PBOC Makes Creation of “Credit System Covering All of Society” a Core Development Goal

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The Chinese central bank has outlined its near-term work goals for China’s domestic credit assessment system.

On 22 June the People’s Bank of China (PBOC) convened its 2020 Credit Work Teleconference Meeting (2020年征信工作电视电话会议), which highlighted the “creation of a credit system covering all of society” as the “core development goal” for its credit operations.

PBOC’s 2020 credit work will include “driving improvements to the social credit system and expediting the sharing of enterprise credit information,” as well as the “full use of new technology and new methods to strengthen credit information security.”

PBOC also said that it would continue to “drive external opening of the credit assessment market,” “establish a healthy credit assessment quality assessment system on the foundation of improvements to the registration system,” and “actively drive unified registration of movable asset financing.”

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