Central Bank Vice Governor Zou Lan: The one-time credit repair policy provides fault-tolerant correction opportunities for individuals who have lost trust

The Zhitong Finance App learned that on December 22, the People's Bank of China held a “press conference on the status of the one-time credit repair policy”. Zou Lan, deputy governor of the People's Bank of China, said that after the introduction of the one-time credit repair policy, it is expected to play an active role at three levels. At the individual level, policies provide opportunities for fault-tolerant correction for individuals who have been untrustworthy, help the public to effectively improve credit conditions, stimulate the vitality of micro-actors, and inject endogenous motivation into high-quality economic development. At the financial institution level, policies help financial institutions to more accurately identify personal credit conditions and further improve the quality and efficiency of inclusive financial services. At the economic and social level, policies are conducive to strengthening individuals' sense of compliance and trustworthiness in subsequent economic activities, effectively playing the fundamental role of the credit reporting system in “encouraging trustworthiness and punishing loss of trust”, and actively building an honest society that respects trust and goodness.

Zou Lan mentioned that the setting of relevant policy standards and conditions is mainly based on two considerations. On the one hand, the policy does not distinguish between loan institutions or loan types, does not set application procedures and complicated conditions, and provides individuals who have fulfilled their repayment obligations before the specified date with an opportunity for credit reconstruction in a fair, impartial, simple and easy manner. On the other hand, the policy stipulates the time of overdue period and amount of overdue payments. While accurately supporting credit reconstruction for people with small overdue amounts and honest repayment, it retains credit restrictions on those who have not made timely payments or is overdue, adhere to the bottom line of compliance and trustworthiness, and ensure the seriousness and binding power of the credit reporting system.

Zou Lan also mentioned that the central bank's credit reporting system is also a basic financial credit information database set up by the state. It collects and shares credit information of individuals and enterprises in accordance with the law, so that financial institutions can inquire when carrying out business, as an important reference for risk assessments of customers, and provides important support for financial institutions to meet the financing needs of the real economy to the greatest extent possible on the premise of preventing financial risks. After nearly 30 years of development, the central bank's credit reporting system has now become an important financial infrastructure in China, playing an important role in effectively preventing credit risk, improving the quality and efficiency of financial services, and enhancing social awareness of integrity. By the end of November 2025, the system had collected credit information from 810 million natural persons, and with the consent of the parties concerned, it provided an average of 20 million external inquiry services per day.

The transcript is as follows:

Li Kexin, Deputy Director of the General Office of the People's Bank of China and press spokesman: Hello, all reporters and friends. Welcome to the People's Bank of China press conference. This morning, the People's Bank of China published a notice on its official website regarding arrangements relating to the implementation of the one-time credit repair policy, and also published policy questions and answers. In order to let everyone better understand the content of the policy, Mr. Zou Lan, Deputy Governor of the People's Bank of China, attended a press conference today to explain the situation related to the one-time credit repair policy and answer everyone's concerns. Also attending today's press conference were Mr. Zhao Guide, Deputy Governor of the Industrial and Commercial Bank of China; Ms. Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China; Mr. Zhang Zihong, Director of the Credit Reporting Center of the People's Bank of China; and Mr. Dai Wei, Governor of the Bank of Beijing. First, I would like to ask Vice President Zou Lan to explain the relevant policy situation.

Zou Lan, Deputy Governor of the People's Bank of China: Good morning to all media friends. Thank you for your long-term concern and support for the work of the People's Bank of China. In October of this year, President Pan Gongsheng introduced the main framework of the one-time credit repair policy at the Financial Street Forum. By not displaying overdue information that meets certain conditions in the central bank's credit reporting system, individuals with damaged credit are supported to speed up the restoration of their credit. At present, the People's Bank of China, together with financial institutions, has completed relevant technical and business preparations, and officially issued a one-time credit repair policy this morning. Next, I'll give you a brief introduction to the relevant situation.

