In recent years, to fulfill the obligation assigned by the State Council of “regulating credit information sector and promoting the construction of a social credit system”, the People’s Bank of China (PBC) has set up the national unified enterprise and individual credit information databases with joint efforts of banking institutions.
These laws were designed to make the mortgage market more transparent, and they have largely succeeded. Since their enactment, lenders have found lines of business that had not been previously tapped. New partnerships have been established between lenders and community organizations to meet the credit needs that have been identified through the use of HMDA data.