On July 28, 2026, the People's Bank of China and the China Securities Regulatory Commission jointly issued the "Notice on Further Expanding the Pilot of B-Class Asset Express", announcing that the service scope of B-Class Asset Express would be extended from large state-owned enterprises to eligible small and medium-sized enterprises, and third-party credit assessment institutions would be introduced for the first time to participate in asset confirmation and pledge procedures. This move is regarded as another innovative practice of financial support for the real economy, which is expected to significantly improve the financing efficiency of SMEs and reduce financing costs.
Pilot Expansion: From State-Owned Enterprises to SMEs
Since its pilot in 2024, B-Class Asset Express has mainly served large state-owned enterprises, helping them revitalize accounts receivable, inventory, and other B-class assets. The core change of this reform lies in the expansion of service targets. According to the notice, eligible SMEs (with annual revenue between 50 million yuan and 200 million yuan and a good credit record) can apply to join the pilot. At the same time, third-party credit assessment institutions are introduced into the process, which review the authenticity of accounts receivable and repayment ability of enterprises and issue assessment reports. Banks then simplify pledge procedures based on these reports, shortening the loan disbursement cycle from an average of 15 working days to 3 working days.
Specific Measures
- Lower threshold: The annual revenue threshold for SMEs is lowered to 50 million yuan, covering more manufacturing and wholesale and retail enterprises.
- Third-party assessment: Filing-required credit assessment companies are introduced to conduct standardized assessment of enterprise assets, reducing bank risks.
- Online operation: Relying on the existing B-class asset trading platform, the entire process of online application, review, and loan disbursement is realized.
- Interest rate concession: For SMEs that pass third-party assessment, loan interest rates are reduced by 50 basis points on the basis of LPR.
Industry Interpretation: A Milestone in Financial Innovation
Li Hua, director of the Financial Research Center at Renmin University of China, commented: "The essence of B-Class Asset Express is to use current assets such as accounts receivable as collateral to solve the pain point of SMEs lacking fixed asset collateral. Introducing third-party assessment institutions effectively hands asset confirmation and risk pricing to professional institutions, allowing banks to focus more on the capital side. This is the refinement of financial division of labor." Many securities research reports believe that this move will activate the trillion-yuan accounts receivable market of SMEs, and it is expected to release over 500 billion yuan of liquidity for SMEs in the coming year.
Enterprise Perspective
A precision parts manufacturer in Suzhou became one of the first beneficiaries. The enterprise head said: "Previously, when we took order contracts to banks for loans, they wouldn't accept them because we had no factory buildings as collateral. Now through B-Class Asset Express, we submitted three accounts receivable, and after third-party assessment, we received a 3 million yuan loan in two days, with an annualized interest rate of only 4.2%, nearly half of private lending." Similar cases have emerged in many places across the country.
Risk Control and Future Outlook
Although the pilot expansion brings obvious benefits, risk control remains crucial. The notice emphasizes that third-party assessment institutions must be risk-isolated from banks, and interest transfer is strictly prohibited. At the same time, the central bank will establish a B-Class Asset Express non-performing loan ratio monitoring mechanism. Once the non-performing loan ratio in a pilot area exceeds 3%, new business in that area will be suspended. In addition, technological means are also incorporated into the risk control system, with blockchain technology used to record the circulation of accounts receivable to prevent duplicate pledges.
Looking ahead, the industry expects B-Class Asset Express to be gradually promoted nationwide and include more asset types, such as inventory and intellectual property. Zhang Min, a former financial expert at the World Bank, said: "China's exploration of B-class asset securitization is at the forefront of emerging markets. If the expansion is successful, it will become a global example of inclusive finance." However, he also warned that the lack of credit data accumulation for SMEs remains a challenge, requiring joint efforts between regulators and enterprises to improve the credit system.
As of press time, 18 provinces and cities have announced the launch of pilot expansion work, with over 500 SMEs initially participating. The B-share market responded positively, with share prices of several supply chain finance listed companies rising slightly. Analysts believe that as an important derivative tool of the B-share market, the development and growth of B-Class Asset Express will further enhance the internationalization and activity of the B-share market.
