Core Points - The National Development and Reform Commission announced a reduction in credit service fees effective July 1, 2025, aimed at alleviating the burden on enterprises and optimizing the business environment [1][3] - The new fee structure significantly lowers costs for financial institutions and individuals, promoting the development of a social credit system [1][5] - The adjustment is expected to save financial institutions billions annually and enhance the accessibility of credit services for individuals [1][7] Summary by Category Fee Structure Changes - The baseline service fee for banks querying corporate credit reports is reduced from 20 yuan to 9 yuan, while personal credit report fees drop from 2 yuan to 1 yuan [3] - For 11 types of smaller financial institutions, corporate queries are now 4.5 yuan and personal queries are 0.5 yuan, effectively halving their risk management costs [3][5] - Personal queries at counters are free for the first two times, with subsequent queries costing 5 yuan, while internet queries remain free [3][4] Market Development - The credit market in China is rapidly evolving, with a dual-track system comprising the central bank's credit center and market-based institutions like Baihang Credit and Puda Credit [2][6] - The new regulations are expected to enhance the efficiency of the credit system and accelerate the digital transformation of China's credit economy [2][7] Operational Efficiency - The new rules prevent multiple charges for repeated queries within a 30-day period for the same corporate report and within a day for the same personal report, improving efficiency for financial institutions [4] - A medium-sized city commercial bank could save over 2 million yuan annually under the new fee structure, allowing for reinvestment in risk control technologies or lower loan rates [5] Technological Innovation - The credit economy is being reshaped by digital financial technology innovations, including blockchain and AI, which enable real-time credit scoring [8] - The credit service landscape is expanding beyond traditional lending to include applications in leasing, employment, and commercial cooperation [8] Data Security and Privacy - The implementation of the Personal Information Protection Law emphasizes the importance of data security and privacy in the credit industry [9] - Future developments will focus on enhancing data sharing efficiency while ensuring security, as the People's Bank of China aims to expand and improve the public credit system [9]