PBOC: Deepening Credit Information System Reform to Promote High-Quality Development of the Credit Information Industry

PBOC: Deepening Credit Information System Reform to Promote High-Quality Development of the Credit Information IndustryOn April 2nd, Ren Yongmei, Director of the Credit Reference Bureau of the People's Bank of China (PBOC), gave a detailed explanation of the PBOC's next-stage credit information system construction plan at a press conference held by the State Council Information Office. She stated that the PBOC will follow the work deployment outlined in the Opinions, focusing on the goals of building a modern credit information system, continuously stimulating the vitality of the credit information market, and constructing a new development pattern for the credit information industry

PBOC: Deepening Credit Information System Reform to Promote High-Quality Development of the Credit Information Industry

• On April 2nd, Ren Yongmei, Director of the Credit Reference Bureau of the People's Bank of China (PBOC), gave a detailed explanation of the PBOC's next-stage credit information system construction plan at a press conference held by the State Council Information Office. She stated that the PBOC will follow the work deployment outlined in the Opinions, focusing on the goals of building a modern credit information system, continuously stimulating the vitality of the credit information market, and constructing a new development pattern for the credit information industry. This will be achieved primarily through three aspects: deepening supply-side structural reforms, strengthening data and technology empowerment, and comprehensively strengthening and tightening supervision.

I. Deepening Supply-Side Structural Reforms to Precisely Support the Development of Key Areas

Director Ren Yongmei emphasized that deepening the supply-side structural reform of credit information is a top priority for future work. This will center around the overall strategy of the "five major articles on finance," increasing credit support for key areas such as technological innovation, inclusive finance for small and micro enterprises, and green development. This means the PBOC will actively guide credit information institutions to allocate resources towards these national strategic development directions, providing more precise and efficient credit information services.

Specifically, in the field of technological innovation, credit information institutions will provide more convenient and comprehensive credit information services to high-tech enterprises and technology-based small and medium-sized enterprises (SMEs), helping them better obtain financing support and promoting technological innovation development. This includes, but is not limited to, the assessment and analysis of the enterprises' technological strength, R&D investment, and intellectual property rights, providing investment institutions with scientific decision-making basis.

In the area of inclusive finance for small and micro enterprises, credit information services will focus on solving the problems of financing difficulties and high financing costs for SMEs. By developing credit information products and services better suited to the characteristics of SMEs, reducing risks caused by information asymmetry, and expanding the financing channels for SMEs, the goal is to support their growth and development. This may involve the application of non-traditional data for SMEs, such as e-commerce transaction data and logistics data, to more comprehensively understand their operating conditions and creditworthiness.

In the field of green development, green credit information will play a crucial role. By assessing enterprises' environmental behavior and carbon emissions, it aims to guide capital flows towards the green environmental protection industry and encourage enterprises to develop a green and low-carbon economy. This requires credit information institutions to cooperate with environmental protection departments to establish a green credit information standard system and promote the improvement of enterprises' environmental responsibility awareness.

Furthermore, the PBOC will strengthen cooperation with industry regulatory departments to explore the development of industry-specific credit information institutions. This means that more specialized credit information institutions catering to the needs of specific industries may emerge in the future, providing more targeted credit information services to various industries and further improving the coverage and precision of the credit information system. This will help improve the effectiveness of credit information services and more accurately reflect the risk situations in different industries.

II. Strengthening Data and Technology Empowerment to Promote High-Quality Development of the Credit Information Industry

In the digital age, data and technology are key drivers of the credit information industry's development. Director Ren Yongmei pointed out that the PBOC will actively seize the development opportunities of new productivity, deepen the application of new technologies such as big data, artificial intelligence, and blockchain in the field of credit information, fully unleash the value of data elements, and achieve high-quality development and high-level security of the credit information industry.

Big data technology can help credit information institutions process massive amounts of data and construct more comprehensive and accurate credit profiles. Artificial intelligence technology can improve the efficiency and accuracy of credit information services, automating risk assessment and credit rating. Blockchain technology can ensure data security and immutability, enhancing the transparency and reliability of the credit information system.

Through the application of these new technologies, credit information institutions can more effectively identify and manage risks, providing financial institutions with more reliable decision-making basis, thus promoting the healthy and stable development of the financial market. This will not only improve the efficiency of financial services but also reduce financial risks, ultimately promoting the sustained and healthy development of the economy. At the same time, security and privacy protection will be given full attention during the application of new technologies.

III. Comprehensive and Strict Strengthening of Supervision to Ensure the Healthy Development of the Credit Information Industry

Director Ren Yongmei stressed that strengthening supervision is key to ensuring the healthy development of the credit information industry. The PBOC will implement the "five major regulations" requirements of the Central Financial Work Conference, build a strict and effective credit information supervision system, and promote the healthy and lawful development of the credit information industry.

This includes strengthening the supervision of credit information institutions, regulating their business operations, and preventing illegal and irregular behavior. At the same time, the PBOC will increase efforts to crack down on all types of illegal and irregular activities involving credit information, purifying the development environment of the credit information market, and effectively protecting the legitimate rights and interests of information subjects. This will effectively protect consumer rights, maintain market order, and promote the long-term development of the credit information industry.

Through strengthened supervision, the PBOC aims to build a fair, just, and transparent credit information market environment, enabling credit information institutions to develop healthily and provide higher-quality services to the real economy. This is of great significance for maintaining financial stability and promoting economic development. Strictly cracking down on illegal and irregular activities is a necessary measure to maintain market order and protect the rights and interests of information subjects.

In conclusion, the PBOC will continue to advance credit information system reform, promoting high-quality development of the credit information industry through deepening supply-side structural reforms, strengthening data and technology empowerment, and comprehensively strengthening and tightening supervision, providing solid credit support for building a modernized economic system. This will be an ongoing effort, requiring joint efforts from all parties to ultimately achieve the goals.