Zou Lan, Deputy Governor of the People's Bank of China: The central bank's credit reporting system is also a basic financial credit information database set up by the state. It collects and shares credit information for individuals and enterprises in accordance with the law, so that financial institutions can inquire when carrying out business, as an important reference for customer risk assessments, and provides important support for financial institutions to meet the financing needs of the real economy to the greatest extent possible on the premise of preventing financial risks. After nearly 30 years of development, the central bank's credit reporting system has now become an important financial infrastructure in China, playing an important role in effectively preventing credit risk, improving the quality and efficiency of financial services, and enhancing social awareness of integrity. By the end of November 2025, the system had collected credit information from 810 million natural persons, and with the consent of the parties concerned, it provided an average of 20 million external inquiry services per day.

Zou Lan, Deputy Governor of the People's Bank of China: According to the “Regulations on the Administration of the Credit Reporting Industry”, personal overdue information in the credit reporting system must be kept for five years from the time of payment of arrears. Affected by various factors such as the COVID-19 pandemic, the financial situation of some individuals has changed unpredictably, and they have not been able to repay their loans according to the time agreed in the original loan contract. Despite being honest and trustworthy, and doing their best to fully repay the debt, credit reports still need to show historical overdue records according to regulations, and individuals have been affected to a certain extent in obtaining new loan support.

Zou Lan, Deputy Governor of the People's Bank of China: In order to more accurately reflect the real credit status of individuals and help people who have overpaid their repayments to speed up the reshaping of their personal credit, the People's Bank of China has researched and formulated a one-time credit repair policy on the basis of thorough verification. The main content is: For the period from January 1, 2020 to December 31, 2025, the central bank's credit reporting system will not display overdue personal information with a single amount not exceeding 10,000 yuan. Let me introduce these first. Now my colleagues and I would like to answer your questions.

CCTV Reporter: I would like to ask what are the specific implementation standards and requirements for the one-time credit repair policy? What is the People's Bank of China's thinking behind this?

Zou Lan, Deputy Governor of the People's Bank of China: Thank you for your question. Let me answer your question. I think you're probably asking the question that everyone is most concerned about. The one-time credit repair policy covers a wide range of areas and has great impact. The People's Bank of China always adheres to the principles of trustworthiness incentives, inclusiveness and fairness, and convenience for the people in the policy formulation process. In order to ensure the rigor and scientific nature of the policy, the People's Bank of China has conducted extensive analysis and empirical research on credit reporting system data. After comprehensively considering various factors, the specific content of the policy and implementation standards have been determined. To make it easier for you to understand, I have sorted out the application conditions of the one-time credit repair policy. You can generally grasp the following four key points. First, the application is limited to credit overdue information displayed by individuals in the central bank's credit reporting system. Second, the applicable time period requires overdue information to be generated from January 1, 2020 to December 31, 2025. Third, the applicable amount is no more than 10,000 yuan for a single overdue amount. Fourth, the applicable premise is that individuals pay overdue debts in full before March 31, 2026.

Zou Lan, Deputy Governor of the People's Bank of China: The setting of relevant policy standards and conditions is mainly due to two considerations. On the one hand, the policy does not distinguish between loan institutions or loan types, does not set application procedures and complicated conditions, and provides individuals who have fulfilled their repayment obligations before the specified date with an opportunity for credit reconstruction in a fair, impartial, simple and easy manner. On the other hand, the policy stipulates the time of overdue period and amount of overdue payments. While accurately supporting credit reconstruction for people with small overdue amounts and honest repayment, it retains credit restrictions on those who have not made timely payments or is overdue, adhere to the bottom line of compliance and trustworthiness, and ensure the seriousness and binding power of the credit reporting system. Once the one-time credit repair policy is introduced, it is expected to play a positive role at three levels. At the individual level, policies provide opportunities for fault-tolerant correction for individuals who have been untrustworthy, help the public to effectively improve credit conditions, stimulate the vitality of micro-actors, and inject endogenous motivation into high-quality economic development. At the financial institution level, policies help financial institutions to more accurately identify personal credit conditions and further improve the quality and efficiency of inclusive financial services. At the economic and social level, policies are conducive to strengthening individuals' sense of compliance and trustworthiness in subsequent economic activities, effectively playing the fundamental role of the credit reporting system in “encouraging trustworthiness and punishing loss of trust”, and actively building an honest society that respects trust and goodness. I'll just answer those, thank you.

