Category Archives: Asian Credit News

The 2rd China Korea International Seminar of MyData Successfully Held in Shanghai

Data is the core factor of the digital economy, and personal data is a key element within the entire data-factor market. It is not only a focal point of data governance across countries worldwide, but also a topic closely followed by major international media. MyData has become one of the mainstream industrial models in the global personal data economy in the post-GDPR era—characterized by stringent regulation of personal data—and has now attracted widespread attention globally, from Europe and the United States to emerging market economies.

I. Background of the Conference

On December 20, 2025, following the first conference held on May 1, 2024 in Seoul, the 2rd China Korea International Seminar of MyData was successfully convened in Zhangjiang, Shanghai.

(I) Conference Theme

“People-Centered Approach: Exploring Innovative Pathways for the Factorization and Monetization of Personal Data”

Conference Objectives: To share cutting-edge global developments in personal data governance, personal data circulation, and MyData practices; to showcase the latest domestic practices in the industrial application of data factorization and data monetization; to promote China–Korea cooperation in data rights, data transactions, and trusted applications; to discuss pain points, institutional innovations, and technological pathways in China’s data factor market; and to release research outcomes related to MyData Asia or data factorization, thereby advancing the implementation of cooperative projects.

Basic Information of the Conference:

Conference Title:

The 2rd China Korea International Seminar of MyData

Date & Time:

Saturday, December 20, 2025, 13:00–18:00

Venue:

AI Innovation Center, Shanghai Zhangjiang Fintech DataPort

(No. 56 Fanchang Road, Pudong New Area),

Building 4 (North Wing), 8th Floor, Shanghai

Conference Themes:

Personal Data: Global Development and Practices of MyData

Personal Data in Korea: Explorations and Lessons Learned from MyData

Potential Applications of MyData: Personal Data in China and Emerging Market Economies

Speakers Include:

Mr. Michael LeeAffiliation: MyData Global
Professor Tae Hoon LimAffiliation: Korea University
Professor Yikun XiaAffiliation: Nanjing University
Dr. Chuanwei ZouAffiliation: Jingsu Jinke Research Institute on Digital & Technology Finance
Dr. Xinhai LiuAffiliation: Beijing Credit Society
Professor Jidong ChenAffiliation: Low School of Tongji University
Dr. Zhiqi MaoAffiliation: Ant Group Co., Ltd
Mr. Pengli WangAffiliation: XinwuYitong
Dean Fu ShanAffiliation: Hainan Fiduciary-Data Institude
Mr. Guangyong AnAffiliation: Professional Committee of Credit Management, China Mergers & Acquisitions Association

Positioning of the Seminar:

A platform for experts and scholars in the digital economy from China and South Korea to exchange ideas and insights.

(II) Overview of Participation

The seminar was originally planned as a closed-door workshop with approximately 20 participants. However, due to strong interest from professionals in the field, the final attendance exceeded 50 participants. Top experts in the Korean MyData sector were present, and nearly all major domestic institutions related to personal data sent representatives. These included organizations ranging from the State Information Center to the National Data Administration; from financial information infrastructures such as payment and credit reporting systems to personal credit reporting companies; from telecommunications operators to maritime information institutions; from major technology companies such as Ant Group Co., Ltd to publicly listed data companies; from think-tank experts of the China Academy of Information and Communications Technology to grassroots leaders of local data bureaus, as well as multiple start-ups, open-source communities, and public-interest foundations. Numerous data institutions based in Shanghai also participated actively.

In addition, experts and scholars with diverse disciplinary backgrounds—including economics, information management, digital finance, law, digital technology, public administration, and artificial intelligence—attended the seminar. They came from institutions such as Antai College of Economics and Management of Shanghai Jiao Tong University, the Data Management Innovation Research Center of Nanjing University, the Low School of Tongji University, East China University of Political Science and Law, leading law firms, the China Mergers & Acquisitions Association, and the Beijing Credit Society.

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II. Opening Remarks

(I) Remarks by the Host

Mr. Xiaoqiang Shen, General Manager of Shanghai Fintech DataPort Development Co., Ltd., delivered the welcome address and introduced the development of the Zhangjiang Fintech DataPort. Established in 2003, the Zhangjiang Fintech DataPort welcomed China UnionPay as its first resident project. Subsequently, a number of major financial institutions settled in the park, including Ping An Insurance, Bank of China, Bank of Communications, the Credit Reference Center of the People’s Bank of China, the Clearing Center, the Anti-Money Laundering Center, as well as many other financial institutions. Over the long term, the park has focused on key areas such as payment, clearing, credit reporting, regulation, security, and standards, and is committed to building a practice zone for financial digital transformation, a cluster for financial data enterprises, a demonstration zone for financial data applications, and a pilot zone for financial innovation and regulation.

Mr. Shen noted that, as an important component of the Zhangjiang Group, the Zhangjiang Fintech DataPort serves the overall development of Zhangjiang Science City. At present, Zhangjiang Science City covers a total area of approximately 220 square kilometers and brings together around 500,000 entrepreneurs and 24,000 technology enterprises. Looking ahead, the Fintech DataPort will continue to empower financial institutions and technology companies, and welcomes stakeholders from all sectors to jointly explore new pathways for unlocking data value in the data-driven era and to achieve coordinated development in Zhangjiang.

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(II) Conference Introduction by the Domestic Initiator of MyData

Dr. Xinhai Liu, Editor-in-Chief of Data Economy Review and initiator of the conference, introduced the background and origins of The 2rd China Korea International Seminar of MyData. He noted that he has long been engaged in technical work related to artificial intelligence, machine learning, and credit reporting, and through practice has deeply experienced the institutional and real-world challenges surrounding the proper use of personal data. In 2018, while participating in legislative research on the Personal Information Protection Law and related proposals to the National People’s Congress, he further came to recognize the significant differences among regulators, academia, industry, and the international community in their understanding of personal data. This prompted him to begin systematic policy and industry research in the field of personal data.

In 2019, during his research on South Korea’s personal credit reporting reform, Dr. Liu was first introduced to the concept of “MyData.” He has since continuously tracked its global development and became one of the earliest members of MyData Global in China. He emphasized that MyData, centered on the principle of “my data, my control,” represents an important model of data governance and data economy in the post-GDPR era. South Korea’s national-level promotion of MyData has achieved notable results, generating positive impacts for consumers, start-ups, and traditional institutions alike.

Dr. Liu believes that, as the world’s largest consumer data market, China possesses abundant application scenarios and a strong technological foundation, and that MyData is expected to become a new engine driving the high-quality development of China’s data economy. In recent years, his team has continuously promoted the dissemination of MyData-related concepts in China through research, publications, and international exchanges, and has launched MyData Journal, which has generated broad influence across academia, regulatory bodies, and industry. He noted in particular that his visits last year to MyData-related institutions in South Korea and his participation this year in the MyData Global Conference in Finland were highly rewarding, and he expressed his willingness to share these international frontier experiences with participants.

III. Keynote Speeches

The keynote session of the seminar was moderated by Mr. Pengli Wang, Co-founder of XinwuYitong, one of the event organizers known for its geek-oriented style. Mr. Guangyong An, a Korea-based expert in credit reporting and data and a researcher at the Research Institute of the China Mergers & Acquisitions Association, served as the professional interpreter for the two Korean experts participating in the seminar.

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(I) Michael Lee, Board Member of MyData Global: Global Progress and Practices of MyData

Mr. Michael Lee, Board Member of MyData Global (the world’s largest non-profit organization dedicated to the personal data economy, established ten years ago and having exerted certain influence on EU policies), shared the latest global progress and practical experiences of MyData at the seminar, and systematically introduced the technological frontiers of MyData in the fields of blockchain and privacy-preserving computation. Mr. Lee has long been committed to research on blockchain-based MyData services and privacy protection technologies. He currently serves as a Board Member of MyData Global, Chief Executive Officer of SNPLab Inc., and Adjunct Professor of Artificial Intelligence Technology Management at the Graduate School of Technology Management of Kyung Hee University. He has worked for more than 27 years at multinational corporations such as Samsung Electronics and Motorola, and has extensive experience in security assessment, privacy policy, and data governance.

