People's Bank of China to begin test operation of personal credit information system in 7 cities
Shanghai. (Interfax-China) - The People's Bank of China, the country's central bank, will begin test operation of its new personal credit information infrastructure database in mid-December in seven Chinese cities, according to an official statement from the central bank.
This national personal credit information infrastructure database is a platform designed to allow commercial banks to share data and information. The system will be made available to wholly state-owned commercial banks, joint-stock commercial banks and city commercial banks in the cities of Beijing, Chongqing, Shenzhen, Xi'an, Nanning, Mianyang, and Huzhou during the trial operations.
The database contains personal information for bank customers, including historical records for bank loans and credit cards, and identification. Commercial banks will be able to use the new database to make personal credit inquiries, as well as using the system to conduct nationwide supervision of their financial services. However, commercial banks will only be allowed to inquire about a person's information using this database with authorization from the person.
The People's Bank of China's personal credit information database is expected to be deployed nationwide in 2005 for use by qualified commercial banks and some rural credit cooperatives. This database will also become an important part of China's enterprise and personal credit information system, which is an enterprise credit and loan inquiry system that was completed in 2002.
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