Vice President of the Central Bank: China has established the largest credit information system in the world

category:Finance
 Vice President of the Central Bank: China has established the largest credit information system in the world


Good morning, ladies and gentlemen. Welcome to the briefing held today by the Information Office of the State Council. Today is the 12th 6.14 Credit Record Care Day organized by the Peoples Bank of China. In order to help you better understand the development of our modern credit industry, we are pleased to invite Mr. Zhu Hexin, Vice President of the Peoples Bank of China, to introduce to you the construction of credit information system covering the whole society, and to answer your questions. Also attending todays briefing is Mr. Wan Cunzhi, Director-General of the Credit Inquiry Administration Bureau of the Peoples Bank of China, and Ms. Wang Xiaolei, Vice-Director of the Credit Inquiry Center. First of all, President Zhu is invited to make an introduction.

Before interacting with each other, I would like to give you a brief introduction to the construction of modern credit information system in China, so that you can have an intuitive understanding of it.

1. The construction of credit information system in China has made remarkable achievements.

First, we have established the largest credit information system in the world, which plays an irreplaceable role in preventing financial risks, maintaining financial stability and promoting the development of the financial industry. It has won wide recognition at home and abroad in improving the business environment.

In the World Bank Business Environment Report, Credit Information Index is one of the important evaluation indicators. In 2007, Chinas credit information index was only 3 points. With the further development of credit information system, Chinas credit information index has reached a full score of 8 points for three consecutive years, leading some developed countries.

Secondly, through extensive information sharing, credit information system can effectively alleviate the problem of information asymmetry in financial markets, improve the financing convenience of small and private enterprises, and promote the economic development of financial services entities.

Secondly, market-oriented enterprise credit reporting institutions innovate the credit reporting service model of small and micro enterprises, explore the use of pre-loan substitution data to help banks to judge the credit status of small and micro enterprises in a multi-dimensional way, and many banks grant mortgage-free and guaranteed credit loans accordingly.

Third, the Peoples Bank of China promotes the establishment of local credit databases for small and medium-sized enterprises to supplement the short board of credit information services. At present, more than 2.6 million small and medium-sized enterprises have established credit archives, of which about 550,000 have received credit support, with a loan balance of 11 trillion yuan.

2. In the future, we will effectively increase the market-oriented and effective supply of credit information by opening up at a high level

Accelerating the establishment of credit information system covering the whole society is a very complex system engineering. Here are some prospects for the development of Chinas credit industry in the new era.

Secondly, we should adhere to the high-level open strategy of credit information industry, introduce high-quality information technology resources, take market demand as the orientation to enhance internal merits, and improve the modern credit information system adapted to Chinas market economy.

I will give you a brief introduction of the relevant information. Today I have the opportunity to join my colleagues, Mr. Wan Cunzhi, Director of the Credit Bureau, and Ms. Wang Xiaolei of the Credit Inquiry Center in welcoming your questions.

Thank you. Now lets start asking questions.

CCTV reporter:

In his introduction, President Zhu mentioned that the construction of credit information system plays a certain role in promoting the development of small and small private enterprises, that is, in financing. Can we talk more specifically about how the construction of credit information system can alleviate the financing difficulties and expensive problems of small and small private enterprises? Thank you.

Thirdly, the central banks internal ratings have strengthened credit support to small and micro enterprises. By the end of 2018, 61,000 enterprises with acceptable ratings have reached the acceptable level. Among them, 48,000 are small and micro enterprises. 547 loans have been granted for loan assets pledge and re-loans, amounting to more than 70 billion yuan. Qualified pledges have shown a good situation that the total amount of small and micro enterprises has increased and their proportion has increased.

Fourth, the Peoples Bank of China promotes the establishment of local credit databases for small and medium-sized enterprises to supplement the short board of credit information services. Up to now, more than 2.6 million small and medium-sized enterprises have set up credit archives, of which about 550,000 have received credit support and the loan balance has reached 11 trillion yuan. We have made explorations and achieved good results in this regard. We hope that your Economic Daily will give more support to our Peoples Bank. We will work together to find a way out of the problem of difficult and expensive financing with Chinese characteristics. Thank you for your question.

Recently, it has been reported that the second generation credit reporting system of the central bank is in the process of upgrading. The previous credit reporting history overdue records should be extended from two to five years, that is, the recording time will be longer. How to avoid the contradictions in this process? In my interviews with banks in the past, many people said that they would like to incorporate government information, such as social security information, into the credit information system. What kind of work has been done in this regard? Thank you.

Zhu Hexin:

Two of our colleagues are here today to give them a business and policy perspective.

