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Govt studies credit rating system

By Hu Yuanyuan (China Daily)
Updated: 2008-11-24 17:30

The People's Bank of China is considering a credit rating system on small and medium enterprises (SMEs) to make it easier for them to get bank loans, an official said at a SME credit risks management forum.

"We are closely studying such a rating system, as part of the central bank's efforts to strengthen financial support to cash-struggling SMEs," said Wang Xiaolei, an official from the central bank.

And such a rating system will also help banks to better control risks, she added.

As the macroeconomic situation worsens, banks have growing worries over increasing non-performing loans from SMEs. Though the central bank has cancelled the ceiling on bank loans, most banks are now taking an even more cautious approach to giving out loans.

"Given the growing uncertainties in the market, it is not easy to find a quality client now," said an executive with the Industrial and Commercial Bank of China, the country's largest lender.