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Workshop on Account Receivables Financing Platform
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Date: October 24, 2014

On October 15, 2014, the Credit Reference Centre, the People’s Bank of China (“CCRC”) held a workshop on the movables financing registration and account receivables financing service platforms in Hefei,the provincial city of Anhui Province. Liu Yaxing, President of the Hefei Central Sub-branch of the People’s Bank of China, addressed the meeting. Cao Ningrong, Director-General of the CCRC, was also in attendance at the workshop where he delivered a speech.

Workshop attendees were given an introduction to the functions offered by the movables financing registry (the “Registry”) and account receivables financing service platform (the “Financing Service Platform”) launched in 2014. Attendees also had the opportunity to offer their opinions and suggestions on the Financing Service Platform.

Director-General Cao acknowledged the operational result of the two platforms thus far, took in the opinions of the attendees as to how to better bring into play the roles of the two platforms, and spoke about impending plans for the platforms. He stressed the necessity of improving service quality, of unleashing the full potential of the two platforms, and of promoting the development of account receivables financing in general. Mr. Cao added that henceforth focus would be placed on ensuring the service quality of the Registry and growing the scale of the Financing Service Platform in particular. To serve enterprises and financial institutions more effectively, there would also be active efforts made to explore ways of cooperation with various government departments, commercial banks and key enterprises so as to maximise the efficacy of CCRC branch offices and step up promotion of the two platforms while continuously optimizing their functions.

Representatives from parties such as fund providers, institutional creditors and debtors engaged in in-depth discussions on subjects such as existing Platform functions, operational issues and potential new functions. A number of constructive opinions and suggestions were put forth as a result of these discussions.

The workshop is highly significant to the development of the Financing Service Platform, as it has facilitated a greater understanding of market needs and the viewpoints of market players. Future platform building, improvement and promotion efforts are expected to benefit greatly from the harnessing of such factors as a result of the workshop.

The workshop was attended by a total of 94 representatives from relevant institutions and organisations including 21 national commercial banks, a number of city commercial banks, enterprises with significant amounts of business on the Financing Service Platform, the Financial Market Department of the PBC, the Registration Department and other related departments of the CCRC, CCRC branch offices and the CCRC Movables Interest Registry Corporation Limited.