How to interpret the deep meaning of local financial organizations' batch access to the credit information system?

Southern Finance and Economics all-media reporter Pang Cheng and Xi Yao Peiyi reported from Guangzhou

A few days ago, the launching ceremony of the batch access of local financial organizations in Guangzhou to the credit information system of the People's Bank of China was held in Guangzhou, and Guangzhou became the first pilot city in the country for local financial organizations to access the credit information system of the People's Bank of China in batches.

Credit is the "cornerstone" of a market economy. From the perspective of the mainland's credit system as a whole, the mainland currently follows the "government + market" two-wheel drive credit system construction model, and has formed a development pattern of coordinated development and complementarity between the People's Bank of China's credit information system and market-oriented credit reporting agencies, but the work of local financial organizations accessing the People's Bank of China's credit information system in batches has not yet been fully covered.

In the view of financial institution observers, local financial organizations have accessed the credit information system of the People's Bank of China in batches, expanding the coverage of the credit information system and helping to improve the data security management system. For enterprises, after local financial organizations access the credit information system in batches, they can fully understand the borrower's credit information, rewards and punishments, business conditions and other information, help enterprises solve financing problems, and improve industrial financing efficiency.

Expand the coverage of credit investigation and dredge the financing blockages of enterprises

A sound credit system plays an important role in increasing the effective supply of credit, serving the financing of small, medium and micro enterprises, and supporting the development of the real economy.

However, for a long time, local financial organizations have failed to achieve batch access to the credit information system of the People's Bank of China. There are "data islands" in the credit information system of the mainland, such as imperfect sharing mechanisms, which increase the "adverse selection" and "moral hazard" of local financial organizations, and also increase the financing costs and difficulties of enterprises, and restrict the expansion of their business scale.

Among them, information asymmetry is the main reason why micro, small and medium-sized enterprises face financing difficulties. Problems such as the relatively complex credit inquiry process, the cumbersome loan approval process, and the lack of understanding and trust of financial institutions in small and micro enterprises restrict the expansion of the financing scale of small and medium-sized enterprises.

Why didn't local financial organizations access the PBOC's credit information system as soon as possible?

Industry insiders told the Southern Finance and Economics all-media reporter that the main service objects of local financial organizations are small and micro enterprises, individual industrial and commercial households, etc., and the cost of accessing the central bank's credit system is high, covering one-time hardware investment and long-term maintenance and other expenses. For micro, small and medium-sized enterprises, if there is a loan record of a microfinance company in the corporate credit report, it may affect their loan applications in other financial institutions, forming a closed loop of "credit discrimination".

What is the meaning behind Guangzhou's promotion of local financial organizations to access the credit information system of the People's Bank of China in batches at this time?

In fact, in recent years, the People's Bank of China has continuously promoted the construction of the credit investigation system, continued to improve the multi-level credit investigation system, and has the ability to carry financial organizations to access the system in batches. By the end of October this year, the People's Bank of China's credit investigation had been connected to 6,189 legal entities, including information on 1.164 billion natural persons and 130 million enterprises and other organizations. There are 15.6 million inquiries per day for personal credit reports and 540,000 inquiries for corporate credit reports.

In response to the difficulties in local financial organizations accessing the credit information system, in June this year, the Credit Information Center of the People's Bank of China selected Guangzhou as the first pilot city for local financial organizations to access the credit information system in batches, and helped local financial organizations access the credit information system "multi-strategy, multi-level and low-cost" by providing services including access counseling and technical support for local financial organizations in Guangzhou to access the credit information system.

It is understood that as of the end of October this year, 19 local financial organizations in Guangzhou have been connected to the credit information system of the People's Bank of China, including 13 small loan companies, 2 financial leasing companies, 2 financing guarantee companies, 1 local asset management company, and 1 pawn shop. It is expected that by the end of this year, 29 local financial organizations in Guangzhou will be connected to the credit information system of the People's Bank of China.

As the vanguard, pioneer and experimental area of the mainland's reform and opening up, Guangdong has continuously strengthened the sharing and application of enterprise credit information, supported by credit data, solved the pain points of financing loans, and promoted the financing of small, medium and micro enterprises. In August 2019, Guangdong became one of the first provinces after Beijing to launch corporate credit inquiry services through electronic channels in the national banking industry, effectively improving the level of corporate credit inquiry services.

