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A credit report service targeting companies within the Zhongguancun High-Tech Development Zone, known as China's Silicon Valley, was launched in Beijing this week to help speed up commercial loan applications.
According to Ran Qi, deputy head of the development zone's management committee, companies in the development zone can file applications to four designated agencies who will produce credit reports after field research and collecting data.
The credit reports they provide must cover detailed analysis and basic facts about a company, especially financial data, misdemeanour records, flagship products and its operational situation.
With credit reports in hand, companies can apply for loans from the city's commercial banks, with credit guarantees from the Beijing Zhongguancun Sci-Tech Guarantee Co., Ltd, or seeding funds from the Beijing Municipal Science and Technology Committee.
Valid for one year, the credit report consists of five ratings from ZC1, the best, to ZC5, the poorest.
(People's Daily September 4, 2002)
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