Credit database plan sent to cabinet

A plan to establish the country's first personal credit database has been submitted to the State Council (the cabinet) for review, the Economic Information Daily reported on Monday.

The database is to be completed by 2017, with credit information on finances, tax payments, social security payments and traffic violations pooled on a single platform, according to the plan seen by the newspaper, which is a subsidiary of the Xinhua News Agency.

Individuals and companies will be given a code that contains all of their credit records, and their credit ratings will be reviewed based on information on the platform.