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3 mechanisms emphasized in credit construction
(People's Daily Online)
Updated: 2004-11-05 16:09 The top priorities of China's credit system
construction are to put more emphasis on the establishment of a credit and
information open mechanism, a supply and demand mechanism of information
products and a credit punishment and praise mechanism, said Vice Minister of
Commerce Zhang Zhigang.
Zhang noted that, in view of the credit and information mechanism,
government, public and financial institutions, industrial and commercial
enterprises, as well as professional associations should make their credit
information public in terms of administration and business according to relevant
laws and regulations in various forms on the basis of safeguarding official
secrets, trade secrets and individual privacies.
From the perspective of the supply and demand mechanism of information
products, the regular operation of the social credit system requires a
well-developed credit service market. Through the open credit information and
processed credit products, credit services mechanism provides the credit market
with abundant supply. Meanwhile, the mechanism is also expected to strengthen
social credit awareness, consolidate enterprises' consciousness in the
establishment of an anti-faith-breaking mechanism, as well as foster and form
credit products demand. By ways of the applications of credit products
supplementary decision, the market should avoid credit risks in market
transactions, reduce business cost, improve economic performance, and
accordingly expand the credit products demand.
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