In 2007, the Credit Reference Center, the People’s Bank of China (CCRC) established the Unified Registration System of Movable Property (Registration System). It mainly provides registration and search services for movable security such as accounts receivable pledges, accounts receivable transfers, and finance lease. In accordance with the Civil Code, the Regulation on Improving the Business Environment, the Decision on the Implementation of Unified Registration of Security Interests over movable properties and Rights, CCRC has been providing nationwide unified registration and search services for movable security since January 1, 2021. The purpose of registration is to notify other parties of the existence of a security interest over specific movable property. In practice, multiple security interests may coexist on the same movable property. Through registration and publicity, the Registration System enables parties to conveniently ascertain encumbrances on movable assets.

Registration is initiated by the secured party (the filing party who completes the registration, i.e., the form-submitter in the Registration System). Registration content includes basic information of the grantor and secured party, description of the collateral, registration period, etc. Submission of underlying transaction contracts is not required. CCRC accepts objectively records and stores submitted registration information in the Registration System without substantive review of registration content, and ensures the secure and normal operation of the Registration System. The filing party is responsible for the authenticity, completeness, and legality of the registration content. Parties who submit false materials for registration and cause harm to others shall bear corresponding legal liabilities.

Development Timeline:

October 1, 2007: Authorized by Article 228 of the Property Rights Law of the People’s Republic of China, CCRC established China’s first internet-based Registration and Publicity System of Accounts Receivable Pledge (later renamed the Unified Registration System of Movable Security), to provide nationwide accounts receivable pledge registration and search services.

July 20, 2009: Finance lease companies began using the System for leasing registration and search.

From June 2013 to June 2014: The System successively covers unified registration and search of retention of title, liens, margin pledges, inventory/warehouse receipt pledges, movable property trusts, and other types of secured transaction.

April, 2019: Following pilot requirements for unified movable security registration in Beijing and Shanghai, CCRC accepted commissions from 18 district market regulatory bureaus in Beijing (April 28) and 16 district bureaus plus Shanghai Airport Branch (April 30) to provide registration services for mortgages on production equipment, raw materials, work in process, and finished products.

November 2019: the System underwent comprehensive upgrades to meet evolving business needs.

January 1, 2021: the Registration System provided unified nationwide registration and search services for all movable security.

System Functions:

1.Registration: It refers to the online submission of registration information by users. Content is limited to details about movable security and does not require full disclosure of financing contracts. Registration services include:

Initial registration

Amendment registration

Extension registration

Objection registration

Cancellation of registration

2.Search: The Registration System provides convenient search services to ensure publicity and prevent transaction risks. Users can search all active registrations by entity name or registration certificate number.

3.Certificate Verification: To facilitate verification of document authenticity by judicial authorities and interested parties, the Registration System provides online verification services for registration certificates and search certificates.