The State Council, in a notice on Dec 29, approved a plan to encourage credit information sharing, in order to further support micro, small and medium enterprises (MSMEs) in financing.

According to the notice, the plan will speed up credit information sharing, promote data resources development and utilization, and renew and optimize financing modes.

The plan will further safeguard information security, protect the interests of market entities, and assist financial institutions, including banks, to better serve MSMEs.

With loans becoming more accessible for MSMEs, their financing costs will be lowered, and potential risks will be effectively prevented and defused.

The plan will help MSMEs overcome difficulties and see further development, to retain steady economic development of the country, according to the notice.