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China Moves to Overhaul Corporate Credit Reporting With Clearer Exit Path

Published: Mar. 4, 2026 3:05 a.m. GMT+8

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The People’s Bank of China. Photo: VCG

China’s central bank is preparing its first major overhaul in nearly a decade of the rules governing corporate credit reporting agencies, proposing tighter supervision and a clearer exit mechanism for a crowded sector being reshaped by technology.

The People’s Bank of China recently released draft amendments to its 2016 administrative measures for corporate credit reporting agencies and is seeking public comment through March 30, 2026. The move comes as the industry confronts sweeping changes driven by the internet, big data and artificial intelligence.

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China’s central bank is overhauling rules for corporate credit reporting agencies, aiming for tighter supervision and introducing a clear market-exit mechanism.
Over 150 licensed firms face consolidation as technology and publicly available data reduce demand; more than 40 have already exited since 2018.
As private and foreign firms retreat, state-owned credit reporting platforms expand, and stricter oversight is expected to shrink the sector further.

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Who’s Who

Baihang Credit Services Corp.: Baihang Credit Services Corp. is China's first market-oriented personal credit reporting agency, established in 2018. Its creation led to an acceleration in the cancellation of corporate credit licenses, as the demand for personal credit reporting became more challenging to secure than corporate licenses previously.

Qichacha: Qichacha is an app, mentioned alongside Tianyancha, that can meet most general needs for corporate credit information. The article implies that apps like Qichacha have contributed to a declining demand for manual data collection by corporate credit reporting agencies, thereby affecting the growth of the corporate credit market in China.

Tianyancha: Tianyancha is an app mentioned in the article alongside Qichacha, which, combined with government websites, can fulfill most general needs for corporate credit information. This accessibility has diminished the demand for manual data collection by corporate credit reporting firms.

Experian PLC: **Experian PLC (益博睿)** Experian PLC, a global information services company, exited the Chinese mainland market in November 2020. This withdrawal occurred just two years after it had obtained a corporate credit reporting license. The company's departure reflects the challenging market environment for foreign players in China's corporate credit reporting sector.

Huaxia Dun & Bradstreet China: Huaxia Dun & Bradstreet China was formerly the largest firm in China's corporate credit reporting sector. However, amidst a challenging market environment and increasing competition from government websites and company-search apps, the company announced its exit from China in November 2022. This withdrawal reflects a broader trend of foreign and private companies scaling back their operations in the industry as state-owned entities expand.

Shanghai Credit Information Services Co. Ltd.: Shanghai Credit Information Services Co. Ltd. is a veteran institution controlled by the People's Bank of China's Credit Reference Center. In late 2025, it applied to cancel its credit rating agency registration. This move indicates a strategic decision to refocus on its core business amidst a changing regulatory landscape and industry consolidation.

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