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790 million individuals have credit files in China

(People's Daily Overseas Edition)

16:53, September 02, 2011

Edited and Translated by Ma Xi, People's Daily Online

A reporter learned from the China's central bank on Sept. 1 that the unified enterprise and individual database has built credit files for 790 million individuals and nearly 18 million enterprises as of July 2011.

Nearly 250 million natural people and 8.2 million companies have credit records. The unified enterprise and individual credit system database was officially built and the network started running nationwide in 2006. The credit information of companies and individuals formed the core records of this system, and it also contained basic information of corporations and natural people, such as information on court decisions, performance of statutory duties and adherence to the law.

The credit system has already connected with commercial banks, policy banks, credit cooperatives and other financial institutions. It also combined with the citizen ID card number database of the Ministry of Public Security and the organization code platform of the State Quality Inspection Administration to fulfill the online check of authentic information about companies or individuals.

The credit system has played an important role in business development of financial institutions and risk prevention. Inquiries to the credit system have become an indispensable part of the commercial bank credit mechanism. As an economic identity card for both companies and natural people, it is becoming a greater concern for companies and individuals, and the number of inquiries about credit reports is increasing rapidly.

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