Credit system mooted to help micro firms, farmers
Print Edition
CHINA’S central bank yesterday said it has issued a guideline to step up the creation of a credit system for serving small and micro-sized companies and farming households.
The guideline targets to help small companies and farmers with good credit secure loans, and promote their healthy growth, the People’s Bank of China said in a statement.
Since 2006, the PBOC has tried to set up a credit system for the above-mentioned entities. By the end of last year, the PBOC had compiled credit archives for 2.43 million small and micro companies and 151 million farming households, the statement said.
The PBOC has chosen 31 cities and 32 counties as pilot areas to encourage innovation in setting up the credit system.
The county of Gaoling in Shaanxi Province said in a statement on Wednesday that it was listed as one of the pilot areas by the central bank.
The PBOC said the credit system should be integrated with efforts to improve financial services for small companies and agricultural entities.
Commercial banks should be innovative when delivering financial products and services, the statement said.
In 2007, the State Council, China’s Cabinet, introduced a guideline about setting up a social credit system in the country. The guideline pointed out that the system would help in maintaining order in the country’s market economy.
The credit system for serving small and micro-sized companies and farming households is an important part of China’s social credit system, the PBOC said.
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