China will streamline and improve its financing credit service platforms to facilitate financing of medium, small, and micro enterprises (MSMEs), according to a circular released by the General Office of the State Council on April 2.

The circular said efforts will be made to enhance information collection and credit information sharing platforms across the nation, and sharing of the national financial credit database.

Meanwhile, redundant and inefficient local financing credit service platforms will be consolidated by the end of 2024, and the scope of information collection and sharing will be further expanded to cover major personnel of enterprises, qualifications, and imports and exports.

The circular also encouraged local financing credit service platforms to develop special functional modules for strategic emerging industries, future industries, green and low-carbon development, key industrial chains and supply chains, plus agriculture, rural areas and farmers.

Construction of the credit system in rural areas will be accelerated, and financial institutions will be supported to develop financial products and services for farmers and new agricultural business entities.

Information query and quality of credit reports provided by financing credit service platforms should be improved, the circular stressed.