In weighing the advantages and disadvantages of building a public or private CRS, Mr. Dai worked closely with the International Finance Corporation (IFC), an affiliate of the World Bank. The IFC had been actively involved in China since its first investment in 1985. In the early 2000s a Chinese delegation visited the IFC headquarters in Washington, D.C., and requested technical assistance to establish a CRS. This initial knowledge-sharing relationship turned into a stronger partnership in 2004 when the IFC and PBC cooperated on a feasibility study that led to the creation of the national CRS.