The People’s Bank of China (PBOC) and the State Administration for Market Regulation (SAMR) are making preparations for an arrangement to share data between the two central government bodies.
PBOC and SAMR recently executed a “Data Sharing Memorandum of Cooperation” (数据共享合作备忘录), with the goal of strengthening “cross-regional and cross-department circulation and integrated application of data.”
A report published by PBOC’s Financial Times on 21 May said that the move will serve to “accelerate the establishment of a modern central banking system, drive the digitisation of finance, optimise the commercial environment and shore up data foundations.”
The execution of the Memorandum is considered a major step for implementation of the “CPC Central Committee and State Council Opinions Concerning the Construction of Improved Market-based Allocation Mechanisms for Factors of Production” (中共中央 国务院关于构建更加完善的要素市场化配置体制机制的意见).
According to Financial Times it will “help to drive mutual systems linkages and mutual information connections between finance and the lives of the people; strengthen the effective integration and in-depth usage of data; improve financial services in the sphere of micro, small and medium-sized enterprises, targeted poverty alleviation and livelihood protection; and resolve the problems of financing being difficult and expensive.”