In his speech, he reviewed that MyData originated from a “people-centered data sovereignty movement,” with the core objective of enabling individuals to truly control their data, decide how their data is used, and obtain tangible value from data circulation. He pointed out that South Korea has taken the lead in institutionalizing and implementing MyData in sectors such as finance, public services, and healthcare. However, under a government-led and industry-segmented model, structural issues have gradually emerged, including insufficient innovation momentum and limited cross-industry collaboration. The future development of MyData, he argued, should return to the essence of personal sovereignty and avoid the formation of new platform monopolies.

Mr. Lee further shared a new pathway based on an “on-device data model,” under which personal data is stored directly on users’ devices and, combined with blockchain and privacy-preserving computation technologies, enables “data not to move while usage rights move.” This approach aims to truly assetize personal data and allow it to continuously create value. He expressed his expectation to deepen cooperation with China to jointly explore MyData development models with greater practical relevance and tailored to Asian markets, and to work together to advance a people-centered future of the data economy.

(II) Tae Hoon Lim, the Father of MyData in Korea: Exploration and Lessons of MyData in Korea

Professor Tae Hoon Lim, Research Professor at Korea University, systematically shared Korea’s exploration experiences and practical lessons in MyData at the seminar. Professor Lim has long been engaged in research related to MyData and is the author of MyData B.L.T.S., and is widely regarded in the industry as the “Father of MyData in Korea.” He currently serves as a Research Professor at the Institute for Convergence Research of Korea University, and is also involved in data policy research and industrial support work at the Korea Data Agency. For many years, he has provided consulting and services to governments and enterprises in the areas of data governance, data circulation, and industrial applications. His research fields cover MyData, data governance, data transactions, data value assessment, as well as the construction of data standards and quality systems.

Professor Lim pointed out that the rapid implementation of MyData in Korea has benefited from the BLTS ecosystem framework that he proposed and promoted, which advances data systems and industrial development in a coordinated manner across four dimensions: Business, Legal, Technology, and Society. This framework has provided a systematic methodology for the cross-industry promotion of MyData. At the practical level, Korea’s MyData has expanded from the financial sector to multiple scenarios including public services, healthcare, education, and transportation. Individuals are able to download, transfer, and use their own data through standardized APIs, enabling cross-institutional data circulation and service collaboration, such as the sharing of medical records across hospitals, the digitization of academic credentials, and one-stop aggregation of financial accounts.

He emphasized that the right to data portability and the individual’s right to independently decide on the use of personal data have been explicitly incorporated into Korea’s legal system, forming the core foundation for the operation of the MyData framework. However, Professor Lim also noted that Korea’s practice has revealed challenges in areas such as standards coordination, cross-industry collaboration, and public awareness. Looking ahead, he argued that the success of MyData depends not only on technological capabilities, but also on the formation of social consensus and the establishment of mandatory unified standards. He advised that, in advancing institutional innovation for personal data, China should focus on standard systems, legal authorization mechanisms, and shifts in multi-stakeholder perceptions, in order to truly achieve the goal of “returning data to individuals.”

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(III) Jidong Chen, Tongji University: Personal Data Spaces and Their Computational Constraints in the Construction of the Data Factor Market

Professor Jidong Chen from the Low School of Tongji University pointed out that the core of future governance will no longer focus solely on data itself, but rather on the concept that “circulation is computation,” requiring the replacement of silo-based system thinking with spatial collaboration. European cases such as Gaia-X and Catena-X demonstrate that data spaces have become an important foundation for promoting industrial collaboration and value-chain innovation. Meanwhile, legal frameworks such as the Data Act and the Data Governance Act are reshaping the landscape of data rights, encouraging enterprises to shift from being “data monopolists” to “data coordinators.” Technical rules and legal rules together constitute a new logic of cooperation and justice, providing important insights for the future circulation of data factors in China.

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(IV) Xinhai Liu, Beijing Credit Society: Applications of MyData in China and Emerging Market Economies

Dr. Xinhai Liu, Vice President of the Beijing Credit Society, shared key takeaways from the 2025 MyData Global Conference and expressed the view that MyData has broader prospects in China and emerging market economies. He proposed the establishment of MyData Asia to leverage global resource allocation and work together with emerging market countries to explore the future of the digital economy.

Dr. Liu pointed out that China possesses the world’s largest personal data infrastructure: platforms such as payments, credit reporting, medical insurance, big technology companies, and telecommunications operators each reach more than one billion users. However, the realization of data dividends faces an “impossible trinity” dilemma—protection pressure, innovation stagnation, and difficulties in data sharing. He emphasized that in the era of artificial intelligence, the real challenge is not data application itself, but rather “whether we trust whom we hand our data over to.” Therefore, it is necessary to build “digital fiduciaries” with ethical and institutional safeguards, enabling data to generate inclusive value while respecting privacy.

He noted that the MyData model offers a solution: through data portability, proactive personal AI assistants, and on-device computing technologies, data is no longer a moat for giants, but becomes common soil for innovation. He called for joint exploration of future digital economy innovation strategies in data governance for emerging market economies worldwide—“using China’s experience and exploration to provide solutions for the world.”

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IV. Thematic Presentations of the Seminar

(I) Pengli Wang, XinwuYitong: Personal Data Driving Consumption

Mr. Pengli Wang, Founder of XinwuYitong, stated that Chinese-style modernization requires the parallel advancement of spiritual civilization and material civilization. He emphasized that the future digital economy must be built upon trusted personal data spaces, enabling data to be genuinely transformed into a driver of economic growth. He proposed establishing an innovative pilot zone in Shanghai for “personal data–driven consumption” through compliant digital infrastructure based on Web 3.0, forming a consumption incentive model with data traceability and closed-loop fiscal management via mechanisms such as DID digital identities and blockchain-based cultural and tourism vouchers.

He noted that culture and tourism represent the optimal entry point linking consumption tax reform, fiscal structure adjustment, and the practical implementation of the digital economy, and that China has a full opportunity to lead a new global paradigm of the data economy through institutional innovation.

(II) Yikun Xia, Nanjing University: The Current State of Personal Data Governance Research at Home and Abroad

Professor Yikun Xia from the Data Management Innovation Research Center of Nanjing University systematically introduced global development trends in personal data governance. She pointed out that research on personal data has shifted from the traditional paradigm of “privacy protection” to that of “data governance,” with the governance logic evolving from an individual-informed-consent–centered approach toward collaborative governance involving multiple stakeholders and trusted third-party mechanisms. In this context, models such as MyData, data trusts, and data banks have become focal points of international exploration.

Professor Xia emphasized that China must seek an institutional balance between security and development. By innovating governance frameworks, China can address challenges such as insufficient clarification of data rights, conflicts in cross-border rules, and new types of privacy risks brought about by artificial intelligence, thereby building a future governance system that both protects individual rights and unlocks data value.

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(III) Chuanwei Zou, Jingsu Jinke Research Institute on Digital & Technology Finance: The Architecture of the Personal Data Factor Market

Dr. Chuanwei Zou, President of the Jingsu Jinke Research Institute on Digital & Technology Finance and a well-known scholar in financial technology research, systematically elaborated on the key elements for building a personal data factor market. He pointed out that commercial practices in the digital economy have fully demonstrated the significant monetization value of personal data, while also giving rise to structural problems such as privacy breaches, market imbalances, and information silos. Therefore, the effective circulation of personal data must be based on a clear data property rights regime and a robust security governance framework.

Dr. Zou emphasized that institutions matter more than technology. For data factors to participate in resource allocation, it is necessary to define the boundaries of rights related to the “holding–processing–operation” of personal data and to form fair prices through market mechanisms. He proposed that China should draw lessons from experiences such as open banking, Korea’s MyData, and India Stack. However, he stressed that ordinary individuals are not suited to directly enter the personal data factor market; instead, data aggregation, processing, and agency transactions should be carried out through data trusts, information banks, and professional brokers, with individuals benefiting through revenue return mechanisms.

