sized enterprises obtain financing services more conveniently and accurately, so as to promote the further development of China’s real economy. A perfect credit information system helps credit institutions to quickly understand the credit status of enterprises and individuals, accurately assess credit risks, improve the efficiency of credit approval and reduce financial transaction costs. Through comprehensive evaluation of customers’ credit history, repayment history, financial status and other information, we can judge whether customers have solvency and integrity, effectively curb non-performing loans and fraud, maintain the order of the financial market, and provide protection for future financial activities.