Opinion: Why China Needs Independent Credit Reporting Agencies
An effective personal credit reporting system is a critical component of China’s strategy to build an honest society, promote financial inclusion and boost domestic consumption.
The development of a credit reporting system in China dates back to 2006, when the People’s Bank of China, the central bank, established the Credit Reference Center. The center is an independent credit information service tasked with operating a national centralized commercial and consumer credit reporting system to enable financial institutions to assess borrowers’ creditworthiness.
- 1Hong Kong Hedge Fund Files $88 Million Lawsuit Against Elusive Businessman Guo Wengui
- 2Beijing Real-Estate Slump Deepens
- 3China Removes Steel Makers From ‘Qualified’ List for First Time
- 4Retraction of Cancer Papers Highlights Corruption in Chinese Academia
- 5Tianjin Rolls Out Draft Regulations on Shared Bikes