Chinese Central Bank Plans to Launch Second Generation Personal Credit System in Late January

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Sources from the People’s Bank of China (PBOC) have indicated that it plans to launch its “second generation” personal credit system by as soon as the end of January.

PBOC plans to bring its “second generation personal credit inquiry system” online by around 20 January,” according to two sources speaking to 21 Jingji.

The second generation credit system will provide additional information that the first generation system failed to cover, including:

  • Revolving loans,
  • Large-sum credit card instalment payments,
  • Joint borrowers,
  • Enterprises providing guarantees for individuals,
  • Individuals providing guarantees for enterprises,
  • Repayment information after falling into arrears.

At the 2020 PBOC Working Meeting held on 5 January the Chinese central bank called for “steadily driving upgrade of the second generation credit system, and strengthening personal credit information secure management and personal privacy protection.”

According to PBOC’s Credit Reference Center – the Chinese central bank’s directly administered credit agency, during the period from January to November 2019 the total number of personal credit inquiries it received totalled 2.1 billion, while the number of enterprise credit inquiries it received totalled 97.72 million.

As of the end of November 2019 the personal credit system had connected with 3693 lending institutions in China to cover a broad range of personal financial credit information.

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