The social credit system not only restrains and standardizes the behavior of enterprises and individuals, but also plays an important role in improving and optimizing the business environment. Trustworthy incentive and punishment mechanisms are not only a key part of the construction of a social credit system, but also an important means to form a good business environment. On the one hand, market participants who abide by the law and keep their promises enjoy simple and convenient government services, green and fast handling processes, and diversified and low-interest financing channels. On the other hand, the dishonest are restricted everywhere in the market activities such as the establishment of institutions, industry access, holding important positions, and high consumption behaviors, and the development opportunities and development space of the dishonest are restricted in a certain period of time, which helps to form a fair credit environment and market order.
The data collected by China’s initial credit investigation system was mainly financial credit information. The state establishes a basic database of financial credit information to provide relevant information services for preventing financial risks and promoting the development of the financial industry; The first generation credit information system of the Credit Information Center of the People’s Bank of China was officially put into operation in 2006. By collecting, sorting, saving and processing the basic information, credit information and other information reflecting the credit status of enterprises and individuals, the credit information sharing mechanism of enterprises and individuals has been established to accelerate the solution of information asymmetry in financial transactions. It has played an important role in promoting financial transactions, reducing financial risks, creating financing opportunities, saving financing costs, and enhancing social credit awareness. The second-generation credit information system, launched at the beginning of 2020, has been optimized in terms of information collection, product processing, technical architecture and security protection, enriching the content of basic information and credit information, improving the form of information display, and enhancing the efficiency of information update. According to the data of the credit information Center of the People’s Bank of China, by the end of 2022, the credit information system of the People’s Bank of China has collected the information of more than 1.16 billion natural persons and 100 million enterprises and other organizations, and accessed more than 4,000 financial institutions, which has become the largest credit information system in the world, covering the largest population and collecting the most comprehensive types of credit information.
Post time: Nov-30-2023