The integrated service center of Kunming area of Yunnan Pilot FTZ

Recently, Kunming Municipal Commission of Development and Reform has issued a notice on accelerating the establishment and improvement of a new credit-based regulatory mechanism in Kunming Area of China (Yunnan) Pilot Free Trade Zone to benefit both enterprises and individuals. 

The credit information sharing rate will exceed 90%

With reference to the relevant data standard requirements of Yunnan province, the Kunming Area of Yunnan Pilot FTZ is compiling its own Public Credit Information Directory based on the actual situation. It also establishes and improves the credit records and credit archives of market entities by collecting their basic information, administrative approval information, trustworthy and dishonest records. Overall, the collection and sharing rate of relevant information will reach over 90 percent this year among administrative departments in this area. 

According to the note, an information sharing mechanism that connecting Kunming Area of Yunnan Pilot FTZ, provincial and municipal credit information sharing platforms has been set up. The information of administrative license and punishment should be publicized as well. 

Credit rating will be taken into account in administrative approval 

Public credit rating of market entities has been launched and the results will be used by relevant departments to set up industry credit evaluation model.

The information of credit rating will be introduced into approval system for all kinds of business to improve approval efficiency. The entities with good credit can get access to preferential services and measures, such as simplifying procedures, reducing or exempting fees and lowering the requirement. In contrast, the dishonest subjects shall be restricted in administrative licensing, industry access, project approval, bid, loan and so on. 

The notice also makes it clear that it will actively help market participants to carry out credit repair. 

Make capital raising easier

Market entities with good tax-paying credit can benefit from preferential loan policies and the government is considering to facilitate their loan by more financial products.

Under the premise of ensuring information security, enterprises or individuals with good credit are going to have easier access to talent service, electricity supply, housekeeping and so on in the near future. 

At present, Kunming area of Yunnan Pilot FTZ has become the pilot zone of this notice and it has had a demonstration effect. 

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(Editors: Alison, Christine)