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China to unify registration for pledges of movable assets and rights

Updated: Dec 29,2020 04:57 PM    english.www.gov.cn

Unified registration for pledges of some movable assets and rights will be implemented nationwide starting Jan 1, 2021, according to a circular released by the State Council on Dec 29.

The move is aimed at facilitating pledge financing of movable assets and rights, and allowing the finance sector to better serve the real economy.

According to the circular, unified registration applies to pledges of production equipment, raw materials, semi-finished products and products, accounts receivable, deposit slips, warehouse receipts, bills of lading, finance leases, and factoring, except for those of motor vehicles, ships, aircraft, bonds, and stock equities.

The registration can be processed through a self-service system of the credit reference center of the People's Bank of China, and PBOC should strengthen guidance and supervision for the center, which is not allowed to carry out pre-process reviews, the circular stated.

To facilitate registration services, responsibility for pledge of movable assets previously undertaken by the State Administration for Market Regulation will be assumed by PBOC, according to the circular.

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