A credit evaluation firm was launched in Shenyang, capital of Liaoning Province in northeast China, becoming the second of its kind in the country following one in Shanghai.
"This demonstrates China's efforts in perfecting its credit system in line with global standards," Professor Lin Muxi from Liaoning University said.
With a registered capital of 132 million yuan (15.9 million U.S.dollars), the Shenyang Credit Company Limited handles business in a broad range of fields, including personal and corporate credit investigation and consultation.
Chairman Zhong Zhaoming said that the company's major function is to collect information relevant to the credit of an individual or a corporation and set up data banks to serve clients not only in the city, but also the whole of the province and northeast China, or even the whole of northern China.
"We not only think highly of the credit evaluation sector in China but also wish to explore a credit system with Chinese characteristics," Zhong said.
In Shanghai where the first credit evaluation company was established in 1999, personal credit files detail almost every kind of routine expenditure, from electricity bills, mobile phone charges to gas rates. And banks take credit reports as a compulsive reference before granting loans to any individual or corporation.
"Although a sound credit evaluation system could not be established overnight, China has made welcome steps in this regard," said Lin.
(Xinhua News Agency February 4, 2002)