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Credit database grows

CHINA has set up a credit database of 640 million individuals and 14.5 million companies as at the end of 2008 to improve the country's credit system, the People's Bank of China said yesterday.

Lawmakers are expected to seek opinions on the draft of credit database management regulations soon, the central bank said yesterday in a statement on its Website. The central bank has added 718,000 small and medium-size enterprises last year to the nationwide database and hopefully ease their access to credit.

Banks made more than 621,000 enquiries on SMEs last year, and 27,000 of them received loans from lenders.

New loans to SMEs rose 615.1 billion yuan (US$89.9 billion)last year, accounting for 12.5 percent of the total new lending. Banks generally are reluctant to lend to SMEs due to their lack of credit record.

The central bank will continue to build up the credit database, including adding more information about farmers. It will also enhance the rating system.


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