Problems in China's Credit System

People are not used to "spending tomorrow's money", and financial management on behalf of customers is not standardized. Many credit cards are actually debit cards, and the national credit information network has not been established in China. The existing laws punish dishonesty too lightly. Dong Fureng, a famous economist, pointed out at the first China Enterprise Credit Forum a few days ago that there are five major problems in China's credit system. We should pay full attention to the development of credit service industry, instead of unilaterally pursuing the construction of data platform.

Social credit system is a social mechanism to ensure the healthy operation of economy, and credit service industry is an important part of credit system construction. Only through mature market players providing credit services for individuals and enterprises and covering all aspects of the social field can we truly create a market environment that adapts to and regulates the development of credit transactions and ensure the healthy development of the market economy to a credit economy dominated by credit transactions. Therefore, during the Eleventh Five-Year Plan period, besides strengthening the construction of credit infrastructure, we should also actively cultivate the healthy development of the credit industry as a starting point for promoting the construction of the credit system. It is necessary to formulate and introduce national credit standards as soon as possible. If there is standardization of credit terms, credit information processing, credit information exchange platform and credit products, it will promote information sharing in various places and improve the use efficiency of credit information data platform.

As soon as possible, the overall plan for the construction of the national credit system will be promulgated, and the coordinated development of the regional credit system and the national credit system will be strengthened.

On the one hand, the overall plan of national credit system construction should be issued as soon as possible, and the macro guidance and overall coordination of regional credit system construction should be strengthened; On the other hand, the regional credit system should be connected with the national credit system to avoid regional division. In the process of regional credit system construction, the overall concept is very important. If we do not proceed from the overall situation and only consider the local and the standard, it will easily lead to regional credit division and local credit "islands" China's market economy was born out of planned economy, and its credit base was relatively weak. Under the planned economy, there is a lack of clear definition of property rights and a strong sense of safeguarding rights. Economic resources are allocated among subordinate units by the government through administrative orders, and credit is only a negligible auxiliary means of resource allocation, and credit means can only be mastered by the national bank as the "cashier organ" of the government; Commercial credit between enterprises is strictly prohibited on the grounds of avoiding the spontaneity of resource allocation. Since the reform and opening up, the development of the market has put forward higher and higher requirements for credit, but the infrastructure construction of credit system and credit management system lags far behind this requirement; At the same time, from the government to the people, there is a painful process to change the traditional way of thinking and practice, so dishonesty occurs widely. In addition, the current credit crisis in China has the following deep-seated social factors.

First, the negative impact of market economy deviates from the sense of honesty. The fundamental influence of market economy on public behavior is mainly manifested in behavioral motivation. A basic premise of the development of market economy is to assume that most people will pursue the maximization of their own interests under the given conditions of society. When people's long-term restricted profit-seeking psychology is gradually recognized by "correcting their names" and regarded as the driving force of social development, some people openly pursue their own interests through various means. Various dishonest phenomena in economic life gradually spread to other areas of social life, which is an important reason why people deviate from honesty.

Second, feudal autocracy suppressed the distortion of honesty consciousness for a long time. During the feudal rule of China for more than 2,000 years, the fate of the people will change at any time because of the temporary joys and sorrows of the rulers. In the society of "rule by man", people are faced with all kinds of sinister living environments. Not only can people's desires not be truly expressed, but their thoughts are also restricted. Lies and flattery can often bring benefits to people, but truth and honesty often suffer. This deep-rooted cultural consciousness distorts people's sense of honesty, which is the internal reason for the lack of social sense of honesty.

Third, the politicization of moral education weakens the sense of honesty. For a long time, our education system attaches great importance to moral education, but it is often integrated with political education in content setting, or even replaced by political education. Moral education is subordinate to political needs, and one-sided emphasis on "loyalty" in political sense while ignoring "sincerity" in personal nature, or even opposing the two, is an important reason for dishonesty.

Fourth, the national credit management system is not perfect, and there is no effective disciplinary mechanism for dishonesty. Most developed countries have a relatively perfect national credit management system, including national legislation and law enforcement on credit (bank credit legislation, non-bank credit legislation and punishment mechanism for dishonesty); Government's supervision of the credit industry; Government's research and development on credit education and credit management of the whole society. At present, there are serious deficiencies in these aspects in China. Although there are legal principles of honesty and trustworthiness in the general principles of civil law, contract law and anti-unfair competition law in China, and there are also provisions in criminal law to punish fraud and other criminal acts, these are still not enough to form strong legal norms and constraints on various acts of dishonesty in society, and the legislation on credit is still lagging behind. The problem of non-compliance with laws and lax enforcement is also quite serious, and there is a lack of strict disciplinary mechanism for dishonesty in society. The government's supervision and management of the credit market is weak, and there is a lack of effective supervision over the intermediary institutions engaged in enterprise information services.