Shanghai Securities News Reporter: The one-time credit repair policy involves the vital interests of the general public. In order to better implement the policy, what specific guarantee measures does the People's Bank of China have?

Zou Lan, Deputy Governor of the People's Bank of China: We ask Director Ren Yongmei of the Credit Reporting Bureau to answer this question.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: Thank you for your question. In order for the policy to reach every eligible individual more smoothly and accurately, we have made thorough preparations and thorough arrangements, and formulated three “convenience and benefit the people” measures. The main ones include: First, implementing “free of charge and enjoy” in terms of operation. In order to facilitate the public to the greatest extent possible, during the policy implementation process, the central bank's credit reporting system will automatically identify and unify eligible overdue information. Individuals do not need to apply, operate, or submit any supporting documents.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: Second, set a policy grace period. The one-time credit repair policy sets a three-month grace period. Individuals can also apply this policy as long as they fully repay overdue debts within the grace period. At the same time, considering the holiday season, we have set a policy grace period for a period after the Spring Festival, that is, until March 31, 2026. What is important to note here is that this policy is a one-time special treatment of eligible credit information. It only applies to overdue information generated before the end of 2025, and overdue information newly generated in 2026 is not included.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: Third, increase the number of free inquiries by 2. The “Regulations on the Administration of the Credit Reporting Industry” stipulate that individuals can obtain their own credit reports free of charge twice a year. Considering everyone's credit report inquiry needs after implementation of the policy, the People's Bank of China will add 2 additional free inquiries per person in the first half of 2026. If necessary, people can obtain their own credit reports through various channels such as online and offline.

First Financial Reporter: After the one-time personal credit repair policy is implemented, what changes will be made to eligible personal credit reports? When will we see the results of this adjustment?

Zou Lan, Deputy Governor of the People's Bank of China: Thank you for your question. Please ask our Director Zhang Zihong of the Credit Reporting Center of the People's Bank of China to answer your question.

Zhang Zihong, Director of the Credit Reporting Center of the People's Bank of China: Thank you for your question. Currently, the credit reporting system stores overdue information on individuals who have made repayments for 5 years, and those that have exceeded 5 years will not be displayed. Overdue information in personal credit reports is mainly reflected through the monthly “repayment status” and “overdue amount” data items. After the one-time credit repair policy is implemented, the specific display of these two data items will be adjusted accordingly for eligible overdue information. The “repayment status” will be adjusted from the overdue logo to the normal logo, and the “overdue amount” will be adjusted from a “non-zero” value of 10,000 yuan or less to “0”. This adjustment will be reflected simultaneously in the “Information Summary” and “Credit Transaction Information Details” modules in the credit report. Specific adjustments and changes can be obtained through the official website of the Credit Reporting Center and other channels.

Zhang Zihong, Director of the Credit Reporting Center of the People's Bank of China: Regarding the question of when to adjust overdue information that everyone is concerned about, the credit reporting system will handle it in two situations according to the settlement time of an individual's overdue debt. The first situation is that if an individual has fully repaid an overdue debt before November 30, 2025 (inclusive), the credit reporting system will not display relevant overdue information from January 1, 2026. In the second situation, if an individual fully repays an overdue debt between December 1, 2025 and March 31, 2026, the credit reporting system will not display relevant overdue information until the end of the following month. For example, if an individual pays off their arrears in January 2026, the relevant overdue information can be shown as a normal repayment status before the end of February.

Poster News Reporter: Paying off overdue debts in full is a prerequisite for applying a one-time credit repair policy. What matters do customers need to pay attention to when making bank payments?

Zou Lan, Deputy Governor of the People's Bank of China: Thank you for your question. Since this involves banking business, I would like to ask Bank of Beijing Governor Dai Wei to answer this question.

Bank of Beijing Governor Dai Wei: Thank you for your question. According to the “Regulations on the Administration of the Credit Reporting Industry” and related regulations, financial institutions are required to submit personal credit information to the credit reporting system in a timely, accurate and complete manner. After the one-time credit repair policy is issued and implemented, we will continue to do a good job of submitting credit information, reflect personal loan repayment conditions in a timely and accurate manner, and provide a data foundation for the credit reporting system to accurately identify and process eligible overdue information. At the same time, in order to ensure that individuals can enjoy the policy smoothly, I have the following three suggestions from the perspective of repaying loans from financial institutions.