He concluded that the real driving force behind market formation lies in safeguarding individual rights and incentivizing data controllers to change their behavior, rather than directly regulating and transforming platforms.

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(IV) Zhiqi Mao, Ant Group Co., Ltd.: Reflections on the Personal Credit Economy

Dr. Zhiqi Mao, Senior Research Expert at Ant Group Co., Ltd, delivered a keynote speech on “Reflections on the Personal Credit Economy,” proposing that the future construction of China’s credit system will enter a new stage centered on “personal credit assets.” She noted that the personal credit economy represents a new form of economy in which personal credit data serves as the core factor and individuals are the primary rights holders. Through the circulation of data factors and the development of credit systems, it provides credit support for individuals, financial institutions, and enterprises across financing, consumption, transactions, and public social services.

Dr. Mao emphasized that a socialist market economy is essentially a credit-based economy and a rule-of-law-based economy, and that the new credit economy should evolve along three major directions. First, the concretization of personal credit, enabling credit to be “visible and usable” in everyday life scenarios. Second, government participation and utilization in personal credit, providing foundational infrastructure through institutional safeguards and public credit platforms. Third, the industrialized operation of credit, forming market mechanisms in which product systems and operational systems develop in parallel.

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(V) Shanli Zhang, Shandong University: Consumer Reporting Companies in Vertical Consumption Scenarios—Implications for China’s Data Monetization Path

Mr. Shanli Zhang, Ph.D. candidate at the Law School of Shandong University, delivered a keynote speech entitled Consumer Reporting Companies in Vertical Consumption Scenarios: Implications for China’s Data Monetization. He pointed out that, in addition to traditional credit reporting agencies, an important pillar of the U.S. data economy lies in vertical consumer reporting companies that are deeply embedded in consumption and industrial value chains. These institutions primarily serve B2B clients and, across specific scenarios such as housing rentals, employment, medical billing, telecommunications billing, and vehicle valuation, provide risk identification and price formation capabilities through data processing, thereby achieving a truly commercial closed loop.

He emphasized that current discussions on data factorization in China focus more on institutions and regulation, but what ultimately determines the success of monetization is “who can transform data into decision-making capabilities and persuade enterprises to pay for risk reduction or price formation.” Therefore, as China advances the development of personal data markets, data trusts, and information banks, it should simultaneously deploy industry-specific consumer reporting institutions and, through trusted data agency mechanisms, ensure the return of benefits to individuals—so that data is not merely “seen,” but can truly be “realized.”

Dr. Fu Shan, President of the Hainan Fiduciary-Data Institude, shared new trends in legislation related to the digital economy and digital finance.

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During the open discussion session, Mr. Chunxue Xu, Director of the Public Service Department of State Information Center; Professor Yongguo Xu from the Antai College of Economics and Management of Shanghai Jiao Tong University; Ms. Xiaoyan Ke from the China Telecom Research Institute; Mr. Li Chen, Deputy Director of the Hechuan District Data Bureau of Chongqing Municipality; and Mr. Xin Wang, Vice President of Weiyan Technology, respectively took the floor to share their perspectives on personal data as well as their reflections on participating in the seminar.

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After the formal seminar concluded, sponsored by XinwuYitong, Chinese and international participants proceeded together to the Pujiang Dragon Boat Night Banquet, where they continued discussions on the data economy.

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V. Release of Seminar Outcomes

This seminar released three annual outcome reports and shared two new works by participating guests. Other outcomes, including additional presentations by seminar participants, will be gradually compiled and released to the public at a later stage.

(I) Release of the Chinese Translation of MyData B.L.T.S. (Chinese Title: A New Engine of the Digital Economy—Building the MyData Ecosystem)

This is a professional book on the MyData business model and ecosystem development. The author team includes Professor Tae Hoon Lim from Korea University and other scholars with profound research foundations in the field of MyData. The book provides an in-depth exploration of MyData as an emerging global data economy model, with a particular focus on its business logic, legal frameworks, technological pathways, and social impacts in the post-GDPR era. MyData aims to be people-centered, empowering individuals with self-determination over their own data while promoting innovation in the digital economy, and has been successfully implemented in Korea with remarkable results.

The book elaborates in detail on how to build a healthy data ecosystem through MyData, supporting the circulation of personal data and trust-based innovative services. Its content covers MyData from multiple perspectives, including legal, technological, service-related, and social impacts, providing valuable practical experience and theoretical foundations for practitioners in the fields of global data governance and the data economy.

Since its initial release in 2022, the book has attracted widespread attention in Korea and globally. To promote its dissemination in the Chinese market, the translation team is composed of well-known domestic data experts who, in combination with the characteristics of the Chinese market, strive to translate the concepts and applications of MyData into practical implementation, thereby advancing data factorization and the development of the personal data economy in China. The book is scheduled for publication in the first half of 2026.

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(II) MyData Annual Report (to Be Released Upon Authorization from MyData Global)

The core of this report centers on MyData, a people-centered personal data management model. Based on the MyData Global Conference held in September 2025 in Finland, the report explores how to balance data protection, data utilization, and economic value creation in the context of artificial intelligence and increasingly stringent global regulation. The conference brought together internationally renowned experts in the fields of data governance, law, and technology. The conference content mainly covered four interrelated areas:

(1) Governance, Law, and Policy;

(2) Technology, Interoperability, and Data Spaces;

(3) AI and Personal Agents;

(4) Sectoral Applications and Emerging Markets.

The MyData concept aims to build a fair, sustainable, and prosperous digital society. Its core lies in empowering individuals with control over their personal data, enabling them to acquire knowledge, make informed decisions, and interact effectively with other individuals and organizations. This concept proposes a set of principles and three major paradigm shifts, has been translated into more than a dozen languages, and has been endorsed by nearly 2,000 individuals and organizations.

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(III) Release of the Report Research on Innovative Models for the Development and Utilization of Global Personal Data

This report was jointly developed by the China Telecom Research Institute and Haiyang Jinzhi Data Technology (Beijing) Co., Ltd.. The report aims to explore innovative models for the development and utilization of personal data on a global scale, analyzing their concepts, current development status, characteristics, outcomes, and the challenges they face. It selects several representative models for in-depth study, including personal credit reporting, professional consumer reporting companies, data brokers, data trusts, and open banking, and also examines data practices in emerging market economies as well as data models of three major large technology platforms. In addition, the report places particular emphasis on introducing Korea’s MyData model, analyzing its characteristics and its reference value and implications for China. Through an examination of these models, the report seeks to provide useful insights on how to strike a balance between protecting personal privacy, promoting data-driven innovation, and achieving fair competition.

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(IV) MyData and Data Sovereignty in the Age of AI

A work by Mr. Michael Lee, Board Member of MyData Global:

MyData and Data Sovereignty in the Age of AI

Overview:

The era of data sovereignty has arrived, and the world is transitioning toward a data-driven society. From the perspectives of big data and personal data, this book explores issues related to data ownership. Innovative services that integrate technologies such as blockchain, virtual reality/extended reality (VR/XR), and artificial intelligence (AI) are emerging one after another; however, what ultimately drives these innovative services is personal data.

Accordingly, the ownership, scope, and modes of use of data are also undergoing transformation. Data ownership is shifting from centralized to decentralized, from corporate ownership to individual ownership, and from big-data-based approaches to personal-data-based approaches.

From the perspectives of data sovereignty and the GDPR, the book elaborates on “MyData” and the changes it is expected to bring, and provides an in-depth discussion of the impact of artificial intelligence on “MyData.” The author proposes a people-centered and practically feasible implementation approach to “MyData,” and, in particular, puts forward a technical solution for the utilization of personal data based on data sovereignty.

In addition to policy discussions related to data sovereignty and personal data, the book also outlines research on data technology applications. It helps deepen the understanding of technological, policy, and market developments related to MyData.

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(V) A New Interpretation of Data

Authored by Mr. Li Chen, Deputy Director of the Data Bureau of Hechuan District, Chongqing Municipality.

