Unified credit rating system expected soon, say experts

A unified platform for collecting personal financial information and assessing people's credit ratings is being planned, and it is expected to be launched soon as a part of the central bank's regulatory framework, experts told China Daily.

It will complement the existing credit center of the People's Bank of China, the nation's central bank. The center covers data from most of the traditional financial institutions - to especially supervise and assess personal debt level from peer-to-peer lenders and some fintech companies, according to experts.

Tang Ning, founder and CEO of CreditEase, a US-listed Beijing-based financial technology conglomerate, who is also head of Beijing Internet Finance Industry Association, told China Daily that a national credit information system is expected to be built soon, which will contain non-banking personal financial trading data and individual credit records.