Until September of 2015, there were approximately 21 million legal persons on record in China’s Credit System, of which 10 million are institutions who have taken out loans from financial institutions; 870 million natural persons, of which 3.7 million have credit history available. During the Financial Risk Management and Financial Audit Workshop hosted by Nanjing Audit University on October 15, Vice President Wanglu of People’s Central Bank gave a presentation on credit issues in China. It is understood that currently, China’s individual credit system has already become the largest in the world. China’s corporate credit system is also one of the leading systems. Credit reports in China are becoming more widespread, which has improved the quality and ability of risk management in financial institutions. It has also helped with credit approval, decreasing the amount of time needed to approve loans from 15 days to within 1 week. Nonetheless, there are still some obstacles the credit industry faces. For example, much of the credit information industry revolves around banks, while non-bank financing is ever increasing. As such, there are increasing needs for credit information among financial institutions.