Built by the Shanghai Municipal Informatization Office and Shanghai Credit Information Services Co Ltd (CIS), the system contains a database of all the credit information obtained from seven local government organs.

They are: the Shanghai Municipal Industry & Commerce Administration, the Taxation Bureau, the Finance Bureau, the Statistics Bureau, the Bureau of Quality and Technical Supervision, the State-owned Assets Administrative Office and the Shanghai Customs.

The mayor said such an system will cause more companies to attach importance to their credit record. Thus, Shanghai's overall credit status will be improved, which is a valuable asset for the city in attracting investors from home and abroad. It will also spur the city's healthy and sustainable growth in the future.

Gu Renda, deputy director of the Shanghai Municipal Administration for Industry and Commerce, said his department will develop an award-and-punishment system based on the credit records of different companies contained in the database.

"In turn, the companies will discipline themselves on their credit," said Gu.

On the same day, two companies that plan to offer reports on companies' credit information, also opened.

The two companies, Shanghai Centrus Business Credit Consulting Co Ltd and Shanghai T&C Business Information Service Co Ltd, have been funded by the CIS and Shanghai Information Investment Co Ltd.

If a company wants to ask about its own credit information, it can purchase the reports, online or offline, from either of the companies.

(China Daily March 29, 2002)