Days ago, the credit information reference work conference of the People's Bank of China (PBC) was convened in Jinan, which reviewed the progress in credit reference in 2008 and made arrangements for the work in 2009. Deputy Governor Su Ning addressed the meeting.
Su stated that the revision of the PBC's mandate for credit information reference was massively conducive to the development of the credit information industry, and the U.S. sub-prime crisis was a bitter reminder of the importance of the credit information system and the oversight of the industry.
Su pointed out that great achievements were made in 2008. First, the enterprises' and the individuals' credit information systems continued to develop with improved quality of data. As of end-2008, the enterprises' credit information system covered 14.47 million enterprises and other organizations, and the individuals' credit information system covered 640 million natural persons, 140 million of which had credit records.
Second, one year after the launch of the registration and public display system for the pledge of accounts receivable, the system has been functioning well with an increasing volume of business. As of end-2008, 1,722 users and 1,369 financial institutions signed in the system and the system processed 43,247 registrations. The steady increase of registration of accounts receivable pledge by SMEs indicated that accounts receivable pledge has become a promising financing channel for SMEs.
Third, the Regulations on Credit Information Management (Draft) has been formulated and opinions from all parties concerned will be solicited.
Fourth, progress has been made in the development and oversight of the credit rating market, featuring rapid development of credit rating on the inter-bank bond market and steady progress in credit rating of borrowing enterprises and guarantee institutions.
Fifth, the building of a credit system for SMEs has been accelerated featuring enlarged coverage and strengthened marketing efforts towards SMEs. In 2008, 56,000 training courses and promotion events were organized, and the credit information of 718,000 SMEs was improved. Financial institutions made 621,000 inquires into the credit information of SMEs, and extended new loans to 27,000 SMEs with the outstanding loans up by 615.1 billion yuan over end-2007, accounting for 12.5 percent of the total incremental loans nationwide.
Su pointed out that, going forward, efforts would be made to set up a credit information system with Chinese characteristics, with focus laid upon improving planning and supervision. As the authority in charge of credit informatio, the PBC would take the opportunity of establishing a joint-ministerial conference mechanism on credit information system to promote information sharing among all ministries concerned through the consolidated credit information platform for the financial industry.
In addition, the enterprises' and the individuals' credit information systems would be improved to ensure high data quality and smooth operation of the systems. Multiple versions of credit reports would be provided to adapt to the actual needs of social and economic development.
Experiences and lessons would be drawn from the international financial crisis to nurture the development of China's credit rating industry. Moreover, the credit information system for SMEs and the countryside would be promoted.
Finally, Su emphasized that despite the remarkable achievements already made, more should be done to ensure new progress in credit information reference work in 2009.