Fifth, the credit intermediary service is very backward. At present, China is still a country without credit, and the development of social credit intermediary service industry lags behind. At present, although there are some market operating institutions (such as credit reporting companies, credit rating agencies, credit reporting agencies, etc.). ) and credit products (such as credit investigation report, credit rating report, etc. ) In China, providing credit services for enterprises is not only small in market scale, but also low in the overall level of the industry. The market competition is basically in a disorderly state, and a complete and scientific credit investigation and evaluation system has not been established, which makes it impossible to scientifically and reasonably evaluate the credit status of enterprises. According to the position of the country and market subjects in the market, the structure of China's credit system includes three aspects: first, the basic credit with market traders as the main body. The market is a resource allocation mechanism with contract as the link and credit as the guarantee. Market participants follow the principle of good faith, establish a relationship of mutual trust and commitment, and form a healthy environment of honesty and trustworthiness, which is the basis of the credit system. The second is the institutional credit dominated by the legal system, international practices and business habits. The "system" in institutional credit includes not only laws, administrative regulations, local regulations and other rules formed through legislation, but also international conventions to which China is a party, international trade and investment practices and rules formed in long-term international commercial activities, and business habits formed in some fields and still in use today. The third is the supervision credit based on government supervision. As the main body of market supervision, the government exercises extensive supervision power, supports and guides trustworthy behavior, punishes dishonest behavior in time, guarantees the healthy development of basic credit and promotes the establishment of the whole social credit.

(A) to cultivate a credit environment and build basic credit.

Honesty is the most basic requirement of market economy for market subjects and the most basic norm of market economy moral system. We should establish the credit consciousness of enterprises and individuals from three aspects and cultivate a good social credit environment.

First, support the information weak side and restrain the information strong side. Under the condition of voluntary trading in the market, there is information asymmetry between the two parties. An effective way to prevent fraud is to correct this asymmetry. Therefore, we must first strengthen the weak aspects of information, improve the ability of the weak parties to obtain information, reduce their cost of obtaining information, and squeeze the space for fraud. First, make certain institutional arrangements so that those with weak information can organize themselves to protect themselves. At present, consumer associations have been established in all parts of China, but the nature of such organizations is not clearly defined in the Consumer Protection Law of China. The second is to develop a mechanism for third parties to provide credit information, such as "credit consulting companies" to provide credit institutions with borrowers' credit records. The third is to use mass media to educate consumers and provide them with information. Fourth, the government should also improve the openness and transparency of laws, regulations and industry standards. , so that the broad masses can obtain all kinds of knowledge related to safeguarding their own interests.

At the same time, it restricts the strong aspect of information. First, punish those who provide false information (false disclosure, false advertising, paid news). Second, the industry is self-disciplined, and the third party assists the credit management of the information-strong party to ensure trustworthiness. For example, commercial organizations certify and guarantee certain attributes of goods (such as the safety of low-priced electrical appliances).

Second, increase the cost of dishonesty of the injuring party. It is necessary to increase the cost of dishonesty, such as defaulting on accounts and selling fake goods, so that those who violate laws and regulations will be punished economically. Honesty and moral education is important, but a good moral atmosphere must be based on the system, and strict laws and regulations and fair justice must be the basic guarantee.

Third, we should attach importance to moral education and establish moral norms. Without the improvement of the moral level of the broad masses of the people, the improvement of social morality and fashion, and the clear boundary between right and wrong, good and evil, beauty and ugliness, we can not only maintain social stability, but also fundamentally eliminate the ideological roots that violate honesty.

The construction of citizens' morality should proceed from the actual moral level of all citizens, use practical and effective methods to make every citizen establish the consciousness of consciously observing citizens' moral norms, vigorously advocate citizens' basic moral norms in the whole society, and strive to improve citizens' moral quality.

(B) learn from international experience to improve institutional credit.

In improving institutional credit, we should learn from international experience and pay special attention to the establishment of credit rating system. Credit rating is a set of methods to comprehensively analyze and evaluate economic organizations and financial instruments based on the needs of economists, bankers and investors to manage securities, safeguard the legitimate rights and interests of investors and fundraisers, and promote the stable and healthy development of financial markets. Credit rating agencies comprehensively investigate the internal uncertain factors that affect economic organizations or financial instruments, comprehensively analyze and judge their ability to fulfill various economic commitments through scientific evaluation procedures and analysis methods, and express them with simple and clear symbols. The focus of credit rating is to provide a risk information forecasting and consulting service. Credit rating can help commercial banks control risks. Good credit rating is an important part of corporate image, which has become a passport of market economy and an effective way to avoid fraud.

The development of credit rating industry is closely related to the development of a country's capital market. A mature credit evaluation system needs a long period of practice before it can be gradually formed, and will be constantly improved with the new changes in the development of the capital market. As far as China's current actual situation is concerned, the following three aspects must be done well in developing the credit evaluation system.

