Revolutionizing Financing for Private Firms in West China with Credit System
Private firms in the western part of China need bank loans to grow, but they face challenges in getting credit. To improve this, a social credit system should be established. This includes creating a credit guarantee structure, a credit assessment system, and regulating the credit of individuals. Regional commercial banks should be opened for private firms, and national banks should provide financial services. Local private firms also need to improve their credit reputation by changing their mindset.