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China to promote credit system in rural area

Updated: Jun 15,2016 1:34 PM

People’s Bank of China (PBOC) said on June 14 that China will focus on improving the credit information service among small and medium enterprises (SMEs) as well as rural households.

According to Yang Ziqiang, assistant to the president of PBOC, the credit system will benefit SMEs and rural households in their financing process through efficient credit information collection and appraisal. And the credit system should be based on the local reality, combining measures that can stabilize local economic growth, improve people’s livelihoods and facilitate poverty alleviation.

China has achieved major progress in recent years in building a better credit system. Related information is now more transparent to the public with a new online platform established across the country. By receiving certain reward or punishment, citizens are more motivated to keep a good credit record. In addition, this year, China has also approved 43 demonstration cities in this regard.

PBOC has updated the financial credit database for both enterprises and individuals, said Yang. By the end of March, the database has already included 885 million individuals and 2,139 enterprises or organizations.

He also urged government to set an example in keeping good credit record, leading to a fair social environment.