A New Interpretation of Data advances the view that the state should build a universal network identity account for all users that is applicable across all industries, and that this account should be controlled to the greatest possible extent by the users themselves. Under overall national coordination, users would thereby regain data rights that allow them to engage in equal dialogue with platforms. Unlike the decentralization perspective of Web3 (the third generation of the Internet, a decentralized network built on blockchain technology), the book starts from the interrelated logic of “people, data, and time,” arguing for the establishment of a time-element–centered data network ecosystem that is “based on a national user management system, with users’ autonomous choice over the time traces of their data activities as the core.”

Using the foundational element of account existence—the “account”—as an entry point, the book analyzes, explains, and demonstrates, from the perspectives of current problems in data transformation, background logic, and response strategies, the necessity, urgency, and feasibility of building time-based accounts that take the time of individuals’ data activities as the sole reference element. When all data information associated with an individual is first linked to the user through a unique, time-based account, then all data generated by human behavior can be primarily controlled by the individual who has expended the time to perform those activities. In this way, people can truly feel secure in digitizing all activity behaviors and interacting—through digital twins—with others, with society, and with the past and the future.

Subsequently, a series of evolutions may gradually be realized, including the creation of a unique digital portal for individuals in cyberspace, the logical attribution of data property rights to users’ time traces, the controllable trading of data assets that become uniquely locked due to changes in time traces, and integrated sanctions against accounts involved in digital illegal activities. Under account rules that are controllable by users themselves, platforms’ practices of leveraging the overwhelming advantages of account agreements to obtain improper benefits will become unsustainable, prompting a shift toward better services and innovation.

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VI. Organizers of the Seminar

Organizers:

Beijing Credit Society

Data Economy Review & MyData China

Shanghai Fintech DataPort Development Co., Ltd.

XinwuYitong Digital Technology (Shanghai) Co., Ltd.

Co-organizers:

Haiyang Jinzhi Data Technology (Beijing) Co., Ltd.

Professional Committee of Credit Management, China Mergers & Acquisitions Association

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Special thanks are extended to the conference staff from the Fintech DataPort, XinwuYitong, and Haiyang Jinzhi for their support and contributions.

VII. Next Steps

The seminar also discussed preparations for MyData Asia. On the one hand, it aims to deepen domestic exchanges and discussions and promote collaboration among industry, academia, and research institutions; on the other hand, it seeks to bring together top global experts and industry organizations, absorb and draw upon international practical experience, and explore solutions for the monetization of personal data.

Personal data concerns the digital future of China’s 1.4 billion consumers and, from a global perspective, is closely linked to the digital dividends of 8 billion people worldwide. Data Economy Review will continue to build China’s MyData community by bringing together industry forces through professional exploration, running the MyData Journal effectively, and providing professional services such as timely dissemination of the latest global developments, sharing member information, integrating resources, and facilitating seminars and exchanges, in order to jointly explore innovative development pathways for China’s personal data economy.

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Condolence on the Passing of Professor Bart Baesens

On behalf of the Professional Credit Management Committee of the China Mergers & Acquisitions Association (PCCM) and the Beijing Credit Society, we are deeply saddened to learn of the passing of Professor Bart Baesens of KU Leuven on August 6, 2025.

Professor Baesens was one of the most influential scholars in the field of global credit risk. His research has had a profound and lasting impact on both academic theory and practical applications.

We extend our heartfelt condolences and deepest sympathy to his family during this difficult time.

We are sincerely grateful for Professor Baesens’s outstanding contributions to the discipline of credit risk management — through his prolific high-quality research papers, influential academic books, and his dedicated mentorship of scholars. We especially appreciate his support for Chinese researchers and his keen interest in China’s credit risk issues.

As professional academic institutions, we will publish a special collection of research reports in memory of Professor Baesens, honoring his remarkable legacy and enduring influence on our field.

May his work continue to inspire generations of scholars to come.

Professional Committee of Credit Management the China Mergers & Acquisitions Association(PCCM)

Beijing  Credit Society
2025-08-12 

About the Professional Credit Management Committee of the China Mergers & Acquisitions Association (PCCM)

The Professional Credit Management Committee of the China Mergers & Acquisitions Association, established in 2019, is a nationwide, non-profit professional research institution. It brings together leading domestic and international experts in credit management as well as globally renowned credit service organizations. Most of its experts hold doctoral degrees and have overseas professional experience. The Committee currently publishes the electronic journal *Global AI & Credit Technology Trends*.

Website: http://en.pccm-credit.com


About the Beijing Credit Society

Founded in April 2021, the Beijing Credit Society has over 300 members and more than 30 distinguished research fellows, most of whom have professorial academic backgrounds. It is currently the largest professional academic institution in the field of credit in China.

Website: https://www.bjcreditsociety.org.cn

Reference

https://www.bartbaesens.com/

https://www.southampton.ac.uk/business-school/about/departments/decision-analytics-and-risk/staff/bart.page

https://ai.kuleuven.be/members/00004667

Regulatory Legislation | “Regulations on Promoting and Standardizing Cross-Border Data Flows”

State Internet Information Office Order

No. 16

The “Regulations on Promoting and Standardizing Cross-Border Data Flows” have been reviewed and approved at the 26th office meeting of the State Internet Information Office on November 28, 2023. They are hereby announced and shall be implemented from the date of announcement.

Director of the State Internet Information Office

Zhuang Rongwen

March 22, 2024

Provisions on Promoting and Standardizing Cross-Border Data Flows

Article 1: In order to safeguard data security, protect the rights and interests of personal information, and promote the lawful and orderly free flow of data, these provisions are formulated in accordance with the laws and regulations of the People’s Republic of China, including the Cybersecurity Law of the People’s Republic of China, the Data Security Law of the People’s Republic of China, and the Personal Information Protection Law of the People’s Republic of China, concerning the implementation of the data export system, such as data export security assessments, standard contracts for the export of personal information, and personal information protection certification.

Article 2: Data processors shall identify and declare important data in accordance with relevant regulations. If data has not been identified or publicly announced as important data by relevant departments or regions, data processors are not required to undergo a data export security assessment for data that is not declared as important data.

Article 3: Data collected and generated in activities such as international trade, cross-border transportation, academic cooperation, cross-border production and manufacturing, and marketing, provided to overseas without involving personal information or important data, shall be exempted from the requirement to undergo a data export security assessment, enter into standard contracts for the export of personal information, or obtain personal information protection certification.

Article 4: When personal information collected and generated by data processors overseas is transferred to China for processing and subsequently provided to overseas without introducing personal information or important data during the processing, they shall be exempted from the requirement to undergo a data export security assessment, enter into standard contracts for the export of personal information, or obtain personal information protection certification.

Article 5: Data processors providing personal information overseas shall be exempted from the requirement to undergo a data export security assessment, enter into standard contracts for the export of personal information, or obtain personal information protection certification if they meet one of the following conditions:

(1) It is necessary to provide personal information overseas for the conclusion or performance of contracts in which individuals are parties, such as cross-border shopping, cross-border mailing, cross-border remittance, cross-border payment, cross-border account opening, airline and hotel reservations, visa application, examination services, etc.;

(2) It is necessary to provide employee personal information overseas for the implementation of cross-border human resources management in accordance with legally formulated labor regulations and collective contracts signed in accordance with the law;

(3) It is necessary to provide personal information overseas to protect the life, health, and property safety of natural persons in emergency situations;

(4) Data processors other than operators of critical information infrastructure have provided less than 100,000 pieces of personal information (excluding sensitive personal information) overseas cumulatively since January 1 of the current year.

The personal information provided overseas as referred to in the preceding paragraph does not include important data.

Article 6: Free Trade Pilot Zones may independently formulate a negative list of data that needs to be included in the scope of data export security assessments, standard contracts for the export of personal information, and personal information protection certification management within the framework of the national data classification and grading protection system. After approval by the provincial-level cybersecurity and informatization committee, it shall be filed with the competent authority of the State Cyberspace Administration and the competent authority of the National Data Management Department.

