Source Financial Times
Author Hou Weiqian
As the "economic identity card" of modern people, credit information system plays an increasingly important role in China's economic development, the operation of financial institutions and the life of enterprises and residents. In terms of economic growth, according to the previous report of "Research on the Economic and Social Impact of Credit Reporting System on China" issued by the Tsinghua University Research Group, the application of credit reporting system can promote the GDP growth of China by about 0.33 percentage points every year. For financial institutions, enterprises and residents, a sound credit information system can help them eliminate the problem of information asymmetry, thereby improving the accuracy of product evaluation, product pricing and risk identification.
The accession of financial technology will undoubtedly make China's credit system more powerful. In the digital era led by financial science and technology, credit is no longer confined to a closed system of single-dimensional indicators, but can be quantified and used in the multi-dimensional data of the whole society. Specifically, the value of financial science and technology to the construction of social credit system is to enrich the data dimension of credit system, quantify users'social activities and preferences, and make users' portraits more complete. The two is to extend the radius of credit service. Traditional credit information services mainly share debt and other information, looking at historical data, and relying on financial technology can make real-time judgments, and can form expectations for the future. The three is to broaden the coverage of credit services. The application of financial science and technology in financial services can effectively fill the long tail groups such as low-income people and small and micro-enterprises that traditional financial institutions can not effectively cover.
However, the financial industry is a long-term industry, financial science and technology to promote the construction of credit reporting system must also experience a complete test of the economic cycle. Taking private enterprises as an example, the reasons for the difficulty and high cost of financing are not only the inherent congenital reasons of lack of information, credit and mortgage, but also the imperfect credit information system in China.
Promoting financial science and technology to better serve the construction of credit reporting system and breaking the problem of information asymmetry has become a top priority. In this regard, management and market institutions should pay more attention to the credit reporting system. In addition to both internal and external efforts, they should also speed up the transformation of scientific and technological achievements and promote the efficient allocation of credit resources to the weak links of economic and social development.
First of all, we should "improve our internal strength" and solve the data island problem in an all-round way. In fact, data islands include two aspects: one is that the massive data of different individuals are not shared, resulting in a large waste of data resources; the other is that some institutional platforms have a large amount of data, but different data sources are logically isolated, forming a closed and separate data structure. At this stage, China's credit system is mainly divided into three modules: a national public platform, a local credit platform, and a market-oriented service organization. The three modules have special emphasis but are relatively divided, resulting in incomplete data connection and mutual enjoyment. Fortunately, the underlying financial technologies such as big data and cloud computing used by the three modules are common, which lays a foundation for credit information sharing among industries. Therefore, the next step should actively play the power of the underlying financial science and technology, with the help of big data, cloud computing and other technologies, to promote the three modules to achieve dislocation development, complementary functions, so as to speed up the construction of a wider coverage of credit information system.
Second, we must be good at "external force" to realize the complementary effect of "1+1 > 2". Compared with the history of foreign credit industry for more than 100 years, China's credit industry started relatively late, and the social credit infrastructure and residents'credit concept are still relatively weak. In order to better promote the development of China's credit reporting system, we still need to constantly sum up the useful experience of foreign countries and actively carry out cross-border cooperation with international institutions. In addition, we should speed up the construction of laws and regulations in the credit industry.
Finally, we need to accelerate the pace of research and development of financial technology. The transformation and application of basic and key technologies of financial science and technology is not easy. One of the major constraints is that the data "cross-island cooperation" is not smooth, that is, the lack of benefit exchange mechanism between platforms leads to the platform unwilling to "share" data. At the same time, in the process of data circulation and exchange, illegal data acquisition, over-collection and illegal transaction occur from time to time. These factors increase the worries of sharing data on the platform. Therefore, it is necessary to establish an interest exchange and incentive mechanism among platforms as soon as possible to stimulate the enthusiasm of sharing data among platforms.
It is worth noting that cyberspace is open and interactive. In the process of promoting the construction of credit information system, financial science and technology may also bring multiple overlaps and risks of technology, business and data, and ensuring security is always the lifeline of the development of financial science and technology. Therefore, in the process of developing financial science and technology, product innovation and risk prevention must be planned, implemented and promoted synchronously, so that financial science and technology can better help the standardized development of credit information system under the premise of manageability and controllability.
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