On October 25, 2024, the People’s Bank of China (PBC) held a working conference on the trial operation of the MSME Cash Flow Credit Information Interchange Platform (CFCII). Zhang Qingsong, PBC Party Committee Member and Deputy Governor, attended the conference and delivered a speech.

The conference noted that the construction of the CFCII is a new and proactive exploration by the PBC to implement the decisions and deployments of the CPC Central Committee and the State Council, establish an interconnected credit information sharing mechanism for MSMEs, explore the sharing and application of bank cash flow credit information, advance the "Development of Five Key Areas of Financial Services", and further support MSME in getting finance. The CFCII was launched for trial operation on October 25.

The conference required that the Credit Reference Center (CCRC) and pilot financial institutions solidly carry out the trial operation to ensure stable and orderly service. Proper overall planning was required to steadily advance the access of financial institutions, effectively protect the rights and interests of information subjects, and actively carry out publicity and guidance to foster the awareness of the application of cash flow credit information. The synergy among the CFCII, the Credit Reporting System, and the Unified Registration System of Movable Security should be strengthened, and basic credit reporting services should be well provided. The information value of the CFCII should be fully explored, leveraging the role of cash flow information in pre-lending review, mid-lending assessment, and post-lending management.

Staff from relevant PBC departments and affiliated units, as well as Industrial and Commercial Bank of China, China Construction Bank, China Minsheng Bank, and Huaxia Bank, spoke at the conference. Staff from all PBC provincial branches and all pilot financial institutions attended the conference at the main and branch venues.

(Source: People’s Bank of China)