To implement the requirements of “continuously optimizing the business environment” by the Party Central Committee and the State Council, “improving the Unified Registration System of Movable Security (the Registration System) and expanding its application” by the State Council, the Credit Reference Center, the People’s Bank of China (CCRC) has optimized and upgraded the Registration System to provide better services. The upgraded Registration System will officially provide services to the public on June 2, 2025.

I. Simplify User Management

The upgraded Registration System is more user friendly and efficient by simplifying the types and names of users. The former “Institutional Regular User” and “Individual Regular User” have been renamed “Institutional User” and “Individual User”, respectively. Ordinary users are incorporated into “Individual User”.

II. Enhance Standardization and Ways of Search

Building on the previous standardized description examples for secured transactions, the next-generation Registration System has upgraded the “description example” template into the “property element details” template. Users can now select templates and download, complete, and upload information, and search for registration information of uploaded property by using the specific property element.

III. Optimize Business Name and Data Fields

The Registration System adjusts the names of some secured transactions and adds data field such as “General/Maximum Amount Mortgage (Pledge)” and “Scope of Security” to fit the practice of movable financing. Meanwhile, the 180-day display rule after cancellation of registration is evocated, with adjustments specifying that a registration is no longer available for external search immediately after its cancellation.

IV. Strengthen Security Protocols and User Agreements

With the goal of strengthening information security, the function for selecting the reason for a search has been added to ensure legal and reasonable search; “User Privacy Policy” released to strictly regulate the collection, use, and storage of personal information; “User Service Agreement” updated to clarify user management measures and responsibilities.

V. Advance Technical Architecture for Improved Efficiency

To improve user experience, resource allocation is optimized through a transformation of the core technical architecture. This enriches the interaction channels between the Registration System and users, increases efficiency, enhances the Registration System’s flexibility and reliability. The high scalability of the technical architecture leaves space for future market scenarios such as creating new businesses and new models in order to adapt to the new development of the movable financing market.