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China Credit Reports
The Supreme People’s Court has a memorandum with the People’s Bank of China allowing the records of loan defaulters to be shared with financial institutions and other relevant parties.
The central bank’s credit reference center includesw default records in credit reports on groups and individuals shared with financial institutions, thus influencing their loan decisions.
Government departments, industry associations and civil service units also have access to these reports as references for defaulters’ financial and employment requests, restricting the defaulters’ activity in government procurements, tenders, administrative approvals and loans until they comply with court orders and settle their obligations, the report said.
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