The development of financial technologies such as big data, blockchain, and artificial intelligence has also continued to enable the expansion of credit coverage. In order to further make good use of enterprise credit, promote the sharing of enterprise-related credit information, and serve the financing of small and micro enterprises and local economic development. Since 2021, the Guangzhou Branch of the People's Bank of China has proposed to build a "Pearl River Delta Credit Chain" with blockchain technology, relying on the "Guangdong Credit Financing" credit platform to establish a credit information sharing mechanism.

It is understood that "Yue Xinrong" uses artificial intelligence, big data and other technologies to establish a corporate credit evaluation and scoring system, which can "profile" enterprises, help identify business operations and credit conditions, and promote enterprises to rely on good "credit records" to obtain credit funds. It is understood that as of the end of September, there were about 234,600 small, medium and micro enterprises registered in Guangzhou on the "Yuexinrong" platform, 235 credit products were launched, and a total of 353,600 financing transactions were matched, with a loan amount of 142.786 billion yuan.

Promote "credit +" to serve the real economy

In order to implement the specific deployment of the "1310" of the Guangdong Provincial Party Committee, give play to the supporting role of credit establishment in optimizing the business environment, and promote the establishment of credit to serve the development of the real economy, many places in Guangdong continue to formulate targeted policies, launch "credit +" services, tap the value of credit data, give full play to the advantages of credit innovation and application, promote industrial agglomeration, and create a good business environment.

In recent years, Guangzhou Huangpu District has continuously promoted the innovation of the credit system to reduce the time cost and approval links for the construction and development of enterprises. It is understood that the number of industrial projects under construction in Guangzhou Development Zone is large and large, and the demand for funds for enterprise development and construction is strong. In March this year, Huangpu District, Guangzhou City, issued the "Several Measures for the High-quality Development of Credit Services for the Real Economy in Guangzhou Development District, Huangpu District", which launched 15 incentive policies related to government affairs and markets for honest enterprises such as A-level enterprises with public credit evaluation ratings, A-level taxpayers, and customs AEO advanced certification enterprises to help reduce the operating costs of manufacturing enterprises.

In addition, as early as 2018, Huangpu District was the first in the country to issue the "Trust Preparation Work Plan" to help the industry quickly land through "credit preparation". Among them, Huaxing Guangzhou T9 project as the country's first high-end professional display high-generation production line, the total investment of the project is 35 billion yuan, is expected to reach an output value of nearly 30 billion yuan, through the whole process of "trust preparation" management in Huangpu District, it took only 21 days from signing to starting, and only 18 months from start to production, effectively accelerating industrial construction.

In April 2021, Huangpu District was approved as a pilot project for the development of the real economy through credit construction in Guangdong Province. Through the overall planning of the construction of the "credit park", Huangpu District has created 10 credit application scenarios such as "credit + parking", "credit + leasing" and "credit + market", and has carried out more than 50 credit theme docking activities, covering more than 2,000 technology-based small and medium-sized enterprises.

At the same time, in Nansha, the Development and Reform Bureau (Credit Office) of Nansha District, Guangzhou, guided by credit services for the real economy, took the lead in creating a biomedical credit park in the Nansha Park of Guangdong Medical Valley, a national science and technology business incubator, integrating talents, credit, capital, technology, information and other elements, and adopting a variety of credit incentives to help the high-quality development of the industry.

In July last year, Huizhou City issued the "Ten Measures for Incentives for Trustworthiness to Serve the Real Economy in Huizhou City (Trial)", establishing a "credit +" application model. In addition, Huizhou took the lead in promoting the "Huixin Code" service, established a comprehensive evaluation system for enterprise credit status, revised and issued the "Enterprise Credit Risk Assessment Index System (2022 Edition)", and carried out credit risk full coverage evaluation of more than 1 million business entities in the city, becoming one of the first batch of pilot typical cases of credit construction services for the development of the real economy in Guangdong Province.

As the city with the highest entrepreneurial density and the most active micro, small and medium-sized enterprises in China, Shenzhen Qianhai Cooperation Zone has actively built a local credit reporting platform. As of April 2023, the Shenzhen local credit information platform has collected 1.07 billion pieces of credit data covering more than 400,000 commercial entities in Shenzhen, served more than 130,000 enterprises, and helped enterprises obtain financing of more than 100.6 billion yuan, of which 87% was invested in small and micro enterprises.

Through precise policy implementation, Guangdong has created "credit +" services and continuously built a credit construction service entity industry matrix. Nowadays, Guangzhou's local financial organizations have been connected to the credit information system in batches, and Guangzhou has explored a feasible path to optimize the business environment by using credit construction, creating more space for the development of small, medium and micro enterprises.

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