The basic credit investigation industry still has great room for expansion; Not only the basic credit investigation service mechanism of insurance credit and equity investment credit has not been established in financial credit, but also the basic credit investigation service mechanism has not been established in the vast blue ocean of non-financial business credit, and the integrity and compliance of commercial credit investigation reports still need supervision.
Since it has always had the function of managing commercial credit, the People’s Bank of China began to promote the drafting of credit investigation laws and regulations as early as 2002, when the Yindeng system was already in operation. After The State Council approved the establishment of the working mechanism of the “Establishment of Enterprise and individual credit information system working Group” in 2002, and The State Council approved the establishment of the credit information Administration in 2003, the People’s Bank of China not only focused on accelerating the construction of the credit information system, but also took over the leadership of the Department of Treaty and Law internally, speeding up the drafting and promotion of credit information laws and regulations.
However, because people have different understandings of the nature of credit investigation services and even credit investigation centers, it is difficult to form a high degree of consensus on how to regulate credit investigation centers or credit investigation systems. For example, whether the credit information center should be set up as a state-owned enterprise or a public institution has been controversial. Before 2002, the office meeting of the governor clearly called for the establishment of credit investigation joint-stock companies funded by state-owned banks; In a draft of the late drafting regulations of the People’s Bank of China in 2009, it was changed to clearly write that the credit information center is a public institution. At that time, after internal discussion, the credit information Center specifically wrote a signature to the bank leaders on this issue, analyzing that the system of the credit information center’s public institutions in the regulations would not be conducive to the possible institutional reform of the future credit information center, and may create greater obstacles to the future institutional reform; Fortunately, at that time, the leaders of the main bank agreed to adopt this opinion of the credit information center. But now it seems that, at least in the short term, the reform of the credit information center system will be more difficult. Later, the two basic credit investigation institutions approved by the Chinese national Bank to obtain personal credit investigation licenses, although the regulator intends to let them expand their business with the credit base of the credit investigation center, but on the basis of the willingness of bank credit institutions, they have begun to collect commercial bank credit information.
In fact, how the basic credit investigation industry will evolve and develop in China’s credit, financial credit and even the entire economic credit field in the future, whether China can form a market service understanding that credit investigation services are non-public goods, and whether the credit investigation market can truly open up and develop, it is worth observing and looking forward to.
Post time: Dec-11-2023