China Business

Mar 1, 2006

World's largest credit databank established

BEIJING - The world's largest personal credit information databank has been put into operation in China, with the number of persons covered reaching 486 million by late January, the People's Bank of China (PBoC) has said. Su Ning, vice-governor of the central bank, said at a national conference over the weekend that almost every Chinese citizen who is economically active is now covered by the databank.

The databank provides information concerning an individual's basic facts, bank accounts, borrowing records and accounts at the national housing savings pool, he told the conference on the

administration of credit information collection held in Guilin, capital of south China's Guangxi Zhuang Autonomous Region.

The vice-governor said another credit information databank targeting enterprises has also launched operation on a trial basis, and would start full operation at the middle of the year. He called for better utilization of the databanks by enterprises and greater exploitation of the personal credit information in order to safeguard financial security and provide a benchmark for monetary and macroeconomic policymakers.

(Asia Pulse/XIC)

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