Huge number of Chinese have no credit rating records

21:26, November 12, 2010      

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Nearly half of the people in China have no personal credit records as a result of inadequate financial knowledge among the public, Jiang Weijun, an official of the People's Bank of China (PBOC), said here Friday.

Speaking at a launching ceremony for a campaign to promote public awareness on credit knowledge, Jiang, an inspector of the personal credit management bureau with the PBOC, said that by the end of September this year, the central bank had credit records of 220 million individuals.

Though the PBOC has already established files for 710 million people under the personal credit rating system, Jiang said, it needs to further extend the system to cover far more people in the country.

Meanwhile, the PBOC has set up credit documents for about 2.11 million small- and medium-size enterprises (SMEs) and 127 million rural households in a period ended September this year.

According to PBOC figures, outstanding loans to China's SMEs totaled 2.582 trillion yuan (389.8 billion U.S. dollars) and outstanding loans to rural households were 1.24 trillion yuan (187.2 billion U.S. dollars) by the end of September this year.

Source: Xinhua


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