Food, drugs firms face credit scrutiny
Print Edition
FOOD and drug companies that are blacklisted by the market watchdog of the Pudong New Area may find it difficult to collect funds or get loans for at least five years.
The Pudong market supervision bureau has formed a partnership with a third-party credit information provider, Zhima Credit, to create a comprehensive credit profile for local businesses, authorities said yesterday.
Zhima is the country’s first private credit ratings service.
Recently, Zhima Credit received the list of the first batch of food and drug companies being blacklisted for a variety of offenses, including selling unsafe drugs, falsifying production dates and lying about prices.
And it will forward the list to financial institutes like bank as an alert.
Zhima Credit will keep the records for five years, during which time blacklisted companies can correct their wrongdoings and have their scores upgraded.
The bureau began testing the program in May by sharing part of companies’ information with Zhima Credit, causing problems for more than 3,000 firms and forcing them to apply to be removed from the list.
Zhima is involved in similar schemes around the country and so far almost 59,000 companies across the nation have been flagged as having a bad credit history.
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