General Office of the State Council: Better play the supporting role of credit evaluation in financing for small and medium-sized enterprises.

The General Office of the State Council issued the "Implementation Plan for Establishing a Comprehensive Evaluation System of Enterprise Credit Status." The "Implementation Plan" proposes to better leverage the support role of credit evaluation for financing for small and medium-sized enterprises. It encourages financial institutions to use the results of public credit evaluation reasonably, improve credit, risk assessment, and interest rate pricing models. It encourages lowering collateral requirements for enterprises with high credit rating, gradually expanding the coverage of credit loans, and increasing the proportion of credit loans. It supports qualified credit reporting agencies to participate in the operation of the financing credit service platform, objectively, accurately, and comprehensively reflecting the credit status of small and medium-sized enterprises. It fully utilizes the role of the People's Bank of China Credit Market Service Platform to improve the credit evaluation level for small and medium-sized enterprises. The "Implementation Plan" mentions establishing the institutional framework of the Enterprise Credit Status Comprehensive Evaluation System. The enterprise credit status comprehensive evaluation mainly includes public credit evaluation and market-based credit evaluation. Public credit evaluation is organized by government departments following the principle of public welfare, reflecting the company's compliance with laws and regulations and relevant management regulations, mainly serving government management. Market-based credit evaluation is carried out by third-party institutions such as credit reporting agencies, credit rating agencies, industry associations, under laws and regulations, reflecting the default risks of companies in market activities, mainly serving financing credit and business activities. Better leverage the foundational role of public credit evaluation results in the comprehensive evaluation of enterprise credit status, promote the integration of public credit evaluation and market-based credit evaluation, gradually forming a unified enterprise credit status comprehensive evaluation system. The original text is from the official website of the "Government of China," GMTEight editor: Feng Qiuyi.