08/27/2013 | 09:45pm US/Eastern
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The trust loan business has grown rapidly in recent years. Although trust loans have played an active role in supporting development of the real economy and enhancing the efficiency of financial services, they are associated with problems such as high risks, lack of transparency in transaction information, and etc.
In accordance with the requirements of Regulation on the Administration of Credit Information Industry, the PBC has decided to include the lending information of trust companies in the financial credit information database, and provide credit information services to these companies. The trust companies already connected to the database are required to report all credit information, guarantee the timely reporting and the accuracy and integrity of information, and acquire the authorization of the parties involved. The trust companies not yet connected to the database should make efforts to accelerate the connection and reporting, in order to realize the full coverage of trust companies and trust loan business. The above-mentioned measures will improve the service of the financial credit information database, prompt trust companies to enhance risk management, and help financial institutions to manage risks.
With regard to the entrusted loan business, the PBC is making research on the possible schemes to include entrusted loan information in the financial credit information database at an early date.
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