Data processors providing data overseas within the Free Trade Pilot Zones that is not included in the negative list may be exempted from the requirement to undergo a data export security assessment, enter into standard contracts for the export of personal information, or obtain personal information protection certification.

Article 7: Data processors providing data overseas shall apply for a data export security assessment through the provincial-level cyberspace administration department to the competent authority of the State Cyberspace Administration if they meet one of the following conditions:

(1) Operators of critical information infrastructure provide personal information or important data overseas;

(2) Data processors other than operators of critical information infrastructure provide important data overseas or have provided personal information (excluding sensitive personal information) to overseas exceeding one million people, or sensitive personal information exceeding ten thousand people cumulatively since January 1 of the current year.

The provisions of Articles 3, 4, 5, and 6 of these regulations shall apply to the above situations.

Article 8: Data processors other than operators of critical information infrastructure that have provided personal information (excluding sensitive personal information) to overseas exceeding one hundred thousand people but less than one million people, or sensitive personal information to less than ten thousand people cumulatively since January 1 of the current year, shall conclude standard contracts for the export of personal information with the overseas recipient or obtain personal information protection certification in accordance with the law.

The provisions of Articles 3, 4, 5, and 6 of these regulations shall apply to the above situations.

Article 9: The validity period of the results of the data export security assessment shall be three years from the date of issuance of the assessment results. When the validity period expires and it is necessary to continue data export activities without the occurrence of circumstances requiring a reapplication for a data export security assessment, data processors may apply to extend the validity period of the assessment results to the competent authority of the State Cyberspace Administration through the provincial-level cyberspace administration department 60 working days before the expiration of the validity period. With the approval of the competent authority of the State Cyberspace Administration, the validity period of the assessment results may be extended for three years.

Article 10: Data processors providing personal information overseas shall fulfill obligations such as notification, obtaining individual consent, and conducting personal information protection impact assessments in accordance with laws and regulations.

Article 11: Data processors providing data overseas shall comply with laws and regulations, fulfill obligations of data security protection, adopt technical measures and other necessary measures to ensure data export security. In the event of or potential for a data security incident, remedial measures shall be taken, and timely reports shall be made to the provincial-level and above cyberspace administration departments and other relevant competent authorities.

Article 12: Local cyberspace administration departments shall strengthen guidance and supervision over data processors’ data export activities, improve the data export security assessment system, and optimize the assessment process. They shall strengthen end-to-end and all-domain supervision before, during, and after data export activities. In case of significant risks in data export activities or occurrence of data security incidents, data processors shall be required to rectify and eliminate hidden dangers. Those who refuse to correct or cause serious consequences shall be held accountable according to law.

Article 13: If there is any inconsistency between these regulations and the “Measures for the Security Assessment of Data Export” (Order No. 11 of the State Cyberspace Administration, announced on July 7, 2022), and the “Methods for Standard Contracts for the Export of Personal Information” (Order No. 13 of the State Cyberspace Administration, announced on February 22, 2023), and other relevant regulations promulgated on July 7, 2022, and February 22, 2023, these regulations shall prevail.

Article 14: These regulations shall come into force on the date of promulgation.

National Bureau of Statistics Unveiled: Advancing the Construction of Digital China, with a Long and Arduous Road Ahead

Xinhua News Agency, Beijing, October 26th – The Economic Reference Newspaper published an article on October 26th titled “National Bureau of Statistics Unveiled: Advancing the Construction of Digital China”.

According to the article, on the morning of October 25th, the National Bureau of Statistics was officially unveiled. According to the “Plan for the Reform of Party and State Institutions”, the National Bureau of Statistics is responsible for coordinating and promoting the construction of the data basic system, overall planning for the integration, sharing, and development of data resources, and coordinating the planning and construction of digital China, digital economy, and digital society.

Industry experts stated that the establishment of the National Bureau of Statistics will promote the comprehensive implementation of the overall layout of digital China construction, enhance the systematic and coordinated allocation of data elements in the market, fully leverage China’s massive data scale and rich application scenarios, and strengthen, optimize, and expand the digital economy.

On October 25th, citizens passed by the newly unveiled National Bureau of Statistics. Photo by Xinhua News Agency reporter Luo Xiaoguang.

Currently, China is accelerating the construction of its data basic system. At the end of last year, the “Opinions of the CPC Central Committee and the State Council on Better Utilizing Data Elements by Constructing Data Basic System” was issued, focusing on data property rights, circulation transactions, income distribution, and security governance, and systematically laid out the “four beams and eight pillars” of the data basic system. In February of this year, the “Overall Layout Plan for Digital China Construction” was released, emphasizing the smooth flow of data resources.

At the same time, various parties are accelerating their layout in the field of data elements, exploring deep implementation plans from multiple levels and perspectives such as institutional mechanisms, market circulation, product research and development, and standard specifications. For example, recently, policies have been successively issued in Beijing, Shanghai, Guizhou, Hubei, and other places, clarifying the goal of building data element markets with a scale of hundreds of billions in the coming years, and promoting orderly circulation of social data and accelerating the development and utilization of data resources.

With various parties accelerating the exploration of new models of data circulation and innovative application scenarios, the value of data elements continues to be released. According to the “Digital China Development Report (2022)” released in April this year, China’s big data industry reached 1.57 trillion yuan in 2022, an increase of 18% year-on-year. In addition, data from the China Academy of Information and Communications Technology shows that China’s data transaction scale exceeded 70 billion yuan in 2022, and the overall market size is expected to exceed 220 billion yuan by 2025.

Industry insiders believe that overall, China’s data element market development is still in its early stages, and there is still room for further exploration and refinement.

Experts from the China Academy of Information and Communications Technology also stated that China has the advantage of massive data resources, laying an important foundation for data to become a production factor. In the future, through a combination of institutional design, technological application, and industry cultivation, these advantages will be transformed into capabilities to unleash the value of data elements.

Industry Exchange | Researcher An Guangyong Invited by the National Information Center for Special Exchange on South Korea’s MyData and Data Economy

On the afternoon of September 28, 2023, at the invitation of the National Information Center, Researcher An Guangyong, an expert from the Credit Management Professional Committee of the All-China Mergers and Acquisitions Association, visited the Public Technical Service Department of the National Information Center to share and exchange views on the development trends of data economy, particularly South Korea’s MyData.

Researcher An Guangyong shared the latest trends and development directions of MyData worldwide through comprehensive horizontal and vertical comparisons. He analyzed the achievements of South Korea’s MyData on a global scale from various perspectives such as geographical location, culture, and history. He then introduced specific successful cases of South Korea’s MyData, spanning various sectors including finance, healthcare, and education. These practical cases provided tangible references for the digital economy, demonstrating the achievements and benefits of MyData in practical applications in South Korea.

Attendees showed strong interest in the architecture, regulatory mechanisms, and related licenses of MyData. They discussed how the government can ensure the security and compliance of MyData, as well as how related industries can obtain necessary permits and certifications.

Both parties plan to continue exchanging and cooperating in the next step, researching how MyData can be implemented in China and its macroeconomic effects, such as its contribution to GDP growth and employment rates.

As a Korean returnee expert in credit and data, An Guangyong and his team have been closely tracking and researching the trends of the South Korean MyData industry since 2019. They have also shown concern for the digital economy and AI development in South Korea, conducting multiple research trips to South Korea in 2023 to investigate MyData regulations and the industry.

An Guangyong’s team regularly updates the latest MyData developments in the electronic journals “Data Economy Review” and “Global Credit Technology Dynamics,” and publishes related research reports. They have also published several MyData-themed articles in “Credit” and “Tsinghua Financial Review.” Some references to their research include:

Expert Opinion | Innovation Direction of Personal Credit Industry—South Korea’s MyData Industry and Credit Applications, “Credit,” 2023.

New Business Model of Personal Financial Data—Taking South Korea’s MyData as an Example, Tsinghua Financial Review, 2023(04).

Challenges and Responses to Personal Information Protection under the Digital Economy—New Approaches Based on Personal Data Management, Tsinghua Financial Review, 2021, Issue 3.

