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The Credit Reference Center, the People’s Bank of China (CCRC) was established in March 2006 with the approval of the State Commission Office of Public Sectors Reform. As an independent credit information service institution under the People’s Bank of China (PBC), the Center’s mandate is to establish, operate and maintain the national centralized commercial and consumer credit reporting system.

In addition, the CCRC also established the Account Receivables Registry and began providing registry services on October 1, 2007 in accordance with the relevant provisions under the Property Law on the registration of pledged assets. 

The CCRC was officially registered in Pudong New Area, Shanghai in May 2008. According to the Regulation on Credit Reporting Industry which took effect on March 15, 2013, the commercial and consumer credit reporting system is to be a basic financial credit information database operated by the State. Currently, the CCRC has branch offices in 31 provincial cities and another five municipalities with independent planning status across China.

The CCRC is a professional credit information service institution that works actively to fulfil its legal mandate. To this end, the Center has established the national commercial and consumer credit reporting system and maintained the secure and stable operation of the system. The CCRC is also committed to upgrading and optimizing the system as well as refining its service and further enhancing its research and development of new products and services. At the same time, the Center attaches great importance to the protection of data subjects’ legitimate rights and interests. These efforts have made the system a significant part of the financial infrastructure in China, and the CCRC is widely regarded as a key contributor to the establishment of a robust credit environment in China.

The PBC’s work in the establishment of a modern credit reporting system dates back to 1997 when it established the Bank Credit Registraty (predecessor to the commercial credit reporting system). In 2004, with the support of China’s banking sector, the PBC began work on a nation-wide centralized reporting system that integrated both commercial and consumer credit information, a system that was commissioned in 2006. Today, the system is the largest of its kind in the world. By the end of 2013, the system covered over 830 million consumers and nearly 20 million enterprises and other organizations.

The CCRC collects a comprehensive array of credit information about both enterprises and individuals. At the heart of the database is credit information provided by banks, and this is complemented by public information in the areas of social security payments, housing provident fund payments, administrative penalties and awards related to environmental protection, tax arrears, court judgments and bureaucratic actions, etc.

A number of financial institutions may submit information to, or access records from, the system: banks, rural credit cooperatives, trust companies, consumer finance companies, auto finance companies and micro-finance institutions. Users may access the system from all over the country.

The credit report is the basic product of the CCRC and the system has become the de facto source of authoritative credit information on credit-active enterprises and individuals in China.

 The commercial and consumer credit reporting system is used widely and has generated remarkable benefits since its establishment. It is now a common tool in the financial sector in the area of risk management as it is an effective solution to the classic problem of information asymmetry. On the other hand, the system has also made it easier for consumers and enterprises to obtain financing. All these have contributed to the development of the credit market as well as the creation of modern credit culture in China. The system undergirds the mechanism where good credit behaviour is rewarded and poor economic behaviour disincentivised and hence discouraged.

Looking forward, the CCRC will further its efforts to diversify its offering of quality services and products and enhance its capabilities for sustainable development. We are committed to being a responsible operator and contributing to China’s financial stability and a quality credit environment in the country.