Shanghai to erect credit database ( 2003-07-31 09:06) (China Daily)
Shanghai municipal government Wednesday announced it will complete a
comprehensive credit database covering most Shanghai individuals and enterprises
within three years.
By the end of 2005, more than 80 per cent of large enterprises and 50 per
cent of the small and medium-sized enterprises in Shanghai will have their
credit information collected on the database, allowing for their credit records
to be checked and publicized, said Shanghai government spokesman Jiang Lan
Wednesday.
"We will accelerate the process and the database will be basically completed
in two to three years," the spokesman said.
He noted the project, which originally aimed to provide a credit information
platform for local commercial banks, also encourages local individuals and firms
to look after their credit-worthiness in due procedure.
According to the spokesman, the credit information collected will not cover
confidential business information, or any other private details such as
religious beliefs, health status or personal property.
Shanghai initiated the project in 1999, becoming the first city in the
Chinese mainland to collect its citizens credit information.
So far, the government-backed Shanghai Credit Information Service Co Ltd
(SCIS) has collected credit reports on nearly one quarter of Shanghai citizens
and of around 590,000 Shanghai-based enterprises.
In another development, the spokesman Wednesday denied overseas media reports
that German firms will compensate heavily for quality problems with the cable
systems of the Shanghai Maglev Transrapid Line, which were found in June.
"German suppliers have replaced the troublesome parts with new ones and the
problems have been fixed already," said Jiang.
