China waives credit report inquiry fee for financial institutions

China's central bank would exempt service charges on enterprise and individual credit report inquiry for 10 types of rural, private and micro and small financial institutions.

The fee exemption, aimed at easing the financing burden of firms and individuals, will apply to those financial institutions from March 1 to June 30, said the Credit Reference Center of the People's Bank of China (PBOC), the central bank.

Institutions such as rural commercial and cooperative banks, rural credit cooperatives, microfinance and consumer finance companies, financial leasing firms and private banks will be exempt from the charge.

The PBOC will also waive registration fees related to the pledge of receivables, alteration and objection for all entities and individuals.

A total of 164 million yuan (about 23.6 million U.S. dollars) is estimated to be reduced through these actions to help enterprises and individuals tide over difficulties, according to the PBOC.

The PBOC stepped up efforts to broaden the channels for online credit report inquiry across the country during the outbreak of the novel coronavirus disease (COVID-19). About 46 percent of people obtained their credit reports through the internet during the outbreak, up 11 percentage points from the same period last year.

Source(s): Xinhua News Agency