Social credit to help SMEs get financing

China will roll out preferential policies that will enable small and medium-sized enterprises to get loans based on their social credit scores as part of the efforts to lower financing costs for the sector, according to a top official with the nation's top economic regulator.

The government will evaluate credit information collected in the social credit system and self-declared information of small and micro enterprises and then share the information with financial institutions so as to give assistance based on companies' performance.

Such efforts are expected to improve the channels for small-sized enterprise to get financing, as companies with higher ratings will get loans in a short period of time, said Lian Weiliang, vice-chairman of the National Development and Reform Commission, during the annual Credit System Construction Forum held in Fuzhou, Fujian province on Sunday.