China will improve its social credit system to address financing difficulties and high costs for private enterprises through improved sharing of credit information, officials said on Wednesday.

"The National Development and Reform Commission is helping to address information asymmetry between financial institutions and enterprises by providing more comprehensive and multidimensional data support to lenders," Li Chunlin, deputy head of the NDRC, said at a news conference in Beijing.

The NDRC will enhance the coverage, accessibility, and efficiency of loan services for micro, small and medium-sized enterprises, strengthen the sharing of government-held business credit information while ensuring data security, Li said.

The move comes after China's central leadership — at a symposium on private enterprises in February — called for addressing the financing difficulties and high costs faced by private enterprises, as the private sector plays a vital role in the nation's economic development.

A national integrated financing credit service platform network has been established, which has achieved institutionalized collection and sharing of 74 key categories of enterprise-related credit information at the national level, including business registration, tax payment, social security and housing provident fund data. This system facilitates authorized access for financial institutions to check and utilize relevant information, according to NDRC.

Banking institutions have disbursed loans totaling 37.3 trillion yuan ($5.13 trillion) through the national integrated financing credit service platform as of the end of February, including 9.4 trillion yuan in credit loans, effectively serving the financing needs of micro, small and medium-sized private businesses, Li added.

Looking forward, Li said that more efforts will be made to advance the financing credit service platform network, enhancing the quality and efficiency of information sharing, optimizing the platform's service functions and strengthening data application and product development.

The quality of data collection and sharing will be systematically upgraded to guarantee the accuracy of shared information, completeness of data and timeliness of updates, while continuously expanding the scope, he said.

"We will enhance the platform's comprehensive financial service capabilities, providing enterprises with a wider range of financial products while offering credit reports and risk assessments to financial institutions, so as to facilitate online processing for market entities," Li added.

"The National Financial Regulatory Administration will intensify efforts to boost information sharing and guide financial institutions in targeted collaboration, maintaining robust lending to small and micro enterprises while improving loan quality," said Jiang Ping, an NFRA official.

The administration will help to optimize loan portfolio structures and strengthen support for first-time loans, loan renewals and credit loan facilities, aiming to better fulfill the financing needs of credit-worthy small businesses, Jiang said.