According to the Several Guidelines by the General Administration Department of the State Council on the Building of A Social Credit System, “a nationwide credit reporting institution system with the coexistence of financial credit reporting agencies and social credit reporting agencies that provide diversified services shall be established”, and the main responsibility of financial credit reporting agencies all over the country shall be to build up national centralized individual and enterprise credit information databases and “provide convenient, quick and highly efficient credit information services to government departments, financial regulatory departments, financial institutions, enterprises and individuals according to law”.
Looking beyond the euro area, there are signs of a somewhat stronger global recovery and increasing global trade. So overall, as economic conditions are improving, also the risks surrounding the euro area growth outlook have become less pronounced, although they remain tilted to the downside, mainly because of global factors.