PBOC: Guide institutions to lend responsibly and strictly implement regulations such as clearly disclosing comprehensive financing costs

On November 13, Zou Lan, Deputy Governor of the People's Bank of China, said at the 17th Caixin Summit that a strong atmosphere of learning about, understanding, and using credit reporting should be vigorously fostered, and the capabilities and literacy of financial market participants should be continuously improved. Zou Lan said it is necessary to guide financial institutions to correctly interpret and reasonably use credit reports and avoid excessive reliance on the credit reporting system; strictly implement relevant regulations on clearly disclosing comprehensive financing costs and online marketing of financial products, lend responsibly and operate in a differentiated manner, and improve the overall operational capacity and level of the financial system. The public, especially young people, should be encouraged to establish correct credit concepts, continuously improve financial literacy, borrow rationally, repay on time, and pay attention to building a good credit record, so as to jointly create and share a better future.