General Office of the State Council: Support qualified credit reporting agencies to participate in the operation of the financing credit service platform

People Finance News, April 2—The General Office of the State Council issued the “Implementation Plan for Establishing a Comprehensive Enterprise Credit Status Evaluation System.” Among other things, it proposes giving better play to how credit evaluation supports financing for small and micro enterprises. It encourages financial institutions to rely on the nationwide integrated financing credit service platform network, make reasonable use of public credit evaluation results, and improve credit granting, risk assessment, and interest and fee pricing models. It encourages lowering collateral and guarantee requirements for enterprises with relatively high credit evaluation ratings, gradually expanding the coverage of credit loans and increasing the proportion of credit loans. It supports eligible credit reporting institutions to participate in the operation of the financing credit service platform, objectively, accurately, and comprehensively reflecting the credit conditions of small and micro enterprises. It fully leverages the role of the People’s Bank of China’s loan market service platform to enhance credit evaluation for small and micro enterprises.