Market regulators in Beijing, Tianjin and Hebei have established a cross-regional credit regulation system following the implementation of regional public credit sharing initiated in November 2023, Beijing market regulators announced recently.

The initiative focuses on unifying data standards, improving information sharing and coordinating regulatory efforts. Officials report that 724 million credit data records are now fully shared, enhancing the role of credit in regional development.

To address inconsistent credit data standards and limited information sharing, the three regions jointly developed collaborative local standards and established a unified social credit code database. The standardized system now shares credit code data for nearly 17 million entities, including enterprises, self-employed individuals and social organizations.

The regions also released a work plan for cross-regional information sharing and a resource-sharing catalog. These initiatives introduce a standardized data-sharing mechanism, establish a data laboratory and support the development of a credit analysis geographic information system platform. 

These advancements are moving market regulation from basic data storage to data-driven decision-making, officials said.