China’s credit investigation industry has made continuous progress over the years

From the late 1980s, in order to meet the needs of foreign trade enterprises for credit investigation of transaction objects, the subordinate units of the Ministry of Foreign Trade and Economic Cooperation established credit investigation agencies, to the rise of private credit investigation enterprises and the entry of foreign credit investigation enterprises in the 1990s, and then to the pilot stage of personal credit investigation in the new century, China’s credit investigation industry has made continuous progress and shown many characteristics.
Enterprise credit service industry has begun to take shape. Up to now, there are more than 100 regular credit agencies of all kinds in China. The first type is the private enterprise credit investigation institutions, which carry out the enterprise credit investigation services nationwide; The second category is foreign credit investigation institutions, which mainly provide enterprise credit investigation services for multinational corporations; The third category is partially state-owned credit bureaus.
Credit rating industry gradually developed. China’s credit rating agencies came into being with the issuance of corporate bonds, and there are dozens of institutions, some of which are mainly engaged in bank credit services, some are mainly engaged in credit rating business and bond rating business, serving the capital market. In addition, credit guarantee companies, factoring companies and credit management consulting services have developed accordingly.
The central bank’s corporate credit registration and inquiry system has shown results. The People’s Bank of China integrated the enterprise credit file database scattered in more than 300 cities, established the enterprise credit registration and inquiry system, and realized the online registration and inquiry of enterprise credit information in the financial system of cities, provinces and even the whole country. The system plays the functions of the government’s financial supervision, credit investigation and risk prevention in the financial system.