China Has No Clear Timetable for New Social Credit System, PBOC Says
Dou Shicong
DATE:  Apr 23 2019
/ SOURCE:  yicai
China Has No Clear Timetable for New Social Credit System, PBOC Says China Has No Clear Timetable for New Social Credit System, PBOC Says

(Yicai Global) April 22 -- China has no clear schedule to introduce a second-generation personal credit system, the central bank said in a statement, amid reports it will roll out next month.

The People's Bank of China also said personal credit information held in the revamped system will not change for now after the media reported the new scheme will encompass data on tax and utility bill payments as well as other personal financial details.

The PBOC unveiled a national corporate and individual credit record system in 2006 that holds information on personal bank cards and loans and has so far collected information on 990 million people and 25.9 million businesses and other organizations. Annual inquiries about individuals and companies reached 1.76 billion and 110 million, respectively, according to the bank.

The PBOC's Credit Reference Center began testing the second-generation system at the end of last year, and is likely to launch it in May, according to reports earlier this month by media outlets, including China National Radio. The updated scheme is said to include data on utility payments, taxes owed, administrative penalties and spouse's loans in order to curb speculation. The current system does not collect material on utility payments.

The bank aims to meet the higher requirements of economic development for credit information services via the upgrade, it said in the statement, adding that the new system will update data more frequently while the kind of information it collects will not alter much, making no significant change to an individual's economic life.

About 460 million people in China do not have credit records, so gathering such information with their consent will help build their records and help them secure loans, the PBOC added.

After the revamp, the Credit Reference Center will strictly abide by relevant regulations, safeguard the subject's right to know, consent and dissent, and securely keep any information held, the PBOC said.

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Keywords:   PBOC,Credit System