China has developed a public credit information system with the world's most extensive data scale and widest service coverage, according to an official from the People's Bank of China (PBOC)
During a press conference held by the State Council Information Office in Beijing on Wednesday, Ren Yongmei, Director of the Credit Information System Bureau under the PBOC, highlighted that China's credit information system has gained widespread recognition and now covers the majority of Chinese citizens and businesses.
"According to the World Bank's business environment assessment, China's credit information database has consistently ranked among the world's top. By the end of 2024, the database had recorded information of 1.16 billion persons and 140 million enterprises and organizations, providing credit report inquiry services for 6.7 billion times throughout the year," said Ren.
A major goal of the system, according to Ren, is to benefit China's micro, small, and medium-size enterprises (MSMEs) by facilitating their financing.
"Meanwhile, the PBOC Credit Information Center has built a unified registration and disclosure system for movable asset financing, improving accessibility and convenience of financing for MSMEs. By the end of 2024, the system had processed 44 million registrations and provided inquiry service for 260 million times," said Ren.
"Additionally, we innovated to establish a nationwide credit information sharing platform for MSMEs' cash flow data, helping financial institutions provide first-time loans and credit loans to businesses lacking credit records. As of the end of 2024, the platform had established credit profiles for 56 million enterprises and individually owned businesses, covering 88 million cash flow accounts," said Ren.
For the next step, the PBOC aims to further expand the credit information database coverage and promote multi-platform credit information services, especially online services.
"Moving forward, the PBOC will continue to expand coverage, enhance quality, and optimize efficiency of the public credit information system, broaden the coverage of the basic financial credit information database, and legally promote financial credit data sharing between the securities and insurance sectors. We will develop diversified credit information products to meet the demand for credit services across various scenarios. Additionally, we will further improve the integrated online-offline credit service network, including self-service terminals at credit information centers, mobile apps, and commercial bank online banking platforms, to provide more efficient and convenient credit services to the public, and build a secure, stable, and efficient financial infrastructure," said Ren.
China establishes world's most comprehensive credit reference system: PBOC Official
Mounting inflation and household strain are amplifying calls across the United States to end the war with Iran, with residents urging the government to shift focus to restoring economic stability at home.
The war, which U.S. President Donald Trump claimed "could be ended in four days," has now dragged on for more than 100, fueling domestic inflation and public frustration.
Across Massachusetts, residents described how rising costs for fuel, food and utilities are straining household budgets and sharpening frustration with the conflict.
"I commute about 20 miles to work every day, luckily I do have a Prius, but the prices have gone up significantly. And for hardworking Americans like me and a lot of people out there, the prices can hurt the bank account," said one resident.
Beyond gasoline, consumers are reporting sharp increases in grocery bills and utility costs.
"Most especially, energy prices, natural gas that we use to heat the house," another local resident in Massachusetts said.
"Absolutely. I have noticed so many increases in like gas prices. You go over to the gas (station), it's like 4 U.S. dollars or 5 U.S. dollars (per gallon). You know what I mean? How are you supposed to live on this? It's insane. Food. You know (compared to) just a couple of months ago, you go to a grocery store and food is just so much more expensive. It's just the price of taxes going up," said a third.
While Trump defended the strikes on Iran as a necessary measure to defend the American people by eliminating imminent threats, residents said that the government's top priority should be restoring economic stability for the sake of people's livelihoods.
"I mean I understand where Trump is coming from, trying to blot out, as you would say, Iran's capabilities of having nuclear possibilities. However, at the same time, we're suffering in the wake of everything that he has done thus far. So economically, energy, all those things are making the American people upset and unhappy. So he should concentrate on dealing with America first," said a resident.
"I also think that the priority should always be the American people. And I think the American people have already been struggling. And I think it's just the price of living has just gone up. It has become even harder to live and just to make ends meet. So I think the priority first and foremost should always be to helping the American people (to have) a stable economy," another resident said.
On Feb 28, the United States and Israel launched coordinated strikes on Iran, hitting Tehran, Isfahan and Karaj, and killing Supreme Leader Ali Khamenei along with senior officials. Iran's Islamic Revolution Guard Corps retaliated the same day with missile and drone attacks on U.S. bases in the Middle East and Israeli targets.
After more than a month of fighting, a temporary ceasefire was announced on April 8, followed by talks in Pakistan on April 11-12 that produced no breakthrough. Sporadic clashes resumed in May and intensified toward the end of the month. Since May 30, U.S. forces have struck Iranian positions along the Strait of Hormuz, while Iran has repeatedly targeted American bases across the region.
US residents voice frustration as costs climb amid Iran war
