The Credit Reference Center, the People’s Bank of China (“CCRC”), is a directly affiliated institution of the People’s Bank of China. It is mainly responsible for the construction, operation and management of the Basic Financial Credit Information Databases (the Credit Reporting System), the Unified Movable Financing Registry System and the Account Receivables Financing Service Platform according to the Regulation on the Administration of Credit Reporting Industry, the Decision of the State Council on the Implementation of Unified Registration for Pledge of Movable Property and Rights, and other national laws and regulations and the rules of the People’s Bank of China. CCRC is registered in Pudong New Area, Shanghai. It has 23 departments and three affiliated companies, namely, Shanghai Credit Information Services Co., Ltd., Sinoinfo (Beijing) Credit Reference Co., Ltd. and CRC (Tianjin) Movables Interest Registry Co., Ltd.; and branch offices in 31 provinces and municipalities and five municipalities with independent planning status across China. Since its establishment in 2006, CCRC has gained a good reputation by focusing on finance and serving the society.

The Credit Reporting System has become the largest credit information database in the world. The Regulation on the Administration of Credit Reporting Industry, which was implemented in March 2013, has laid the legal foundation for the development of credit reporting industry, making it clear that the Credit Reporting System is the basic financial credit information database set up by the state, and that CCRC is the professional organization responsible for its operation, maintenance and management. At present, the Credit Reporting System has become the world’s largest credit information database with its comprehensive information, wide coverage and wide use. Basically, it has established credit files for every domestic enterprise and individual with credit activities. By establishing a credit information sharing mechanism for enterprises and individuals, it has effectively solved the problem of information asymmetry in financial transactions, helped lending institutions to prevent and resolve credit risks in a comprehensive and targeted manner, and helped enterprises and individuals to obtain financing. The credit report is the basic core product of the Credit Reporting System, and has become an “economic ID card” that reflects the credit behavior of enterprises and individuals.

The Unified Movable Financing Registry System is promoted across China. CCRC began to provide registration service of pledge of account receivables in 2007, and has been promoting the system building and service upgrading of unified registration of security interests over movables and rights. In 2013, CCRC integrated the account receivables pledge registration system and the financial lease publicity system into the Unified Movable Financing Registry System. According to the Decision of the State Council on the Implementation of Unified Registration for Pledge of Movable Property and Rights (the State Council Decree [2020] No.18), CCRC is responsible for the unified registration of security over movables and rights in the whole country since January 1, 2021, and the Unified Movable Financing Registry System provides unified registration and inquiry services of seven types of movable security. Since the implementation of the unified registration, the business volume of registration and inquiry in the system has increased steadily, and the efficiency of mortgage on movables and rights has been significantly improved with over one million MSMEs getting chattel mortgage financing. The Registry System has made positive contributions to facilitating mortgage on movables and rights and improving the doing business environment.

Account Receivables Financing Service Platform effectively solves the financing problems of MSMEs. CCRC is committed to supporting the development of financial infrastructure for MSMEs. In 2013, CCRC built the Account Receivables Financing Service Platform, which acts as a bridge between MSMEs and banks to provide information intermediary services for both suppliers and demanders of account receivables financing. The Financing Service Platform enables users to confirm authenticity of account receivables, improve lending efficiency, reduce financing costs, and improve access to financing. After years of operation, the Financing Service Platform has played a prominent role in allowing more MSMEs to get financing and solving the difficulty in getting an initial loan. It has become an important tool for the People’s Bank of China and local governments to promote movable financing and help MSMEs out of difficulty.