Bank of Beijing Governor Dai Wei: The first point is to confirm the repayment amount. Individuals must confirm the amount with the financial institution when repaying their arrears, so as not to underpay or miss the policy. From the perspective of a financial institution, full repayment of an overdue debt means that the borrower has fully repaid the historical overdue arrears and repaid the current month's payments on time. Take an equal-interest loan of 1,000 yuan with repayment of 1,000 yuan on the 10th of every month as an example. If there is still an overdue arrears of 2,000 yuan as of December 31, 2025, the borrower will need to simultaneously settle the previous arrears of 2,000 yuan and a repayment of 1,000 yuan in the same month before January 10, 2026, for a total of 3,000 yuan. Of course, this is just a brief example. In practice, it is necessary to specifically consider other cost factors such as interest on loans and overdue penalties to determine the amount to be repaid in the end.

Bank of Beijing Governor Dai Wei: The second point is to confirm the repayment status. Since financial institutions may fail to receive repayments due to deduction delays on third party internet platforms, abnormal bank card account status, etc. in actual operation, individuals can voluntarily confirm with the financial institution or third party internet platform whether the repayment was successful after fully repaying the overdue loan within a specified period of time to avoid affecting the application of the policy due to unexpected circumstances.

Bank of Beijing Governor Dai Wei: The third point is to beware of illegal intermediary scams. When repaying loans, if you encounter temporary financial difficulties, you can take the initiative to contact loan institutions in advance, agree on solutions in accordance with the principles of market-based and rule-of-law, and adjust repayment arrangements. Everyone must not take illegal intermediaries with unknown sources of funding in the market lightly to avoid being misled by false publicity, causing property loss, personal information leakage, and even getting involved in illegal cases such as “loan fraud.” This credit repair policy is a powerful measure to help individuals and families rebuild credit and improve the quality of inclusive finance. Consumers and financial institutions will all benefit from it. Here, we also remind everyone to reasonably control the level of debt according to their own debt sustainability, avoid excessive overdrafts or long loans, repay debts in full and on time, and pay attention to accumulating good credit records.

21st Century Economic Report Reporter: The one-time credit repair policy is free of license and can be enjoyed without operation. How can the public know if they meet the conditions of the policy?

Zou Lan, Deputy Governor of the People's Bank of China: This involves operational questions. Please ask Director Zhang Zihong of the Credit Reporting Center to answer them.

Zhang Zihong, Director of the Credit Reporting Center of the People's Bank of China: Thank you for your question. By setting up a “no application and enjoy” mechanism, the one-time credit repair policy can efficiently reach eligible individuals without feeling. If everyone needs to know whether they meet the conditions of the policy and whether they have already enjoyed the policy, they can confirm it according to the main points of “one check, two questions, three certifications”.

Zhang Zihong, Director of the Credit Reporting Center of the People's Bank of China: First, “check” clearly. According to the policy arrangement, eligible overdue information is automatically identified and processed uniformly by the credit reporting system, and there is no need for individuals to apply for adjustments at all. If everyone needs to know their credit status and policy application during the implementation of the policy, they can prioritize obtaining their credit reports through fast and easy online channels. Financial institution online banking, mobile banking apps, UnionPay Cloud QuickPass apps, and the official website of the People's Bank of China Credit Reporting Center can all provide inquiry services; if the personal credit report found has no overdue information, there is no need to follow up. During the implementation of the policy, offline channels such as smart tellers of financial institutions, self-service kiosks, and credit reporting service counters at various branches of the People's Bank of China will also continue to provide inquiry services to meet the necessary needs of the public.

Zhang Zihong, Director of the Credit Reporting Center of the People's Bank of China: Second, “ask” to understand. If individuals have questions about whether the overdue information in the credit report applies to the policy, it is recommended that they first contact the lender for consultation to confirm the overdue details and whether they meet the policy conditions; the lender will confirm the information and provide guidance on how to resolve the information. If the borrower is currently still overdue and within the policy grace period, please repay the overdue amount promptly. The credit reporting system will no longer display eligible overdue records until the end of the month following the repayment.