Summary of MyData Seminar | Exploring New Directions for China’s Personal Data Industry.

Personal Data Industry | Current Situation of Public MyData in South Korea.

Researcher An Guangyong’s team plans to collaborate with a well-known domestic publishing house to release a monograph on the South Korean MyData model at the end of this year or the beginning of next year. The monograph will elaborate on the development of the industry and its implications for the global data industry and the construction of China’s data element market. Please stay tuned for updates.

The People’s Bank of China has revised and released the “Credit Reporting Complaint Handling Procedures”.

In recent years, China’s credit reporting market has developed rapidly, with the continuous expansion of credit reporting business entities and an increasing diversity of credit reporting service applications. The protection of credit rights faces new situations and tasks. In order to better protect the legitimate rights and interests of information subjects and promote the high-quality development of China’s credit reporting industry, the People’s Bank of China recently revised and released the “Credit Reporting Complaint Handling Procedures” (referred to as the “Procedures”).

The “Procedures” are based on the actual development of China’s credit reporting market, adhering to the basic principles of legality and compliance, convenience and benefit to the people, precise relief, and efficient performance. They comprehensively revised and improved the credit reporting complaint handling system from aspects such as smoothing complaint channels, clarifying complaint jurisdiction, simplifying complaint requirements, optimizing handling processes, and standardizing handling documents.

The main revisions include:

(i)Simplifying complaint requirements, optimizing handling processes, and improving handling standardization. It requires branches of the People’s Bank of China to uniformly publish complaint channels on their official websites, simplify identity verification requirements for complainants, add processes such as material review, complaint suspension, and consolidation, and standardize formats for relevant documents such as complaint applications, complaint replies, and termination notices.

(ii)Unifying the authority and jurisdiction of credit reporting complaints. It clarifies that credit reporting complaints are under the jurisdiction of the branches of the People’s Bank of China where the respondent is located, achieving the unity of the subject of credit reporting complaint acceptance and credit reporting supervision, with equal rights and responsibilities.

(iii)Strengthening system design to guide complainants to safeguard their rights correctly. It specifies complaint acceptance standards, requiring complaints that meet the acceptance conditions to be accepted, and strengthening the obligation to inform complaints that do not meet the acceptance conditions. It clarifies the scope of credit reporting complaint acceptance and improves the precision of credit reporting relief. It adds termination clauses for situations such as providing false materials or filing complaints under false identities, guiding complainants to safeguard their rights in accordance with the law and regulations.

The release of the “Procedures” is conducive to improving the convenience of credit reporting complaints, reducing the cost of complaints, facilitating the people to protect their legitimate credit rights and interests, and enhancing the quality and efficiency of credit reporting complaint handling. In the next step, the People’s Bank of China will continue to deeply implement the development ideology centered on the people, practice the concept of credit for the people, continue to do a good job in protecting the credit rights and interests of information subjects, and promote the high-quality development of China’s credit reporting industry.

Enterprise Financing Credit Platform | Deputy Director of the National Development and Reform Commission, Li Chunlin: Providing More Accurate Financing Services to Specialized Industries

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.

Corporate Financing Credit Platform | Director of the Central Bank’s Credit Bureau, Ren Yongmei: Supporting credit institutions in utilizing big data and artificial intelligence for product innovation

The State Council Information Office held a regular policy briefing on April 10, 2024 (Wednesday) at 3:00 PM, where Li Chunlin, the Deputy Director of the National Development and Reform Commission, Ren Yongmei, Director of the Credit Bureau of the People’s Bank of China, and Feng Yan, the head of the Inclusive Finance Department of the Financial Regulatory Authority, introduced the ‘Implementation Plan for Coordinating the Construction of Financing Credit Service Platforms to Improve the Financing Convenience Level of Small and Micro Enterprises’ and answered questions from reporters. Below is the transcript of the Q&A session with Ren Yongmei, Director of the Credit Bureau of the People’s Bank of China:

Reporter from Poster News: In recent years, market-oriented credit institutions in our country have developed rapidly and have played an important role in enhancing the efficiency of credit financing matching. Could you please share the People’s Bank of China’s considerations on cultivating and managing the credit market? Thank you.

Thank you for the question, let me answer it. First, I appreciate your concern and support for the credit market. The construction of our country’s credit system has always adhered to a dual-drive approach of ‘government + market,’ and market-oriented credit institutions are an important part of China’s credit system. In recent years, the People’s Bank of China has vigorously developed a multi-level credit market, covering a wide range of social credit needs. First, we have actively and prudently developed the personal credit market. According to market demands and in conjunction with personal information protection requirements, the People’s Bank has approved two personal credit institutions. In 2023, these institutions provided various credit services such as credit reports, credit scores, and anti-fraud scores, totaling 42 billion times. Second, we nurture and develop the corporate credit market. We guide institutions with data, technology, and markets to enter the corporate credit market, integrating various types of credit information related to enterprises’ registration, business operations, and contract fulfillment. In 2023, 149 corporate credit institutions provided various credit services 22.3 billion times. Third, we have actively promoted the market-oriented transformation of local credit platforms, achieving significant results. Out of 31 provincial local credit platforms, 26 are operated by specially established market-oriented institutions. These institutions comprehensively collect local enterprises’ public credit information and other commercial credit data, achieving deep integration and application of various types of information to provide specialized credit services to financial institutions.

Next, the People’s Bank will follow the Central Committee’s decisions on building a comprehensive social credit system, fully implement the deployment requirements of the ‘Implementation Plan,’ and continue to nurture and manage the credit market. First, further optimize the layout of the credit market. Seize the development opportunities of new productive forces, deepen credit supply-side reforms, support credit institutions in using new technologies like big data and artificial intelligence for product innovation, and provide diversified and differentiated credit information services for inclusive financial development. Second, further promote the sharing and application of various types of credit information. In conjunction with the Development and Reform Commission, we will promote the legal and compliant opening of data to credit institutions by the credit information platform, fully leveraging the multiplier effect of data. Third, continuously strengthen credit supervision. Firmly implement strict supervision requirements, bring all credit activities under lawful regulation, and comprehensively protect the legal rights and information security of information subjects. Thank you.

China News Agency reporter: The “Implementation Plan” proposes that the Financial Credit Information Basic Database should adhere to the positioning of financial infrastructure and provide high-quality specialized credit services for financial institutions. I would like to inquire about the effectiveness of the National Financial Credit Information Basic Database in supporting financing for small and medium-sized enterprises (SMEs). What are the considerations for the next steps? Thank you.

Thank you for the question. I’ll address it. The People’s Bank of China (PBOC) resolutely implements the decisions and arrangements of the Central Committee of the Communist Party of China and the State Council, continuously improves the policy system of financial services for the real economy, and vigorously promotes the construction of the credit system, which has played a positive role in alleviating the difficulties and high costs of financing for small and medium-sized enterprises (SMEs). The PBOC began building the financial credit system in the 1990s. After nearly thirty years of development, the National Financial Credit Information Basic Database has grown from nothing to the largest credit system in the world in terms of coverage and the most comprehensive in terms of credit information. Querying the database for credit reports has become a necessary step in the credit review process of financial institutions, playing a leading role in financial services for the real economy.

Here are some numbers for reference: As of the end of March 2024, the database has been accessed by 6,124 legal entities engaged in credit business, including commercial banks, consumer finance companies, and microloan companies. It has recorded information related to 1.16 billion individuals, 130 million households, and other organizations. In 2023, the database provided query services 5.3 billion times, a significant number indicating the substantial support for financing obtained by many SMEs with good credit history. In the World Bank’s Doing Business assessment, China’s credit information index, with the database as a reference, has ranked among the top globally for several consecutive years.

Furthermore, the PBOC actively promotes the construction of the unified registration and public announcement system for movable property financing and the accounts receivable financing service platform, which has facilitated the financing development of SMEs. As of the end of March 2024, the unified registration and public announcement system for movable property financing has handled 34.455 million registrations and provided 210 million queries. The accounts receivable financing service platform has facilitated 512,000 financings. It is fair to say that significant progress has been made in supporting movable property financing and supply chain finance.

