Ref.: Circular of the Legislative Affairs Office of the State Council Concerning the Solicitation of Public Comments on Regulations on Credit Reporting (Draft for Second Round of Public Comments)

End of July 2011 the Legislative Affairs Office of the State Council published a second draft of regulations on Credit Reporting for public comments.  BIIA’s regulatory committee worked with BIIA members on an industry response to the proposed China Credit Reporting Regulations. 

The Second Draft Regulations represent a significant improvement from the regulations proposed in October 2009 and will in fact help China in its stated intention to provide a government infrastructure that fosters credit market development and fair competition

The Second Draft Regulations cover consumer (individual) and commercial (enterprise) credit reporting.  Credit rating services are not part of the regulations.   While the proposed regulations recognize distinct differences between consumer and commercial credit reporting, the regulators chose to cover both services in an omnibus bill.

In its response to the second draft of credit reporting regulations BIIA stresses the point that consumer reporting and commercial credit reporting deserves separate regulations.  However it should be recognized while consumer credit reporting is regulated in many countries, commercial credit reporting is not.   

BIIA appreciated the opportunity to respond on behalf of the credit information industry and is pleased to see the improvements that have been made thus far.  BIIA believes that further improvements are necessary to encourage the development of consumer credit, trade credit and a supportive credit information industry.

BIIA filed with the Legislative Affairs Office of the State Council two responses:

BIIA response on consumer credit reporting:   征信管理条例征求意见 (个人)__BIIA_2011-08_Individual_English

BIIA response on commercial credit reporting:  征信管理条例征求意见 (商业)__BIIA_2011-08_Business_English

For further information contact BIIA’s managing director Joachim C Bartels at biiainfo@biia.com