Sharing of credit info set to be enhanced

China will improve its social credit system to address financing difficulties and high costs for private enterprises through improved sharing of credit information, officials said on Wednesday.

"The National Development and Reform Commission is helping to address information asymmetry between financial institutions and enterprises by providing more comprehensive and multidimensional data support to lenders," Li Chunlin, deputy head of the NDRC, said at a news conference in Beijing.

The NDRC will enhance the coverage, accessibility, and efficiency of loan services for micro, small and medium-sized enterprises, strengthen the sharing of government-held business credit information while ensuring data security, Li said.