China's Market Regulators Restore Credit for Over 44 Million Business Entities by End of October

As of the end of October, China's market regulatory authorities have restored credit for 44.16 million business entities, according to an announcement on December 2. The move is expected to further invigorate market vitality as China continues to refine its credit restoration mechanisms.

The State Administration for Market Regulation (SAMR) held a press conference to introduce the newly issued "Administrative Measures for Market Supervision Credit Restoration" (hereinafter referred to as the "Measures"). The policy aims to provide standardized, efficient, and convenient credit restoration services to help businesses rebuild their credit profiles.

Jing Qionghua, Deputy Director of the Credit Supervision Department at SAMR, highlighted that the "Measures" expand the scope of credit restoration. For instance, negative inspection results from random checks are now eligible for repair, and businesses undergoing bankruptcy reorganization are also included. Previously, companies in bankruptcy proceedings often faced difficulties due to poor credit records, but the new policy provides support to restore their credit and resume normal operations.

The "Measures" also enhance the precision of credit restoration by categorizing violations into three levels—minor, moderate, and severe—with corresponding disclosure periods and restoration conditions based on the severity of the offense. Minor violations may not require public disclosure or can be removed after three months.

To improve efficiency, the policy shortens disclosure periods and processing times. The minimum disclosure period for general administrative penalties is reduced from six to three months, easing burdens on businesses. Additionally, the processing time for credit restoration related to administrative penalties and severe violations is cut from 15 to seven working days.

In March, a nationwide unified platform for credit restoration was launched, enabling businesses to check their violation records and apply for credit repair seamlessly across regions. SAMR plans to further optimize the platform and accelerate the formulation of national standards for credit restoration to enhance accuracy and consistency in implementation.