On June 22, 2020, the People’s Bank of China (PBC) held the Virtual Conference on Credit Information System Work in 2020. The conference meticulously summarized the PBC’s credit information system work in 2019, and made arrangements for key tasks in 2020. Chen Yulu, PBC Deputy Governor, attended and addressed the conference.
It was noted at the conference that, since 2019, the credit information system work had been following the guidance of Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era and resolutely implementing major decisions and arrangements made by the CPC Central Committee. Since the beginning of 2020, in particular, vigorous efforts have been made to overcome the impact of the COVID-19 pandemic and coordinate pandemic containment with the credit information system work, achieving encouraging progress in the cause of credit information system development. The credit information services for micro and small businesses (MSBs) have been improved in an innovative manner, and the opening-up of the credit information industry, both domestically and internationally, has been promoted in a steady and orderly way. The second-generation credit reporting system has been successfully launched, and the pilot program for unified registration of chattel security has achieved significant progress. The credit information system’s support for pandemic containment and the resumption of work and production has obtained remarkable effects.
It was also pointed out at the conference that, in pushing forward the credit information system work in 2020, the PBC should continue to take forward guidance as the overarching principle, remain committed to the philosophy of “credit information system for the people,” improve the social credit system and promote the sharing of enterprise-related credit information. A particular focus should be placed on protecting the rights of credit information subjects by fully leveraging new technologies and approaches to strengthen credit information security. Strategic opportunities should be seized to promote the building of local credit information platforms, in a bid to improve the two-layer system covering both national- and local-level initiatives. The PBC should continue to expand the domestic and international opening-up of the credit rating market, and establish and improve the quality appraisal system for credit rating agencies based on an improved filing system. The unified registration of financing secured by chattel should be proactively advanced, and the services of platforms for receivables financing should be delivered in higher quality and efficiency. The PBC should also continue to earnestly aid the normalized pandemic containment by credit information-related means, so as to ensure targeted, equitable and efficient support.
It was stressed at the conference that, building a credit information system that covered the entire society and achieving high-quality development of the credit information industry were the core objectives of the cause of credit information system. As this year marks the final year of building a moderately prosperous society in all respects and implementing the 13th Five-Year Plan, amid the unexpected global outbreak of the COVID-19 pandemic, the credit information system must face the challenges, take proactive steps and strive to achieve the high-quality development in the cause of credit information system in China.
Chiefs of the PBC Credit Information System Bureau and the PBC Credit Reference Center, officials from relevant departments and bureaus of the PBC, and those in charge of credit information system work from the PBC Shanghai Head Office, branches, operations offices, central sub-branches in capital cities of provinces (autonomous regions) and sub-provincial cities attended the conference.
