Shaanxi Province, The Study Of Credit System

Modern market economy actually is the credit economy established within the framework of legal system. Advanced social credit system plays a significant role in such areas as precaution against financial risk and allocation of market resources. The establishment of credit investigation system is very crucial for that of the social credit system. In China, the implement of credit investigation is just at the rudimental stage. The building of credit system, for the present, only carried out independently by individual provinces and cities, and it is planned that in the near future all these regional credit systems will be integrated nationwide. Now it is high time that Shaanxi, one of the major contributing provinces in economic development of the West, builds up its own credit system.With reference to the general situation of Shaanxi and that of our state, this paper, with a practical perspective and from five aspects, puts forward several suggestions to the modeling of Shaanxi's credit system. Firstly, as to laws and regulations, since there is sheer blank in China's credit legislation, Shaanxi should resort to international practices in this field, and move fast to cultivate a regulatory environment with industry rules, sector decrees and regulatory prescriptions. In addition, the administrative guidance and governance shall be strengthened to make up the deficiencies caused by discrepancy in the pace of credit legislation and credit investigation. Secondly, as to the supervision on credit investigation, independent governmental department should be set up to act as supervisor, which will not actually involve into the management, and meanwhile will bear responsibilities to nurture the development of self-disciplined trade associations and to impel the relevant investigative proceedings, especially those of the local regulations. Thirdly, as to the outcome by credit investigation, with re-allocation of the on-hand resources, database on different levels shall be established to make the realization of data-sharing possible. The application of the outcome requires the fostering of market demand, which will give full play to the credit products. The credit investigation requires the organizations being set up according to labor-division, and the blueprint is that the chief body of credit investigation is funded by government and operated in administrative way. Fourthly, as to the punishment to discredit, efforts shall be put into the recording of discredit, and "black list" and means to simplify the operational processes shall also be adopted. Finally, as to the training of staff, Shaanxi's educational resources can be very helpful to the recruitment of credit investigation practitioners and the enhancement of incumbent staff's professional ethics. In addition, the association of credit investigation may be founded to improve the practitioners' working efficiency by providing professional training program.