Article/Jia Kang of China Economic 50 People Forum
It is suggested to establish a license issuance system as soon as possible, promote the full launch of credit investigation business, and avoid "bad money drives out good money". It is suggested to issue a credit investigation license to promote the full launch of credit investigation business as soon as possible, avoid bad money driving out good money, and reasonably link government management and supervision with the market mechanism.
Jia Kang: It is suggested to establish the credit industry license issuance system as soon as possible In recent years, the Outline of the Social Credit System Construction Plan (2014-2020), the Outline of Action to Promote Big Data Development, the Opinions of the General Office of the State Council on Using Big Data to Strengthen the Service and Supervision of Market Entities, and the Guiding Opinions on Establishing and Improving the Joint Incentive System for Credibility and the Joint Punishment System for Dishonesty to Accelerate the Construction of Social Integrity And other policy documents issued by the State Council, outlining the grand blueprint of China's social credit system construction and giving important guidance. At present, it is urgent to implement the spirit of the document to promote the development of China's credit reporting industry, among which reasonable docking with the market-oriented mechanism is one of the basic essentials.
Current disputes and development obstacles in credit reporting industry
At the beginning of 2015, the Central Bank approved eight institutions to carry out pilot personal credit investigation business, but no official license was issued. The development of the credit investigation industry has not been completely broken, mainly because of the following reasons.
First, there is a great debate about how to choose the marketization model of China's credit reporting industry. At present, China's credit reporting industry model is the government led model represented by the Central Bank's credit reporting center. Although the regulatory authorities are aware of the need to introduce market-oriented credit reporting agencies and follow the development path of "government led+market-oriented", they are not determined enough to the market-oriented development model. It is mainly reflected in that the regulatory authorities plan to design the market-oriented model as "the central bank credit center as the main, market-oriented institutions as the auxiliary, market-oriented institutions can only engage in part of the credit business; the government led credit union model; to restrict data source institutions from entering the credit market on the grounds of independence". The defect of this model is that the competent, resourceful and skilled high-quality market players have no enthusiasm to enter the credit market, which leads to the lack of vitality of China's credit industry and the inability to form the optimal allocation of relevant resources.
The development of China's credit reporting industry has seriously lagged behind the demand for financial services, but today's Internet, cloud computing, and big data applications have injected new vitality and reform elements into the credit reporting market. Let market-oriented institutions with technical strength and big data capabilities enter the credit market, which will be very helpful for China's credit industry to start from a higher starting point. By integrating data resources and capital capabilities, China's credit industry will be urged to overtake at a curve and shorten the development cycle of the industry.
Second, it is unclear whether the central bank credit information center is public or the main body of market competition, which leads to the inability to rationalize the market mechanism. The Central Bank Credit Information Center is responsible for the construction, operation and maintenance of the basic database of financial credit information. According to the Interim Measures for the Administration of the Basic Database of Personal Credit Information (hereinafter referred to as the Measures), commercial banks must submit personal credit information to the People's Bank of China Credit Information Center. At the same time, the Measures exclude commercial banks from opening data to non licensed personal credit information institutions.
The relevant argument is that, on the one hand, the Central Bank Credit Information Center monopolizes financial credit data through laws and administrative authorization; On the other hand, they began to participate in market competition and expand market-oriented credit reporting services, which directly formed a competitive relationship with other credit reporting agencies. If the credit information center of the central bank uses the national financial database to conduct market-oriented operation and is recognized, it will also lead to the imitation of other public institutions such as industry and commerce, taxation, customs, and exacerbate the formation of multiple "information islands". At the same time, in order to protect the user's personal information, some researchers are also moving to establish a "information link" type of data, unify the data collection outside the unlicensed financial institutions, and hold a comprehensive business license to conduct credit scoring and provide credit reporting. If handled as such, it will form a situation where the Central Bank's Credit Information Center monopolizes the data of licensed financial institutions, and "Credit Union" monopolizes the information of non-financial institutions. In fact, it is an administrative monopoly operation pattern to eliminate the competition in the credit industry, which will lead to the destruction of the marketization process and its docking mechanism, and lead to outside suspicion of the sincerity of market reform in this field. This idea of administrative monopoly of credit reporting market is not advisable.
Suggestions on Accelerating the Development of Credit Information Industry
First, clarify the focus of supervision and avoid excessive intervention in the market. The focus of supervision should be on the user privacy protection, data security and business substantive independence of credit reporting business, while the effectiveness of credit reporting products and credit reporting service scenarios should be determined by the market. At the same time, on the basis of fully protecting users' privacy, it should be allowed to collect users' positive information and should not limit the scope of data collection too much.
The second is to clarify the non-profit "national financial basic database" positioning of the Central Bank's credit information center. The central bank credit center should return to the position of "national financial basic data" public institution, covering only the collection, storage and external data access of credit information of banks and non bank financial institutions. It should not directly provide credit scoring and credit reporting services to the market, and should not directly participate in market competition. At the same time, the Central Bank Credit Information Center should open data access services to all market-oriented credit information institutions. The central bank and the price management department can determine the charges for data access services according to the principle of public service users paying.
Third, it is suggested that the regulatory authority should make the top-level design of the marketization of the credit information industry with the goal of mobilizing high-quality market entities to actively participate in the credit information market. When making top-level design, regulators should focus on how to guide market entities with data sources, capital, technology and risk control capabilities to invest in China's credit reporting industry, and how to encourage market entities to make full use of advanced technologies such as big data capabilities, mobile Internet and cloud computing through technological innovation to improve the competitiveness of China's credit reporting institutions, Strive to fully mobilize the enthusiasm of high-quality market players.
Fourth, it is recommended to establish a license issuance system as soon as possible, promote the full launch of credit investigation business, and avoid "bad money drives out good money". It is suggested to issue a credit investigation license to promote the full launch of credit investigation business as soon as possible, avoid bad money driving out good money, and reasonably link government management and supervision with the market mechanism.
(The author of this article introduces: member of the National Committee of the Chinese People's Political Consultative Conference and researcher of the Chinese Academy of Financial Sciences.)