Zhang Zihong, Director of the Credit Reporting Center of the People's Bank of China: Third, “Approve” carefully. After the above procedure, if everyone still has questions about the application of their overdue information policy, they must check official channels to resolve them, and beware of being deceived and lost. At present, we have set up and provided a convenient, efficient, and completely free special inspection and processing mechanism. Everyone can report the specific situation through loan institutions, or through the credit reporting service window of the People's Bank of China or the credit reporting center consultation hotline 400-810-8866, and related issues will be quickly located and properly handled. Thank you!

Financial Times Reporter: In recent years, some illegal intermediaries have appeared in society. They will commit fraud under the guise of “credit reporting and whitewashing.” How should the public take precautions during the implementation of this policy?

Zou Lan, Deputy Governor of the People's Bank of China: You asked a very important question. I ask Director Ren Yongmei of the Credit Reporting Bureau to answer this question.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: Thank you for your question. According to the “Regulations on the Administration of the Credit Reporting Industry”, credit reports objectively display and reflect personal credit information, including both on-time repayment performance information and overdue information. According to relevant regulations, no one is allowed to delete and modify objective and true credit information at will. In recent years, some illegal intermediaries have appeared on the market. They use the mentality of individuals rushing to delete overdue information and obtain loans to mislead people of money or resell personal information under the guise of “whitewashing credit” and “shedding orders,” which seriously infringes on the interests of the public. In response to this market chaos, the People's Bank of China, in conjunction with public security, Internet communications, market supervision and other departments, continued to fight hard and severely crack down, and carried out a series of special rectification actions throughout the country, forming an effective deterrent and further maintaining the good order of the credit reporting market.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: Here, we once again remind everyone that the one-time credit repair policy released and implemented this time is completely free and can be enjoyed without a license. There is no need for individuals to apply for operation, let alone entrust processing by a third party. Any request for money or information under the name of this policy is fraudulent. The public should effectively raise awareness of prevention and beware of being deceived; if they find any clues about relevant illegal violations, everyone can report it to the People's Bank of China or report the case to the local public security authorities. In addition, there are also some illegal intermediaries that use banners such as “debt restructuring” to induce consumers to “borrow the new and return the old” or apply for high-interest bridge advances. Individuals whose overdue debts have not yet been settled should be kept on high alert to avoid falling into a debt trap as a result. Thank you.

Phoenix TV Reporter: We know that the central bank's credit reporting system plays an important role in financial institutions' loan business. I would like to ask what impact will the policy have on financial institutions after implementation?

Zou Lan, Deputy Governor of the People's Bank of China: Thank you for your question. We ask ICBC Governor Zhao Guide to answer this question.

Zhao Guide, Vice Governor of the Industrial and Commercial Bank of China: Thank you for your question. The one-time credit repair policy is an important initiative of the People's Bank of China to help the public to efficiently and easily reshape credit. ICBC has actively participated in the relevant work of policy formulation. We believe that the one-time credit repair policy not only responds to people's demands for credit reconstruction, but is also an important opportunity for commercial banks to improve the quality and efficiency of financial services.

Zhao Guide, Vice Governor of the Industrial and Commercial Bank of China: On the one hand, policies help optimize credit decisions. Personal credit decisions usually require a comprehensive assessment of factors such as the customer's asset status, risk level, and credit performance. The personal credit report provided by the credit reporting system is one of the important references for credit approval, risk pricing, and post-loan management. A one-time credit repair policy can help commercial banks more accurately identify the true credit status of borrowers, and further enhance the accuracy and effectiveness of financial services by implementing more effective credit investment strategies.

Zhao Guide, Deputy Governor of the Industrial and Commercial Bank of China: On the other hand, policies are conducive to reshaping customer relationships. After the implementation of the one-time credit repair policy, I believe everyone will value and actively maintain their own credit, and commercial banks will also be able to better meet the reasonable financing needs of customers on this basis. This will help commercial banks maintain good relationships with individual customers, provide customers with better financial services, and create a good credit ecosystem in the financial sector.

