China to establish online platforms for exposing defaulted debtors

BEIJING — China has issued a notice advising authorities across the country to establish online platforms to expose debtors who fail to honor their credit obligations.

The notice, jointly issued by the Publicity Department of the Communist Party of China (CPC) Central Committee, the Supreme People's Court, and the China Banking Regulatory Commission (CBRC), told authorities to complete provincial-level online platforms by the end of this year and to make the public aware of these websites within two years.

Municipal- and county-level authorities are also encouraged to set up their own online platforms, according to the notice.

The online platforms will be developed and maintained by local news organizations on the basis of a database provided by local courts, said the notice.

The CBRC will direct financial institutions to incorporate such information into their credit line approval systems, it said.