On December 15, the Credit Reference Center, People’s Bank of China (CCRC) organized a Symposium on the Use and Innovative Development of the Unified Registration of Movable Security and Interests in Pudong New Area, Shanghai. The symposium focused on making best use of the Unified Registration System of Movable Security and Interests (the Registration System), and the Account Receivables Financing Service Platform (the Financing Service Platform). Over 100 representatives from Shanghai High People’s Court, universities, industry association, commercial banks, leasing companies, factoring companies, PBC and its branches attended the symposium, shared cases of micro and small enterprises (MSMEs) getting finance by using movables as collaterals, and exchanged views on innovation and new trends of movable financing. Chen Jianhua, secretary of the CPC CCRC Committee made the opening remarks.

Zhang Zihong, director of CCRC gave a keynote report on the latest developments of movables financing in the past three years since the implementation of the unified registration policy. He pointed out that 21.61 million new registrations and 108 million inquiries were made in the Registration System, accounting for 71% and 56% of the total registration and inquiry volume respectively. The Registration System has helped 11.81 million MSMEs getting movable financing. The Financing Service Platform has facilitated 17,000 branches of financial institutions in carrying out online financing, and helped 126,000 users obtain 490,000 financing transactions, with financing amount reaching 20.8 trillion RMB yuan.

Attendees recognized the Registration System and the Financing Service Platform as important financial infrastructures in China that have played an effective role in improving the efficiency of movable secured financing, promoting the development of movable financing, and enabling financial services to support the real economy. Experts from the academia said that after the promulgation of the Civil Code, China has focused on building a modern movable security system and developing a legal system on unified registration in order to standardize movable secured transaction, greatly reduce transaction costs, and promote the development of movables financing. Representatives from banks, factoring companies, and leasing companies said that the movable financing market environment is sound. Financial institutions have developed movable financing products with the support of the Registration System and the Financing Service Platform to provide supply chain finance, green credit, and agricultural finance for more MSMEs.

Representatives also made suggestions on the reform of the legal system of movable security and interests, the improvement of the movable financing market transaction system, and the refinement of the Registration System functions and use. At the end of the meeting, Chen Jianhua made closing remarks. He said that CCRC will carefully summarize and absorb the results of the symposium, consolidate the basic functions of movable financing services, and implement the policies and deployment of the CPC Central Committee and the State Council regarding the development of movable financing. CCRC will adhere to a problem-oriented approach, strengthen exchanges and cooperation with relevant national authorities and various market entities, continuously deepen the application of the Registration System and the Financing Service Platform so as to promote the high-quality development of movable financing.