The Peoples Bank of China has established a credit information system for enterprises and individuals. Since the centralized and unified credit information system was put on line in 2006, the renewal and transformation has been ongoing. At present, we continue to upgrade our technology and business as before, improving the comprehensiveness, timeliness and accuracy of data. Credit information system has been running for more than 10 years. The type and structure of data acquisition have been relatively stable. Updating and upgrading is mainly to improve the efficiency. From two years to five years, for negative information, according to the requirements of the Credit Reporting Regulations, it has been kept in the credit report for five years from beginning to end. This is the first problem.

Second question. Positive information is that you borrow money and repay it on time, which is actually credit wealth for everyone, so I think this change is good for individuals, because it shows your past credit wealth in a very direct way. Negative information is a constraint to everyone. In the current version of credit report, five-year overdue information needs commercial banks or users of other credit reports to combine different parts of the credit report, which can be deduced. After the credit information system was upgraded, the deduction process was omitted and the records of the past five years were presented directly in a very direct and clear form.

President Zhu mentioned that in the future, the market-oriented supply of credit information will be expanded with a high level of openness. What are the considerations for expanding the openness of credit information industry? How is it going? Thank you.

Zhu Hexin:

You may have noticed that we have taken new measures to promote the opening up of the credit industry during this period, especially the landing of S&P. Looking back at the pace of opening up of Chinas financial industry since the Nineteenth National Congress of the Communist Party of China, the Boao Forum last year and the Lujiazui Financial Forum yesterday, one of the keywords is opening up. We have no hesitation in promoting reform and opening up. Relevant top-level design and policy programs are being introduced one after another, because credit reporting is an integral part of the modern financial system. Expanding the opening-up of credit reporting industry is a very important part of implementing the strategy of financial opening-up, and also an inevitable requirement for building an open economy. The Peoples Bank of China, in accordance with the decision-making and deployment of the Party Central Committee, seeks to take advantage of the situation and take advantage of the situation. It has steadily and orderly promoted the opening up of enterprise credit market and credit rating market. In conjunction with relevant departments, the Peoples Bank has promulgated regulations and regulatory requirements for the establishment of enterprise credit rating agencies and credit rating agencies by foreign-funded enterprises. After the promulgation of the policy, the credit rating agencies and credit rating agencies of foreign-funded enterprises have accelerat After entering the Chinese market, many foreign-funded enterprise credit reporting agencies have filed with the Peoples Bank of China, including Dunbai of the United States and Yiborui of the United Kingdom, which have set up subsidiaries in China. As for Deng Baishi and Yiborui, we pay attention to them. Especially in the business sector, especially in foreign exchanges, there are many related economic and trade relations, including investment and financing promotion. We will see some help from these enterprises. S&P, Fitch and Moodys have registered their wholly-owned corporate rating agencies in Beijing and submitted their applications for filing and business to relevant departments. Especially, in January 2019, S&P Credit Rating (China) Co., Ltd. became the first foreign-funded rating agency allowed to operate in China. Expanding the opening-up of the credit industry, encouraging foreign-funded enterprises with their own characteristics and expertise to enter the domestic market, and introducing advanced credit reporting technology, business models and management experience from abroad are conducive to promoting the formation of a market pattern featuring sound competition and win-win cooperation between domestic and foreign investors, as well as fostering a competitive market competition system and promoting better finance. Serve the development of real economy. As always, our opening door is always open, including credit reporting business.

American International Market News Agency:

Everything knows:

Just now, President Zhu introduced that the credit market and credit rating market of enterprises have been opened to foreign investment. Foreign capital and domestic capital are in accordance with the regulatory standards, and in which businesses, service objects and customer choices they carry out, they are completely respectful of business choices, without distinction. You just mentioned that S&Ps credit rating business in China, with whom and with whom, depends entirely on the commercial choice between the rating agencies and the target audiences. There is no special policy requirement in this regard. In terms of policy choice, one is that domestic and foreign investment are consistent in regulatory policies under the open situation. At the same time, regulation should ensure fair competition. Other policies have been issued by the Peoples Bank of China and the Ministry of Commerce through different channels because they have not been adjusted to maintain policy continuity.

Global Times English Edition Reporter:

At present, for the construction of credit information system, what role can it play in promoting the construction of Chinas social credit system? Thank you.

Zhu Hexin:

What considerations does the Central Bank have in promoting the integration of cross-border credit information in Guangdong, Hong Kong and Macao? The upsurge of entrepreneurship has turned many passionate stories into silent endings. Can the central bank tolerate the failure of these entrepreneurship or the poor because of business so that they can regroup and make money to repay their debts? Thank you.

