The development of China's credit information industry has a history of more than 80 years since 1932, when the first credit information agency, China Credit Information Office, was born. But its real development began with reform and opening up. Since the reform and opening up, with the development and expansion of domestic credit transactions, the deepening of financial system reform, the increase of foreign economic exchanges and the deepening of social credit system construction, China's credit information industry has developed rapidly.
Since the reform and opening up, China has gone through the exploration stage, the initial stage, the development stage and the standardization stage.
The Development Course of Reform and Opening-up of Credit Information Industry
Exploration stage: In the late 1980s, in order to adapt to the issuance and management of corporate bonds, the People's Bank of China approved the establishment of the first credit rating company-Shanghai Far East Credit Rating Co., Ltd. At the same time, in order to meet the demand for corporate credit information in foreign-related business dealings, the Computing Center of MOFTEC cooperated with Dunbar Company, an international corporate credit reporting agency, to provide credit reports for Chinese and foreign enterprises. 1993, Xinhua Xin International Information Consulting Co., Ltd., which focuses on corporate credit reporting, began to provide services officially. Since then, a number of professional credit reporting intermediaries have appeared one after another, and the embryonic form of the credit reporting industry has initially appeared.
At the beginning: 1996, the People's Bank of China implemented the enterprise loan certificate system throughout the country. From 65438 to 0997, Shanghai launched corporate credit rating. With the approval of the People's Bank of China, Shanghai conducted a pilot project of personal credit investigation, and Shanghai Credit Investigation Co., Ltd. was established 1999, and began to engage in personal credit investigation and corporate credit investigation services. At the end of 1999, the bank credit registration and consultation system was put into operation. In 2002, the bank credit registration and consultation system was built into a three-level database of prefecture, province and head office, realizing nationwide online inquiry.
Development stage: In 2003, the State Council entrusted the responsibility of "managing the credit information industry and promoting the construction of social credit system" to the People's Bank of China, and approved the establishment of the Credit Information Administration. In the same year, Shanghai, Beijing, Guangdong and other places took the lead in developing regional social credit information industry. A number of local credit reporting agencies have been established and developed rapidly. Some credit rating agencies have begun to explore new credit service fields such as credit rating in the inter-bank bond market, and internationally renowned credit rating agencies have successively entered the China market.