One in Every Four Shanghai Residents Has Personal Credit File

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Last updated at: (Beijing Time) Saturday, August 02, 2003

One in Every Four Shanghai Residents Has Personal Credit File

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The personal credit rating system in Shanghai, China's biggest city, is beginning to take shape as one in four residents have their personal credit files recorded by an authorized credit information company.

A spokesperson for Shanghai Credit Information Service Co. said the company had collected credit records on 3.25 million residentsin Shanghai, and produced 840,000 credit files over the past three years.

Jiang Lan, spokesperson for Shanghai Municipal government, saidthe personal credit information system was having a positive impact on boosting credit consumption.

Shanghai, the only city on the Chinese mainland authorized to collect personal credit information, leads other parts of the country in introducing personal credit system.

The spokesperson said outstanding personal credit loans accounted for 12 percent of the total in the metropolis, much higher than the national average, of only 2 percent to 3 percent.

The city's united credit information system has collected credit information on 590,000 enterprises since March 2002.

Shanghai plans to improve its personal and corporate credit information system so that it covers every economic and social aspect.

Zhou Weidong, an official with the Shanghai Municipal government, said Shanghai will consider balance and risk control in a bid to protect privacy and corporate business secrets.

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