The People’s Bank of China and the Ministry of Commerce announced that foreign owned credit information companies (consumer and commercial credit information) are to comply with the People’s Bank of China “Administrative Measures on Credit Institutions” and “Credit Industry Management Regulations”. Until recently the Ministry of Commerce and the People’s Bank of China were at loggerheads in regard to the certification of foreign own credit information companies.
This clears the logjam of certifications of foreign owned credit information companies currently operating in China and those wishing to enter.
Source: Chinese Financial News
