Shanghai has simplified the process for businesses to apply for credit reports, which will save time and resources.
Starting from March 1, businesses in Shanghai can apply for a credit report online. The report will state whether the company has any violations in 41 categories, such as market supervision, ecological environment, urban management, and transportation.
The report can be used for a variety of purposes, such as listing, mergers and acquisitions, applying for bank loans, and applying for preferential policies.
The simplified application process is a major step forward in improving the business environment in Shanghai. It will allow businesses to focus on their core operations and will make it easier for them to access capital and markets.
The streamlined application process has been well-received by businesses. A director of the test department of an enterprise specializing in genetic medicine said that the process was “very efficient” and that they received their report in less than half an hour.
The simplified application process is part of a broader effort by Shanghai to improve the business environment. The city has also been exploring the options of imposing no administrative penalties for minor violations and regularly upgrading and improving the list of violations.
These efforts have paid off. The actual use of foreign investment in Shanghai in the first quarter of 2023 reached 7.8 billion U.S. dollars, up 28.1 percent year on year. A total of 907 regional headquarters of multinational corporations and 538 foreign-invested research and development centers are based in Shanghai.
Shanghai is committed to creating a first-class business environment. The streamlined application process for business credit reports is just one example of the city’s efforts to make it easier for businesses to operate and invest in Shanghai.
