The State Council has an authoritative voice in every major policy decision, including those concerning the country’s economic and financial development. In 2002, the Council, chaired by Premier Wen Jiabao, instructed the PBC to form a task force to develop a national credit reporting system. With the lending boom, Chinese commercial banks were under enormous pressure to verify customer identification to prevent credit fraud and ensure the legality of credit transactions. A CRS, the Council believed, would systematically compile essential consumer data from different government agencies and disseminate it to commercial banks. The State Council hoped that a CRS would encourage businesses and individuals to develop credit awareness, respect rules and contracts, and raise the level of social integrity.