First, strengthen public opinion propaganda and expand the social impact of credit evaluation. The market economy must be guaranteed by the legal system and credit system, and the concept of "building a legal society" has gradually taken root in people's hearts. As an important aspect of the whole social credit system, credit evaluation has been paid more and more attention by the state and relevant regulatory authorities in recent years. 1,1The Securities Law, which came into effect in July, 1999, stipulates that according to the needs of securities investment and securities trading business, special credit evaluation institutions can be set up to reveal and guard against the risks in the securities market in time, protect the legitimate rights and interests of investors and maintain the normal order of the securities market. The People's Bank of China is expected to complete the construction of the national credit registration electronic network system before the end of this year, so as to monitor the credit status of the national commercial credit. However, the publicity of credit evaluation of loan enterprises is not enough, and the credit evaluation of enterprises is not known to most people. Therefore, relevant regulatory authorities, commercial banks, news media, especially credit rating agencies themselves should make efforts, not only to do a good job in the actual work of corporate credit rating, but also to strengthen public opinion propaganda and expand the influence of corporate credit rating.

Second, strengthen system construction and popularize the applicability of credit rating. The detailed management rules of credit evaluation business in related fields should be issued as soon as possible, so that the credit evaluation work can be based on laws and rules. In addition, relevant regulatory authorities should actively promote the applicability of credit rating results. Credit rating is also an important tool of modern financial supervision mechanism. Financial supervision departments can improve the information disclosure standards and transparency of financial institutions through credit rating methods. Limit the investment scope of the supervised institution according to the credit rating and control the risk; Use credit rating to monitor the asset quality and capital adequacy ratio of financial institutions and improve the supervision efficiency.

Third, strengthen the quality construction of credit evaluation institutions and improve the quality of credit evaluation. As a service product, the value of credit evaluation is ultimately reflected in its utility, that is, credit evaluation institutions should make an objective judgment on the future (in a certain period) of the evaluated object according to their unique evaluation procedures and methods and their own experience, which basically conforms to the actual situation. Due to the uncertainty of future development, compared with the audit of enterprises, credit evaluation is more difficult and requires higher comprehensive quality of evaluation professionals. China's credit evaluation has a history of 10 years, but it has little influence so far. Besides the credit environment factors of China capital market and even the whole society, the quality of credit evaluation institutions and their products is a problem that must be faced squarely and solved urgently.

With the promulgation of laws and regulations of relevant national regulatory authorities, the field of credit evaluation is gradually expanding, which provides space for the development of China's credit evaluation industry. However, to improve the quality of credit evaluation and make it play an active role in the operation of the capital market and even in the construction of the whole social credit system, it still needs the self-construction of credit evaluation institutions, such as introducing high-quality professionals, strengthening the professional training of employees, learning and drawing lessons from international advanced credit evaluation experience and methods, deepening the research on China's specific national conditions, strengthening the evaluation work norms, and being fair, neutral and objective to the evaluation objects.

(C) standardize government behavior

(3) Standardize government behavior and give play to the role of government credit supervision.

The government is in a special position in the credit system, that is, the government is the maker and defender of credit rules and the referee of dishonesty. If the government's credit image and its ability to maintain credit deviate, the whole credit situation of society will be shaken. As the main body of social and economic activities, enterprises are the biggest demanders and suppliers of credit. Government credit and enterprise credit play a leading and basic role in the total credit of the whole society. To establish and improve the social credit system, the key is to standardize and enhance the government credit and enterprise credit.

To establish a credit government, the most basic requirements are "doing things according to the rules, keeping promises", changing functions, making government affairs open and administering according to law. First of all, it is necessary to strengthen the legal awareness of government functional departments and their staff and establish a high-quality civil servant team. Secondly, we should speed up the formulation of new laws and regulations, such as the Administrative Licensing Law, to regulate market players and government behaviors, strengthen unified management and law enforcement coordination, build a standardized and efficient government credit platform for administrative services, reduce administrative examination and approval links, break local protection, and provide a fair and just competitive environment for enterprises. Thirdly, it is necessary to strengthen the supervision of administrative law enforcement, so that all government actions that are untrustworthy to the people are under the supervision of national laws and regulations, and the parties concerned shall be investigated for responsibility according to law. Transparent, positive and standardized government behavior is not only conducive to improving work efficiency, but also conducive to reducing the unreasonable intervention of government departments in the market, making the government change to the role of paying equal attention to service and supervision, and creating a good environment for economic development.

In the modern market economy environment, the government should not only set an example of honesty and trustworthiness, but also give full play to its role in promoting the establishment of a social credit system as soon as possible. In the construction of credit system, the government's role is reflected in two aspects: first, it promulgates laws and regulations, formulates policies, realizes economic guidance and establishes a basic credit system; Second, support trustworthiness, punish dishonesty, exercise extensive supervision functions, ensure the healthy development of social credit, and then promote the establishment of the entire social credit system. The government should also bear an important responsibility in strengthening the supervision and management of social intermediaries, lawyers, accountants, doctors and other people who maintain integrity and providing high-quality credit services to the society.