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China to establish national economy registration database

(Chinanews.com)

16:41, August 19, 2011

Edited and Translated by Han Shasha, People's Daily Online

China's industry and commerce administration system will establish the world's largest "national economy registration database" in three years to strengthen credit constraint mechanisms.

Statistics from China's Ministry of Commerce show that direct and indirect economic losses of Chinese enterprises due to lack of credit have reached 600 billion yuan each year.

Zhou Bohua, director of the State Administration for Industry and Commerce said that enterprise credit will greatly impact the security of the transactions and trade order. So China will establish the "national economy registration database" on the basis of corporate database in three years. It will further promote information sharing and collaboration among different government organs and advance the administration over the enterprises. Once the database is established, the public can search for the registration information of the enterprises on the Internet.

In 2003, the State Administration for Industry and Commerce started to supervise and administrate the enterprises according to different databases, including a market players database, a database for the enterprises whose business license have been revoked and a natural person invested one-person limited corporation database. And the State Administration takes strict measures against legal representatives for the enterprises that are listed on the "blacklist."

Up to the end of the first half of this year, nearly 12 million enterprises, over 36 million individually-owned businesses and over 400,000 farmers' professional cooperatives in China have been registered.

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