Market economy is credit economy and rule of law economy

In the face of market competition, in order to better manage credit risk funds and adapt to the credit reporting system of the market economy, it has been re awakened in Chinese Mainland. The earliest prototype was the paper letter of credit in Shenzhen, which has now evolved into the business credit report of the People’s Bank of China Credit Reporting Center.

With the awakening of the basic credit investigation industry and the emergence of credit investigation service activities, it is necessary to regulate credit investigation activities involving the interests of many market entities. With the escort of constantly upgrading and improving credit investigation laws and regulations, credit investigation, a newly awakened service activity after the reform and opening up, has developed rapidly. With the support of all parties, the Credit Information Center of the People’s Bank of China is responsible for the construction and operation of the credit information system, which mainly collects and processes the credit information of enterprises and individuals and other information reflecting their credit status, and establishes the credit information sharing mechanism of enterprises and individuals. In order to solve the problem of information asymmetry in credit transactions, It has played an important role in reducing financial risks and financing costs, providing fair credit opportunities, and raising awareness of social integrity. According to the statistics of the Credit Investigation Center, in 2022, the number of inquiries about personal and corporate credit investigation business reached 4.17 billion and 120 million, respectively, and the average daily query volume was 11.432 million and 326,000, respectively. Since the completion of the credit information system of the People’s Bank of China, the number of inquiries has maintained a double-digit rapid growth, and has become an important credit service infrastructure in China. In this process, there are not only milestone positive contributions, but also some shortcomings. In the ten weeks of reviewing the regulations, it is very meaningful to objectively summarize the gains and losses, and deeply think about how to promote the high-quality development of China’s credit investigation industry in the next step, including but not limited to how to better play the leading role of credit investigation services sponsored and supervised by the central bank.