A single credit report provides a streamlined alternative to multiple materials essential in enterprise listing and financing procedures. Recently, 2024 Beijing Joint Conference on Establishing a Social Credit System was held. According to the conference, a specialized credit report has expanded its reach, encompassing a total of 42 sectors in 2024.

Credit reports play a crucial role in expediting financing procedures for small and medium-sized enterprises (SMEs). In an innovative move in 2023, Beijing replaced law and regulation violation inquiry by introducing a specialized credit report. This report simplifies the complex procedures and handles difficulties encountered by market entities seeking a certificate for law and regulation violations. Since the report was used in September 2023, over 6,600 specialized credit reports have been downloaded by enterprises, corresponding authorities actively issuing 21,000 reports to enterprises.

According to the outlined plan, the specialized credit report is slated for improvement and expansion in September 2024. Its coverage will broaden from 20 to 42 sectors, encompassing all key fields. Beyond existing market entities, the specialized credit report will cover a broader scope of entities, including non-market entities such as non-corporate enterprise legal entities and their branches, and social organizations. Market entities will receive guidance on the application process for specialized credit reports, tailored to various utilization scenarios such as finance, business operations, and administrative management within the report's scope. Moreover, market entities are set to benefit from convenient services through enhanced services and efficient report collection notices.

(Source: Beijing Daily)