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 Zhang Zhigang, Vice Minister of Commerce, in an interview.

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.

By People's Daily Online