China's Yangtze River Delta Region To Set Up Credit System

Shanghai, Jiangsu and Zhejiang have signed a memorandum of understanding with the People's Bank of China on together building a credit system for the Yangtze River Delta.

Under the framework of the MOU, the credit management department of the three regions will set up a credit work team as well as a regular reporting and communication mechanism with the central bank's branches in Shanghai, Nanjing and Hangzhou to promote the credit system construction in the Yangtze River Delta region.

According to the MOU, People's Bank of China will make use of its nationally unified system and individual credit information database to actively support and push foward the construction of credit system in Shanghai, Jiangsu and Zhejiang and focus on improving the regional credit environment there. The government of the three regions will also actively support the credit system construction and the central banks' supervision and management on the local credit market so as to promote the harmonious economic and financial development in the regions.

With the economic integration of the Yangtze River Delta region in recent years, the coordinated and harmonious development of financial services has been put on the top agenda for the region. In November last year, the three regions signed a framework agreement with the central bank on promoting the financial development and regional economic integration in the Yangtze River Delta region, which marked the initiation of a harmonious finance development.