Zhao Guide, Deputy Governor of the Industrial and Commercial Bank of China: In order to cooperate with the implementation of the one-time credit repair policy, ICBC has already made relevant preparations. The first is to organize a comprehensive “medical examination” of the credit report search function of online banking, mobile banking, and smart devices at all branches of the bank to ensure that the search function is normal and that it can respond in a timely manner to customers' requests to check their own credit reports. The second is to strengthen the Bank's credit reporting data submission management, and provide customer repayment information to the credit reporting system in a timely, accurate, and complete manner to ensure that eligible customers can enjoy favorable policies. The third is to pay attention to customer risk performance after policy implementation, continuously monitor the effectiveness of credit scoring models and related indicators, improve risk control models in a timely and dynamic manner, and optimize risk control strategies. Fourth, do a good job of publicizing and explaining customer policies, raise customers' awareness of fraud prevention, stay away from illegal agents, and protect their own information security and property safety. Thank you.

Finance Association Reporter: Currently, personal credit reporting application scenarios are becoming more and more widespread, and people are also becoming more and more concerned about their credit reporting rights. What other work has the People's Bank of China done to protect personal credit reporting rights? Thank you.

Zou Lan, Deputy Governor of the People's Bank of China: Please ask Director Ren Yongmei of the Credit Reporting Bureau to answer this question.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: Thank you for your question. In recent years, the People's Bank of China has continued to improve institutional mechanisms, continuously strengthen supervision, and carry out extensive publicity and education, and the protection of personal credit reporting rights and interests has achieved positive results.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: The first is to establish a sound protection system. At present, China's credit reporting industry has formed a relatively complete credit reporting system centered on the “Regulations on the Administration of the Credit Reporting Industry” and supplemented by departmental regulations, standards and related supporting systems. On the basis of fully implementing legal requirements such as the Personal Information Protection Law, we have further clarified the responsibilities and obligations of credit reporting agencies, financial institutions and other relevant entities, regulated the entire chain of business processes of credit reporting activities, and strengthened supervisory, punishment and accountability mechanisms for acts that damage personal credit reporting rights and interests.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: Second, strengthen supervision comprehensively and strictly. In recent years, we have focused on credit reporting business compliance and information security, continued to step up law enforcement and inspection efforts, seriously investigate and punish illegal acts that infringe on individuals' credit reporting rights and interests, and effectively establish a line of defense for credit reporting rights and interests. In order to effectively address the complex and serious information security situation and risk challenges, in recent years, we have organized and carried out a series of special information security protection actions in the field of credit reporting, taking more measures to strengthen risk prevention and firmly adhere to the bottom line of information security.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: Third, continue to strengthen publicity and education. Through various methods such as online and offline and scene integration, we popularize credit reporting knowledge, interpret credit reporting policies, promote a culture of integrity, guide the public to continuously improve credit literacy and awareness of credit reporting, and effectively enhance the ability to protect individual credit reporting rights and interests. The People's Bank of China established the “6.14 Credit Record Care Day” promotion brand and carried out special promotions for 18 consecutive years. Also, for different groups, activities such as entering schools, communities, and villages with credit reporting knowledge are normalized, and efforts are being made to create a good atmosphere of “learning credit reporting, understanding credit reporting, and using credit reporting”.

Ren Yongmei, Director of the Credit Reporting Administration Bureau of the People's Bank of China: In the next step, the People's Bank of China will continue to implement the “credit reporting for the people” concept, protect personal credit reporting rights and interests throughout the credit reporting management process with higher standards, stricter requirements, and more practical measures, continue to strengthen protection and continuously raise the level of protection. Thank you.

Xinhua Finance Reporter: The Fourth Plenary Session of the 20th CPC Central Committee proposed building a credit economy. The credit reporting industry is an important part of the construction of a social credit system. What are the considerations of the People's Bank of China in promoting the high-quality development of the credit reporting industry during the “15th Five-Year Plan” period? Thank you.

