China Credit System Development And Improvement Research

The financial is the credit industry, the lack of credit support for the financial industry must face great risks, which is the international financial crisis in 2007 gave us the most important warning. Before the outbreak of the risk, credit seems insignificant, but when the financial crisis, be sure that credit system was in trouble. This is inseparable to develop healthily ,comprehensive and effective credit system.To build a reasonable credit system under our national conditions, taking examples from credit of three development models of foreign and combined with two kinds of the application requirements of disciplinary mechanisms, this paper suggest that China's goal of credit system should be: data collection (including the record of trustworthy and dishonesty), the industry regulator and the handling of the objection to the government-led, the provision of credit products to intermediary-oriented data available to commercial banks, non-bank data authorities as the main channel, secondary intermediary to provide channels for the data; credit products in multilayer application. Choicing this model is based on the following considerations: Firstly, the number of population, businesses in china is very large ,it is difficultity that private companies to collecting data; Secondly, the data is the basis of credit system, if data is not accuracy, Credit system can not be applied, especially credit system as the role of discipline, if the government-led data, credit system will be in credibility; Thirdly, the main users of credit data is commercial banks, users of credit products are mainly commercial banks are main data provider. Fourthly, credit ratings is one of the main products of credit system, requiring third-party taking in it to avoiding intermediate rating agencies in rating aspects ,and the Government playing a regulatory role.To achieve this goal, compared with Western countries over a hundred years of credit system development, since the 20th century 80's began to developed credit system of China, today, there are still many problems and deficiencies. To achieve the goal ,there are a lot of work needs to be done. In the end, this article give some proposal from the model ,final legislation, development, and the mechanism of penalty dishonesty etc. Hope through the efforts of these four areas, can promote and improve the development of China's credit system, provide credit protection for China's economic and social development .