Chinese Central Bank Launches 2nd Generation Credit System, Provides Personal Repayment Data for Past 5 Years


The People’s Bank of China (PBOC) has just launched the “2nd generation” of the nationwide credit system run by its Credit Reference Center (中国人民银行征信中心) (CRC).

PBOC announced that the CRC had commenced work to bring its second-generation enterprise and personal credit system online on 17 January, with upgraded services to be made available to both members of the public and financial institutions starting from 19 January.

As of the end of 2019 PBOC’s CRC had collected credit information on 1.02 billion individuals and 28.341 million enterprises and other types of entities.

The 2nd-generation system makes a broad range of changes to reporting and information collection procedures for personal and enterprise credit data.

The upgraded system adds new entry categories to the personal credit section, including:

  • Individual providing guarantee for an enterprise,
  • Employment status,
  • Nationality,
  • Contact number.

Under the enterprise information section the system adds:

  • Higher-level organisation,
  • Enterprise scope,
  • Industry.

Under the personal credit section, new data categories include:

  • Joint loans (between spouses or family members),
  • Revolving loans,
  • Credit card large-sum special instalments,
  • Credit agreement information.

For enterprise credit, additional categories include:

  • Revolving overdrafts,
  • Enterprise providing guarantees for individuals,
  • Total amount, capital and number of months for loans in arrears.

The new system collects and displays information on the repayment records of individuals for the past five years, for an increase from 24 months in the 1st-version to 60 months in the 2nd-version.

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