CFIC Introduction
In recent years, the National Development and Reform Commission, together with the People's Bank of China, the State Administration of Financial Supervision and other relevant departments, has accelerated the construction of a national integrated financing credit service platform network, deepened the work of "credit easy loan", and provided a "credit plan" for promoting the financing of small and medium-sized enterprises.
Original title: To facilitate the financing of small, medium and micro enterprises, the construction of the national overall financing credit service platform, the General Office of the State Council recently issued the "Implementation Plan for the Construction of the Coordinated Financing Credit Service Platform to Improve the Financing Convenience of Small and Medium-sized Enterprises". The Information Office of the State Council held a regular briefing on the policies of the State Council on the 10th, and the heads of relevant departments interpreted the new measures of the implementation plan.
For a long time, the problem of difficult and expensive financing for small, medium and micro enterprises has been more prominent. Most of these enterprises are in the start-up or growth stage, and often lack effective mortgages and guarantees, making it difficult to meet the loan requirements of traditional credit models. At the same time, corporate credit information is scattered and difficult to obtain, which also restricts the ability of financial institutions to issue credit loans based on information. In order to promote the alleviation of the problem of information asymmetry between banks and enterprises, in recent years, the National Development and Reform Commission, the People's Bank of China, the State Administration of Financial Supervision and other relevant departments have accelerated the construction of a national integrated financing credit service platform network, further promoted the work of "credit and easy loan", and provided a "credit plan" for promoting the financing of small and medium-sized enterprises. Li Chunlin, deputy director of the National Development and Reform Commission, introduced that relying on the collection and sharing of credit information to build a national financing credit service platform, and guide the construction of local financing credit service platforms. As of the end of February 2024, banking institutions have issued a total of 25.1 trillion yuan of loans through the national integrated financing and credit service platform network, of which 5.9 trillion yuan are credit loans. However, at the same time, the collection and sharing of credit information is still insufficient, and the existing shared information is not enough to support financial institutions to make accurate credit evaluations of business entities. In some places, multiple financing and credit service platforms have been established, resulting in duplicate information collection, multiple docking of banking institutions, and multiple registration of business entities, which has increased the burden on financial institutions and business entities, and also reduced the quality and efficiency of financial services. The implementation plan released this time makes targeted arrangements in many aspects. Li Chunlin introduced that the implementation plan clearly regards the national integrated financing credit service platform network as the "only export" for providing Public Credit Information services to financial institutions. Integrate local financing and credit service platforms with duplicate functions or inefficient operations, and include all local platforms in the national integrated platform network, reducing duplicate construction and idle waste of resources. At the same time, further expand the scope of aggregation and sharing of credit information, including 17 categories and 37 items of credit information, such as information on enterprises' principal personnel, information on various qualifications, and information on imports and exports. In addition, promote the financial convenience and preferential policies for enterprises to reach business entities directly through financing credit service platforms, and effectively ensure data security. The construction of the credit system plays an important role in alleviating the financing difficulties of small and medium-sized enterprises. Ren Yongmei, director of the Credit Information Administration Bureau of the People's Bank of China, said that the National Basic Financial Credit Information Database has become the credit information system with the largest number of people and the most complete collection of credit information in the world. As of the end of March 2024, the database has collected information on 1.16 billion natural persons, 130 million enterprises and other organizations, and provided 5.3 billion queries in 2023. Ren Yongmei said that in the next step, the People's Bank of China will continue to improve database functions and services, comprehensively collect financial credit information in accordance with the law, deepen the development and application of credit information, and support financial institutions to establish and improve long-term mechanisms of "daring to lend, willing to lend, able to lend, and will lend". At the same time, research and promote the sharing and application of payment capital flow information of micro, small and medium-sized enterprises, form a service pattern that complements credit information, and further improve the financing convenience of micro, small and medium-sized enterprises without credit records. In terms of financing for small and micro enterprises, Feng Yan, head of the Inclusive Finance Department of the State Administration of Financial Regulation, said that as of the end of March this year, the balance of inclusive small and micro enterprise loans nationwide was 31.4 trillion yuan, a year-on-year growth rate of 21.1%, 12 percentage points higher than the growth rate of various loans. In the first quarter of this year, the interest rate on newly issued inclusive small and micro enterprise loans nationwide was 4.42%, down 0.35 percentage points from 2023 and 3.51 percentage points since 2018. Feng Yan said that in the next step, the State Administration of Financial Supervision will require banks to maintain inclusive credit support, stabilize credit prices, and increase loans to small and micro enterprises. At the same time, the regulatory evaluation system for financial services for small and micro enterprises of commercial banks will be revised, the risk classification method for small and micro enterprise loans will be revised, and the credit due diligence exemption system for small and micro enterprises will be optimized. In addition, we will continue to work with relevant departments to deepen the sharing of credit information related to enterprises, continue to expand the scope of information sharing, optimize information sharing methods, and better solve the problem of information asymmetry between banks and enterprises.
Source: Xinhua News Agency
Authors: Chen Weiwei, Li Changrui
WeChat editor: Wang Qian
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