Chinese cabinet posts guidelines on using big data to better serve, regulate market

BEIJING, July 1 (Greenpost) – Chinese cabinet, the State Council, released guidelines to strengthen services and supervision on market entities through big data, according to a circular on governmental portal www.gov.cn Wednesday.

Under the drive, the Chinese regulator aimed to improve governmental services and supervision efficiency, advance administrative rights reduction, and develop socialized credit information services.

China’s top securities regulator – China Securities Regulatory Commission (CSRC) – is required to support financial institutions including banks, securities firms, trusts management companies, finance leasing operators, guarantee firms, and insurers, industry associations and commercial chambers to use big data to serve enterprises.

CSRC is also required to guide credit information institutions to widen application of credit reporting in administration, public services, banking, securities and insurance sectors as well as optimizing fiscal, taxation, industrial and talents policies to expedite development of the big data industry.

Source Xinhua

Editor Xuefei Chen Axelsson