Opinion: Why China Needs Independent Credit Reporting Agencies

By Xie Ping and Zou Chuanwei

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.

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