China will upgrade the credit reference system and introduce more monitoring, said Yang Ziqiang, assistant governor of the People's Bank of China, the central bank.

More should be done to protect those who have shared their credit information, and guard against conflicts in sharing such information, Yang was quoted as saying by a bank statement on Monday.

By the end of last year, China's basic database of financial credit information covered 880 million individuals, including 380 million with loan records, and 21.2 million enterprises, including 5.77 million with loan records, according to the central bank.