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ECONOMY
THIS WEEK> THIS WEEK NO. 45, 2013> ECONOMY
UPDATED: November 4, 2013 NO. 45 NOVEMBER 7, 2013
Economy
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SMART SUBSTATION: Staff members examine equipment at the Changli 500-kilovolt electrical substation in north China's Hebei Province on October 28, which adopts a digital and smart system to control, adjust, analyze and coordinate supply (YANG SHIYAO)

Credit Tracking

People living in nine provincial-level regions, including Beijing and Guangdong, can now look up their personal credit reports using an online inquiry service. This was made available from October 28.

The People's Bank of China, or the central bank, started building its database of credit information in 2006, providing a yardstick for financial institutions to measure an individual's trustworthiness, especially when providing a loan.

According to a blue paper published by China Banking Association, the country's financial institutions issued 330 million credit cards by the end of 2012, with annual trading of 10 trillion yuan ($1.63 trillion).

The database collected information on 820 million individuals, among whom 290 million had personal credit files. The new platform is expected to draw public attention to personal credit records and help make credit management a part of people's daily routine, said Chang Sheng, General Manager of Allwin Credit, a Beijing-based micro-finance service provider.

The system is another form of credit tracking in China and the service will be available to the whole population in the first half of 2014, according to the central bank.

E-Commerce Boom

The size of China's business-to-customer (B2C) e-commerce market reached 162.4 billion yuan ($26.66 billion) in the third quarter, up 50 percent year on year, Internet market research company Analysys International said in a report on October 29.

The B2C market, gradually narrowing the gap with its customer-to-customer (C2C) equivalent, has covered 39 percent of the country's whole online retail market, said the report.

After several rounds of fierce price wars in the second quarter, China's e-commerce giants were active in expanding new businesses by developing online financing enterprises and introducing multiple operations.

The report predicted that China's B2C market would grow robustly in the fourth quarter, when major e-commerce enterprises will put much effort into the online-to-offline market.

Popular FTZ

The Shanghai pilot free trade zone (FTZ) has seen 208 newly registered enterprises since October 1, local authorities said on October 28.

These include 188 domestic and 20 overseas-funded companies, according to the Shanghai Administration for Industry and Commerce.

Registered capital ranges from 30,000 yuan ($4,900) to 480.8 million yuan ($79 million), according to the administration.

Of the newly registered enterprises, trade and investment-asset management industries fielded most registrations, with 122 and 36 respectively.

The Chinese Government officially opened the 29-square-km Shanghai FTZ on September 29.

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