During the State Council’s regular policy briefing held by the State Council Information Office on April 10th, Li Chunlin, Deputy Director of the National Development and Reform Commission, introduced the long-standing issues faced by small and medium-sized enterprises (SMEs) and private enterprises, such as difficulties and high costs in financing.
Li Chunlin stated that many of these enterprises are in their early stages or growth phases, often lacking effective collateral and guarantees, making it difficult to meet the loan requirements of traditional credit models, as they lack tangible assets as loan collateral. Financial institutions providing credit financing services need to assess the credit levels of enterprises based on their credit information. However, this credit information is often dispersed and difficult to obtain, limiting financial institutions’ ability to grant credit loans based on information. Banks, especially when providing loans to SMEs, startups, and even student entrepreneurs, lack comprehensive understanding of their overall credit and asset situations. With individual pieces of information scattered across different departments, this is a significant bottleneck and a major pain point.
To address this pain point, the National Development and Reform Commission has established a national financing credit service platform to help SMEs exchange credit for loans by strengthening the application of credit information sharing. The platform mainly has four major functions:
I. Credit Information Inquiry
The platform has already collected over 78 billion pieces of credit information and provides information inquiry services to financial institutions based on the principle of public welfare, alleviating the problem of information asymmetry between banks and enterprises. As of now, the platform has provided inquiry services to relevant financial institutions over 276 million times, with an average weekly visit volume exceeding one million people. It has collected credit information on 17 major categories and 37 items of operating entities.
II. Financing Demand Matching
Intelligently matching the financing needs of operating entities with the financial products provided by banking institutions to achieve nationwide financing supply-demand matching services. The “Financial Supermarket” section has launched 22 financing service products for operating entities to choose from independently.
III. Direct Access to Enterprise-Friendly Policies
Concentrating on displaying various enterprise-friendly financial support policies, the first batch of 35 local enterprise-friendly policies can be applied for online. Enterprise-friendly financial policies scattered across various government departments can be queried on this platform, allowing operating entities to find suitable or eligible policies for application.
IV. Financing Credit Enhancement Services
Introducing financing guarantee institutions and risk-sharing funds, the first batch of 20 local credit enhancement and risk mitigation services can be processed on the platform in a “one-stop” manner.
Li Chunlin explained that currently, relying on the national integrated financing credit service platform network, a new inclusive financial model based on credit information has been cultivated, and a comprehensive financing service system covering the entire process has been established, providing SMEs, especially private enterprises, with convenient financing channels.