Credit is a series of rules that preserve the benefit of traders among spot or/and forward transactions. Bodies of credit relationship, carrier of credit, and credit rules are the three fundamentally constitutive factors. Credit has three levels, technical level, institutional level, and socially conscious level, which is called credit system. Credit system can make traders to formulate rational expectation, fo promote division of labor and creation of wealth by holding a rein on behavior of opportunism that happened among spot or/and forward transactions effectively. The broader the division of labor and exchange, the greater the extent of dependence on credit system. The function of credit system is that the credit rules with punishment create in an apple-pie order and improve it. If these rules are well matched each other, they can bring reliable cooperation among traders, thus, the superiority of broader the division of labor and exchange gives an impulse to the development of social economy. The economic equity and the development of social economy are the important goals of credit system, but not all credit rules can realize these goals. If the credit rules in an economy do not work well, there is a heavy influence on realization of these goals. Therefore, it is crucial for an economy to choose a proper social credit system.In the process of gradual transition from the planning system to the market system, social credit system is always in changeable. It is inevitablethat multiple credit rules exist and result in the distortion of social credit system. It does not mean that we can do nothing about it, otherwise, so the distortion of social credit system becomes heavier, the condition of social credit worsen. It is very important to cognize in depth the characteristics of social credit system in the process of gradual transition, the institutional reasons of distortion of social credit system, and the long-standing distortion. Based on the cognizance, the systematical suggestions on correcting the distortion of social credit system are given to. |