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China makes significant progress in building urban credit system

September 25, 2019


Abstract : China has witnessed notable progresses in constructing the credit system of Chinese cities, according to experts attending the 2019 Forum for Credit System Construction of Chinese Cities held in Jinan, east China on Tuesday.

JINAN, Sept. 25 (Xinhua) – China has witnessed notable progresses in constructing  urban credit system, according to experts attending the 2019 Forum for Credit System Construction of Chinese Cities held in Jinan, east China on Tuesday.

The forum themed "Credit wins the future" attracted credit experts, scholars and representatives from over 300 Chinese cities to discuss the progresses and future of social credit system.

In the past year, more and more applications of credit system for people's benefits have been developed in China, such as the launch of the celoan.cn, a national credit service platform for small- and medium-sized enterprises (SME) financing.

Lian Weiliang, deputy head of NDRC said that as financing difficulties and high costs remain a bottleneck restricting development of small and micro-sized businesses, to fully exploit the value of corporate credit information and promote cashing of corporate credit assets is a sound solution to the problem.

By far, 104 Chinese cities have developed products on celoan.cn by cooperating with financial institutions and provided more than 1.5 trillion yuan of funds for SMEs.

Celoan.cn is a credit information service platform supported by the national public credit information center under NDRC and by establishing a SME credit statistics database, the platform is rolled out to promote integrated application of public credit information and financial credit information.

Before the end of this year, demonstration cities of social credit system construction and model cities for building social credit systems are required to apply classified credit regulation and supervision measures in over 80 percent of their compass.

Shandong, a province in East China which have four cities such as Weihai, Weifang, Rongcheng and Qingdao selected into the first two batches of demonstration cities of social credit system construction, has strengthened "Internet plus supervision", credit supervision and inclusive and prudent supervision to better social credit system construction, according to Gong Zheng, governor of the province.

Liu Zhengrong, vice president of Xinhua News Agency said Xinhua is the only media member of the inter-ministry joint meeting for social credit system construction. Under supports of NDRC, Xinhua Credit, the credit service platform undertaken by Xinhua-run China Economic Information Service Co., Ltd., has made breakthroughs and is capable of providing inquiry services for more than 200 million enterprises globally and credit appraisal inquiry for more than 62 million Chinese enterprises currently.

This year, the Forum for Credit System Construction of Chinese Cities is sponsored jointly by Xinhua News Agency and Jinan Municipal Government and organized by China Economic Information Service and Jinan Municipal Development and Reform Commission. (Edited by Duan Jing, [email protected])

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Keyword: China credit cities

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