Everything knows:

In our countrys development plan for Guangdong, Hong Kong and Macao, credit cooperation has been gradually promoted as a key project. Recently, the Peoples Bank of China and the Hong Kong Monetary Authority have been in close communication. In cooperation with credit information in Hong Kong and Macao, we need to design some frameworks, develop some systems and establish market service mechanisms, which we are closely communicating with. With regard to the Mainland and Hong Kong and Macao, there is an urgent need for cross-border cooperation in the Great Bay Region of Guangdong, Hong Kong and Macao, and some work will be gradually carried out in the near future. Second, there are many entrepreneurs in the process of entrepreneurship and innovation who are unsuccessful due to various reasons. They may borrow money, owe debts and feel passive. This phenomenon is inevitable in the process of entrepreneurship. Venture capital is often associated with entrepreneurship. Venture capital itself has risks. Venture capital may or may not be related to credit reporting. If the money is yours in the process of starting a business, you should bear the loss by yourself. What if the money is borrowed and lost? If I were an entrepreneur, there might be three ways to follow the current credit policy:

Thirdly, in the process of finding new opportunities, I failed to start a business in the past. Now I have new opportunities to borrow money again. I want to do some propaganda for enterprises and entrepreneurs through journalists, friends and all aspects of society. Credit information system is an important reference for decision-making of lending institutions, but it is not the only basis. That is to say, from our policy point of view, it does not mean that you have a record of non-repayment of loans. A bad record requires lenders and banks not to give loans. There is no such requirement. Lending and non-lending are determined by banks and lending institutions according to their credit records, because each bank has different risk preferences and management levels, and some may feel that customers are at risk, but I am familiar with him, have good communication in the past, and may have higher returns in the future. However, some banks feel that management can not keep up with, the risk is very high, can not lend, so each lending institution has different risk preferences.

In the case of bad records, to obtain new development opportunities, the parties and relevant loan applicants should maintain good communication with the bank, fully explain and fully communicate. Some lenders should base their evaluation on various aspects, because credit information is an important reference, but not the only one. Because lending institutions can also learn about you through other channels. For what reasons in the past, this matter is controllable, the future development is promising, appropriate support is guaranteed, and each institution has different risk preferences. Therefore, we can not say that there is no good credit record, or that there is no record of non-repayment of money owed. Where is the limit? This is not necessarily the case. It requires the parties to communicate with the relevant banks and lending institutions.

This is quite common. I should add that there are debts in the failure of entrepreneurship, but we should recognize the debts and not escape them. We should take positive measures on the premise of recognizing the debts. Some people want to delete negative information through illegal channels. This kind of lucky mentality is wrong and not feasible.

China Daily:

We would like to know if the current credit reporting system has included foreign businesses operating in China in the scope of credit reporting. Do foreign citizens living in China have any statistics on credit reporting? Are there any arrangements for future credit reporting policies for foreign enterprises and individuals in China? What kind of sharing mechanism is there for cross-border information sharing? Thank you.

Wang Xiaolei:

Everything knows:

Just now, Director Wang of the credit information center introduced that the collection of credit information system, including information about foreign capital and foreigners, can be provided at any time. The problem of information cross-border flow, our people and capital are now cross-border flow, information can cross-border flow, I want to make some supplements. According to the laws of our country, the information collected by credit bureaus, whether personal or enterprise information, can only be stored in China and processed in China. In principle, it can not cross borders, except as otherwise stipulated by laws and regulations. The so-called laws and regulations have other provisions, such as some specific requirements in the process of foreign trade, foreign investment and personnel flow. The legal systems of countries and countries are different, and the mechanisms of protection are different. Personal information involves not only privacy, but also personal property. Enterprise information involves business secrets of enterprises, and also some considerations of economic security. Information should flow across borders, which country to cooperate with and how to cross borders. The relevant regulatory authorities between countries should sign relevant regulatory memorandums and agreements in accordance with the law. On this basis, the relevant credit agencies, namely commercial organizations, should sign commercial cooperation. At the same time, some institutional arrangements should be made to ensure information security and protect the rights and interests of information subjects. If, according to the general understanding, the first two steps have been completed, in the cross-border process, if there are legal disputes or other problems, we need to follow the agreement signed by the regulatory authorities of both sides, which laws apply, where to deal with them, how to communicate, how to inform them, and have a more complex mechanism. The cross-border flow of information is highly sensitive and complex between developed countries and European and American countries. There are special legal arrangements among EU Member States to achieve cross-border flow of information. The cross-border flow of personal information and enterprise information between EU and other countries is still under exploration. This is a good topic, and we are exploring it. Zhu Hexin: Both of us have said that we should continue to pay attention to and study the problems to be solved, because there are also some rules involved and the framework of some legal systems. We should continue to make efforts to promote them. Hu Kaihong: This is the end of todays briefing. Thank you, President Zhu and two other publishers. Thank you. Source: First Financial Responsibility Editor: Wang Xiaowu_NF

Zhu Hexin:

Hu Kaihong:

This is the end of todays briefing. Thank you, President Zhu and two other publishers. Thank you.