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China’s Central Bank to Establish a “Credit File” on Every Economic Entity

On October 10, the Credit Bureau of the People’s Bank of China (PBOC), the country’s central bank, published an article entitled, “Building a Credit System that Covers the Whole Society.” The article claimed that China would establish a “credit file” on every economic entity.

The article pointed out that, as of the end of August 2022, the PBOC’s personal credit system had access to or information on 4,081 financial institutions and logged information on 1.15 billion natural persons. At the same time, the enterprise credit system had access to 3,811 financial institutions and included information on 98 million enterprises. The PBOC is also set to promote cross-field and cross-platform sharing of personal and corporate credit information.

China’s credit system has been criticized as being a mechanism for social control. According to the Chinese official media, the system will score a person or an entity based using four major areas: personal business activities, social behavior, administrative affairs and judicial records. Individuals who make sensitive comments on social media, for example, may have points deducted and may even be blacklisted.

Source: Radio Free Asia, October 11, 2022