In the next steps, the PBOC will thoroughly implement the spirit of the Central Economic Work Conference and the Central Financial Work Conference, practice the concept of “credit for the people,” continuously improve the database’s functions and services, and provide information support for the five major tasks. First, it will lawfully and comprehensively collect financial credit information, deepen the development and application of credit information, further improve service quality and efficiency, and support financial institutions in establishing a sound and effective mechanism for lending. Second, it will research and promote the shared application of payment fund flow information for SMEs, form a complementary service pattern with credit information, and further enhance the financing convenience for SMEs without credit records. Third, it will further expand the registration scope of the unified registration and public announcement system for movable property financing, and promote the application of the accounts receivable financing service platform, helping SMEs obtain financing using movable property. Thank you!

Notice of the General Office of the State Council on Issuing the ‘Implementation Plan for Coordinating the Construction of Financing Credit Service Platforms to Improve the Financing Convenience Level of Small and Micro Enterprises

Notice from the General Office of the State Council on Issuing the ‘Implementation Plan for Coordinating the Construction of Financing Credit Service Platforms to Improve the Financing Convenience Level of Small and Micro Enterprises’

State Council Office Issue [2024] No. 15

To the People’s Governments of all provinces, autonomous regions, and municipalities directly under the Central Government, and to all ministries and commissions of the State Council, and to all directly subordinate institutions:

The ‘Implementation Plan for Coordinating the Construction of Financing Credit Service Platforms to Improve the Financing Convenience Level of Small and Micro Enterprises’ has been approved by the State Council and is now issued to you for serious implementation.

General Office of the State Council

March 28, 2024

(This document has been abridged)

Coordinated Construction of Financing Credit Service Platforms

Implementation Plan to Enhance Financing Convenience for Small and Micro Enterprises

The financing credit service platform is a comprehensive platform established under the guidance of government departments. It aggregates credit information across sectors and fields to provide credit information services for financial institutions’ enterprise financing activities. It plays a crucial role in solving the problem of information asymmetry between banks and enterprises and in reducing the financing costs for businesses. To implement the decisions and deployments of the Central Committee of the Communist Party and the State Council, better coordinate the construction of financing credit service platforms, improve the inclusive financing service system based on credit information, and effectively enhance the financing convenience level for small and micro enterprises, this implementation plan has been formulated.

I. Overall Requirements

Guided by Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the Party’s 20th National Congress, thoroughly, accurately, and comprehensively apply the new development concepts, accelerate the construction of a new development pattern, strive to promote high-quality development, improve the data foundation system, increase the coordination efforts in building financing credit service platforms, perfect the mechanism for the aggregation and sharing of credit information, advance the ‘Credit Easy Loan’ initiative, deepen the application of credit big data, ensure information security and the legitimate rights and interests of business entities, prompt financial institutions to change their business philosophies, optimize financial services, and control financial risks, providing high-quality financial services especially for small and micro enterprises.

II. Increase Coordination Efforts for Platform Construction

(i) Clarify the channels for the aggregation and sharing of credit information. Strengthen the ‘main hub’ function of the national credit information sharing platform (hereinafter referred to as the credit information platform) for the aggregation and sharing of credit information, and enhance the data sharing of the national financial credit information base database. The credit information platform unifies the collection of various types of credit information and shares it with departments and localities as needed. Relying on the credit information platform, construct a national financing credit service platform and connect it with local financing credit service platforms to form a nationwide integrated platform network. This serves as the ‘sole outlet’ for providing public credit information services to financial institutions, although the provision of credit information services in specific fields by departments to financial institutions is not restricted by this. Adhere to the financial infrastructure positioning of the national financial credit information base database, providing high-quality professional credit services to financial institutions.

(ii) Strengthen the integration and unified management of local platforms. Integrate local financing credit service platforms that are redundant or inefficient, keeping only one provincial platform per province in principle, and no more than one platform at the city or county level. All local platforms should be unified into the national integrated platform network, managed through a list-based approach to reduce redundant construction and waste of resources. The National Development and Reform Commission is responsible for coordinating the construction of financing credit service platforms and promoting the integration and unified management of local platforms. All regions should complete the platform integration by the end of December 2024, orderly managing asset transfer, data handover, and personnel placement, ensuring that platform services are not affected during the integration period.

(iii) Enhance guidance for the construction of local platforms. Standardize the criteria for local financing credit service platforms to access the national integrated platform network, optimize credit information services, and promote the standard and healthy development of local platforms. Relying on urban credit monitoring and the creation of social credit system demonstration zones, strengthen guidance on improving platform data quality. Fully utilize the existing counterpart support mechanisms to further deepen cooperation in constructing financing credit service platforms between the eastern and the central and western regions, and accelerate the ‘Credit Easy Loan’ initiative in the central and western regions.

III. Optimize the credit information collection and sharing mechanism

(iv) Clarify the scope of credit information collection and sharing. Based on the actual needs of financial institutions for credit information, further expand the scope of credit information collection and sharing to include key personnel information of enterprises, various qualification information, import and export information, etc., into the credit information collection and sharing list (see attachment). The National Development and Reform Commission will lead the timely update of this list. All regions should fully utilize the role of local financing credit service platforms to break down data barriers, legally and regulatively increase the collection and sharing of credit information outside the list, compile provincial credit information collection and sharing lists in line with local realities, and effectively expand the breadth and depth of data collection and sharing.

(v) Improve the quality and efficiency of credit information sharing. Increase ‘total-to-total’ sharing efforts for credit information already managed centrally by national departments. Strengthen collaborative governance of data quality, standardize data collection standards, timely conduct credit information repair, and improve information update and maintenance mechanisms to ensure data is true, accurate, and complete. Address issues such as insufficient data sharing frequency, inadequate interface capacity, and insufficient sharing of certain public utility information to further enhance the efficiency of credit information sharing. According to the needs of data providing units, regularly feedback on data usage and effectiveness. The National Development and Reform Commission should lead the assessment of credit information sharing quality and efficiency among regions and relevant departments.

IV. Deepening the Utilization of Credit Data

(vi) Improve information query services. Financing credit service platforms at all levels should provide services such as information push, information queries, and credit report queries to financial institutions according to the principles of public welfare, in accordance with laws and regulations. They should expand the scope of credit information queries, refine the credit report query system, and enhance the quality of credit reports. Support banking institutions in perfecting credit management systems and increasing the use of credit reports in customer screening, pre-loan investigations, in-loan approvals, and post-loan management, thereby providing high-quality financial services to small and micro enterprises.

(vii) Conduct joint modeling applications. Support financing credit service platforms and financial institutions in establishing joint laboratories for credit information collection and processing. Enhance sensitive data development and application through measures such as ‘keeping data within domain’, and improve the level of financial credit joint modeling. Encourage financial institutions to actively connect with financing credit service platforms and fully utilize credit information to optimize credit product development, credit evaluation, and risk management.

(viii) Develop credit financing products. Fully leverage the credit information aggregation advantages of key enterprises, centralized trading places, and distinctive industrial clusters. Conduct “Credit Easy Loan” special product pilots adaptively. Enhance the application of comprehensive public credit evaluation results, encourage local financing credit service platforms to develop strategic new industries, future industries, green and low-carbon development, key industrial and supply chains, agriculture-related modules, and support financial institutions in utilizing specialized credit information to launch market-oriented financial products and services in niche areas. Accelerate the construction of the rural credit system, support financial institutions in developing exclusive financial products and services for farmers and new types of agricultural operators, and moderately increase the proportion of credit loans.

(ix) Expand and enhance platform service functions. Encourage localities to establish and improve a “policy-to-person” mechanism, fully leverage the advantages of local financing credit service platforms in connecting enterprises and financial institutions, and promote the direct delivery of various financial convenience and enterprise-benefiting policies to small and micro enterprises and other business entities through the platform. Promote financing guarantee institutions to join the financing credit service platforms, establish a multi-party cooperation mechanism involving banks, governments, and financing guarantee institutions based on the platform, and simplify related financing guarantee procedures rationally. Encourage capable localities to establish mechanisms such as “online notarization,” “online arbitration,” and financial internet courts based on financing credit service platforms, for efficient resolution of financial disputes.

