Beijing Moving Faster to Improve Its Financial and Credit Business Environment
March 18, 2018
To improve Beijing's financial and credit business environment and the corresponding services, stimulate innovation in financial credit products, and foster a modern financial industry commensurate with Beijing's standing as the capital of a big country, Beijing Municipal Bureau of Financial Work, the Operations Office of the People's Bank of China and China Banking Regulatory Commission Beijing Office jointly drafted "The Opinion on Further Improving the Financial and Credit Business Environment" (the "Opinion"). The full text of the Opinion contains 14 provisions, aiming to better Beijing's financial and credit business environment from four aspects. The First is to improve credit services. Multi-pronged measures will be adopted in this regard, such as urging incorporated banks in Beijing to voluntarily reduce or cancel fees for one or two service items, encouraging local financing guarantee agencies to reduce or remit the security deposit for corporate clients, shortening the approval time for credit application by small and micro enterprises, introducing the innovative green financial credit model, providing customized financial services for small and micro businesses, and standardizing administrative law-enforcement. The Second is to innovate in the mortgage guarantee mechanism, by promoting loan mortgage/pledge with intellectual property rights, receivables, emission permits, etc., and further enhancing the policy-based agricultural credit guarantee system. The Third is to make financial services more accessible. Provident fund credit shall be reviewed with greater efficiency, and information searching on movable property registration shall be made more convenient. The Fourth is to improve the credit information service system. Efforts shall be made to enhance financial infrastructure such as the basic database of financial credit information, the website of enterprise credit information and a platform for disclosing financial policies to other countries. The interaction between banks and tax authorities and the cooperation between banks and businesses shall be strengthened.