Zou Lan, Deputy Governor of the People's Bank of China: Thank you for your question. I would also like to take this opportunity to introduce some of the People's Bank of China's considerations at a broader level. Currently, the external environment and internal conditions facing China's credit reporting industry have undergone profound changes, and the credit reporting industry has entered an important transition period of high-quality development. During the “15th Five-Year Plan” period, the People's Bank of China will take “risk prevention, strengthen supervision, and promote high-quality development” as the main line, focus on optimizing the credit reporting market layout, coordinate development and safety, and comprehensively improve the level of credit reporting services and service capabilities. We will focus on adhering to the following three principles:

Zou Lan, Deputy Governor of the People's Bank of China: First, adhere to the concept of credit reporting for the public. The People's Bank of China will continue to take meeting the needs of the public as the starting point and foothold of credit reporting work, continuously improve the coverage and convenience of credit reporting services, and take strong and effective measures to protect the legitimate rights and interests of individuals in credit reporting. On the one hand, we continuously optimize online and offline credit reporting service channels, innovate and develop diversified credit reporting products to meet the public's credit reporting needs in more scenarios. On the other hand, we will effectively respond to the concerns of the public, deepen the governance of financial institutions at the source, strengthen compliance and supervision of credit reporting services, improve the quality of credit reporting system data, step up efforts to mediate and resolve conflicting disputes, resolve reasonable and legal demands of the public in a timely and appropriate manner, and effectively safeguard personal credit reporting rights and interests.

Zou Lan, Deputy Governor of the People's Bank of China: Second, stick to the “government+market” two-wheel drive. On the one hand, the People's Bank of China will continue to strengthen and improve basic credit reporting services, further promote the collection and sharing application of credit information in financial fields such as securities and insurance, continuously expand the coverage of the national financial flow credit information sharing platform for micro, small and medium-sized enterprises, provide financial institutions with richer information content and dimensions, and effectively play the role of the central bank's credit reporting system as the main channel for credit reporting services. On the other hand, the People's Bank of China will further optimize the credit reporting market layout, give full play to the characteristics of flexible, innovative and efficient market-based credit reporting agencies, effectively collect and share multi-dimensional credit information for individuals and enterprises, develop more specialized and characteristic credit reporting products for key areas such as scientific and technological innovation, social inclusion, and green development, and continuously improve the accuracy and effectiveness of financial services. For example, in recent years, the People's Bank of China has continued to promote the market-based transformation and upgrading of local credit reporting platforms. By collecting and sharing information on enterprise production and operation, contract performance, utility payments, etc., it has effectively mitigated the problem of information asymmetry between banks and enterprises, helped more micro, small and medium-sized enterprises to better obtain financing, and strongly supported local economic development.

Zou Lan, Deputy Governor of the People's Bank of China: Third, insist on integrated development and security. On the one hand, the People's Bank of China will guide credit reporting agencies to seize new productivity development opportunities, steadily and orderly promote the application of new technologies such as big data, artificial intelligence, and blockchain in the field of credit reporting, deepen credit reporting data governance and product innovation, continuously enhance risk identification, prevention, and early warning functions of credit reporting products, and provide credit reporting momentum for the digital and intelligent transformation and development of financial services. On the other hand, the People's Bank of China will adhere to the direction of strong supervision and strict supervision, strictly carry out license approval work for individual credit reporting agencies, and comprehensively regulate credit reporting business activities such as the collection, arrangement, storage, processing and use of credit information. At the same time, implement the requirement that “managing the law is even more illegal”, and seriously investigate and punish acts that engage in credit reporting business in violation of regulations, disrupt the order of the credit reporting market, and infringe on the legitimate rights and interests of information subjects, and ensure the healthy development of the credit reporting market in accordance with the law.

Zou Lan, Deputy Governor of the People's Bank of China: Next, the People's Bank of China will fully implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and the Central Economic Work Conference, further play the important role of credit reporting in social credit system construction, and provide more solid credit reporting support for financial services to the real economy, prevent and mitigate financial risks, and help build a strong financial country with more diverse product supply, more convenient credit reporting services, and stronger rights protection. Thank you.

Li Kexin, Deputy General Director of the General Office of the People's Bank of China and press spokesman: Thank you, Deputy Governor Zou Lan. That's all for today's press conference. If you have any other questions later, you can contact the central bank's press release agency. Thank you to all the guests and press friends, and see you next time.

This article was edited by Xinhua Finance, editor of Zhitong Finance: Chen Wenfang.