(x) Develop the credit service market. Establish operating conditions and standards for the credit information platform. Under the premise of ensuring information security, legally and regulatively open data to various credit service institutions, including credit reporting agencies, steadily foster the credit service market, and enhance the efficiency of matching supply and demand in credit financing.

V. Safeguard Measures

(xi) Strengthen information security and protect the rights and interests of information subjects. Enhance the management of information security on financing credit service platforms, improve management norms and standards for platform integration, institution entry, information collection, information sharing, and data security, and effectively ensure the security of physically collected information. Financing credit service platforms at all levels should strengthen the management of information authorization, enhance the security of data sharing, use, transmission, and storage, improve the monitoring and early warning of security risks, and effectively safeguard data security. Without anonymization or explicit authorization from the information subjects, financing credit service platforms at all levels must not provide information involving trade secrets or personal privacy, nor may they illegally spread, leak, or sell relevant credit information.

(xii) Strengthen policy support and safeguards. Local people’s governments should provide appropriate support for the construction of local financing credit service platforms at their level, guide local platforms and financing guarantee institutions to strengthen cooperation, and enhance the level of financing convenience for small and micro enterprises. Encourage localities to develop incentive policies that support credit financing, and provide appropriate incentives to financial institutions that help small and micro enterprises achieve financing through financing credit service platforms.

The third personal credit rating license may accelerate implementation; what impact will this have on the industry?

The third personal credit license may be issued soon!

Pan Gongsheng, the governor of the People’s Bank of China, recently announced at a press conference held by the State Council Information Office that the People’s Bank is guiding Qiantang Credit in its application for a personal credit license in conjunction with the Zhejiang Provincial Government.

Compared to Baihang Credit and Pudao Credit, which are already operational, Qiantang Credit has faced a much more difficult journey in applying for the personal credit license. As early as November 26, 2021, the People’s Bank had announced that it had accepted Qiantang Credit’s application for personal credit services. More than two years have passed, and the People’s Bank has still not issued a decision.

The challenging path for Qiantang Credit’s license application may be influenced by the ‘direct connection interruption’ and major shareholder restructuring. From the perspective of equity structure, both Zhejiang Tourism Investment Group Co., Ltd. (referred to as ‘Zhejiang Tourism Group’) and Ant Technology Group Co., Ltd. (referred to as ‘Ant Group’) hold 35% stakes, making them the largest shareholders.

As the restructuring of Ant Group is essentially complete and policy signals are clear, the issuance of Qiantang Credit’s personal credit license may accelerate. Several industry experts have stated that the issuance of Qiantang Credit’s personal credit license is of positive significance to the industry and will help align personal credit infrastructure with the development of the digital economy.

Qiantang Credit’s Challenging Path to Licensing

Ant Group’s application for a personal credit license began with the implementation of the ‘Interim Measures for the Supervision and Administration of Financial Holding Companies’ that landed in September 2020. These measures brought Ant Group under regulatory scrutiny, resulting in three regulatory interviews within six months. The regulatory rectification plan required Ant Group to bring all its financial activities under financial supervision, apply legally for the establishment of a financial holding company if eligible, sever improper connections between payment tools and other financial products, and prudently carry out internet lending and insurance business with licensed personal credit services.

On November 26, 2021, the People’s Bank of China publicized that it had accepted the personal credit business application from Qiantang Credit Limited (in preparation), referred to as “Qiantang Credit.” According to disclosures, Qiantang Credit has a registered capital of 1 billion yuan, with both Zhejiang Tourism Group and Ant Group holding 35% stakes each, making them the largest shareholders. Transfar Group holds 7%, Hangzhou Financial Investment Group holds 6.5%, Zhejiang E-port holds 6.5%, and Hangzhou Xishu Enterprise Management Partnership (LP) holds 10%.

The proposed list of directors, supervisors, and senior managers includes Chen Long, Dong Zhanbin, Yu Quan, and Chen Xinchun as shareholder directors; independent directors include Guo Tianyong, Hu Shaoxian, and Zhang Jingzhong; supervisors include Zhou Shengxue, Zhao Lei, and Cheng Zhijuan; senior management includes President Dong Zhanbin and CFO Kong Lingren.

Reporters learned that while Baihang Credit and Pudao Credit took about one to two months from application acceptance to approval, Qiantang Credit has been waiting for more than two years since its application was accepted, and the People’s Bank has yet to issue a decision. The path to licensing appears to be fraught with challenges. Pan Wenyuan, director of the Credit Research Center at the Shanghai Huaxia Economic Development Research Institute, told reporters that the difficulties in Qiantang Credit’s licensing mainly stem from the central bank’s cautious approach. Personal credit licenses involve multiple factors such as personal privacy protection, data compliance, and regulatory needs, requiring time for a comprehensive assessment.

Liu Xinhai, the executive deputy director of the Credit Management Committee of the All-China Mergers and Acquisitions Association and vice president of the Beijing Credit Society, analyzed several reasons for Qiantang Credit’s challenging path: one is the impact of Ant Group’s restructuring in recent years; another is the unique formation of Qiantang Credit, which differs from traditional global credit institutions, adding complexity. With the current strict global regulation of personal data, regulatory approvals are particularly cautious.

Wang Pengbo, a senior analyst at Broad Consulting, told reporters, “It might be due to not meeting the central bank’s acceptance criteria. The central bank might also be concerned about the actual control a single institution has over its personal credit business, questioning whether it can maintain the independence that a third-party credit agency should possess. If the data is biased, it could lead to assessment discrepancies. Of course, the decision might also be based on macroprudential principles.”

Impact of the License on the Industry

However, as Ant Group’s restructuring is essentially complete and the policy signals for the development of the credit market are clear, Qiantang Credit is experiencing new developments. Pan Gongsheng, the governor of the People’s Bank of China, recently announced at a State Council Information Office press conference that the People’s Bank, in conjunction with the Zhejiang Provincial Government, is guiding Qiantang Credit in its application for a personal credit license.

Pan Wenyuan believes that the central bank is further promoting the development of the credit market and sending positive signals, especially since Qiantang Credit has a higher private capital ratio compared to the first two institutions. Introducing market-oriented personal credit institutions under the premise of controllable risks can foster healthy competition in the industry and boost market confidence.

Pan Wenyuan states that Qiantang Credit’s role is primarily based on Ant Group’s actual application scenarios. Unlike Baihang Credit and Pudao Credit, which mainly serve the public market, Qiantang Credit has a multidimensional data advantage. The establishment of Qiantang Credit can enrich the data sources of the existing personal credit industry from a data collection perspective; from the perspective of serving the financial industry’s data needs, personal credit companies will become important participants in the financial industry’s data service providers, leveraging data resources and licensing advantages to increase market share.

Wang Pengbo points out that the personal credit industry requires participation from institutions representing various types to meet market demands. Credit is the foundation and underlying business of finance, supporting lending. Under the requirements of mandatory licensing and the disconnection of direct financial information, the value of personal credit licenses will gradually increase. As the financial industry develops progressively, the application scenarios for credit will become richer and more diverse.

Liu Xinhai states that China has the world’s largest consumer market and plans to further develop its consumer economy in the future. Efficient and diversified personal credit services are important digital economic infrastructures. There needs to be a central bank credit system as public infrastructure, state-backed credit institutions to ensure data security, and personal credit institutions based on large technology platforms to compete and promote each other, making the entire personal credit market more dynamic.

Liu Xinhai points out that the future establishment of Qiantang Credit’s personal credit license will have a positive impact on the industry: on one hand, it will help to align personal credit infrastructure with the development of the digital economy; on the other hand, being based on a large technology platform, market-driven incentives and specialized operations can bring technological and business model innovations to the field of personal credit.