Study On Chinese Credit System In The Period Of Transformation

In the period of social transformation, lack of credit has become the most serious issue in the operation of Chinese economy. Lack of credit is everywhere, and the loss is shocking, which does severely restricte the healthy development of Chinese economy. In this paper, credit and credit system theory approach, using the method of integrating theory with practice, I focus on analysis of the reason and performance of credit lack, the framework of Chinese credit system in the period of transformation, and recommend how to build it practically.Market economy is credit economy. Credit is the hard basis of economy operation. Credit does have a vital role of lowering transaction costs, promoting economic growth and optimizing the allocation of resources. Credit is the lubricant of social life. Going against the credit, being contrary to the credit rules are barriers to trade, economic development and increase cost of people's social and economic life. However, credit is not only the issue of economic sectors. Credit is a rich concept involving of multi-disciplinary areas. Researches of credit in economics, law, sociology, science and other fields of human culture have begun extensive. There is a certain length at the beginning of Chapter Two to define the concept of credit used in this article. Namely a broad credit, including the meaning in the economics, morality and psychology.From the angle of new institutional economics, the credit system is all kinds of rules and agreements to maintain the smooth conduct of the credit transactions. The participants of market don't actually observe credit in practice, their compliance with it or not largely relies on credit systems.In Chapter two, under the guidance of the theory of Marxism, Western information economics, game theory and new institutional economics theory, summing up the results of previous studies, I studied on the nature and functions of credit system more systematically and more in-depth. At the same time, I make the clue of this paper in accordance with the system consists, I study on formal system, informal system, the implementation of a mechanism separately about the connotation of the credit system, the U.S. credit system and Chinese credit system.In Chapter three, I analyze the U.S. credit system a lot. The United States is experiencing an unprecedented financial crisis caused by sub-prime. The financial crisis has exposed a major outbreak of the credit system, which is the live case of credit system construction and provide a reference, alert for our establishment.Three decades of reform and opening up, China has achieved the full replacement from planned economy to a market economy. Enjoying the fruitful results of liberating and developing productive forces, we also should not be ignored the obstacles to social development caused by vacuum and friction between old and new systems in the period of transformation. Credit system is a typical representative of the vacuum system. In the highly centralized planned economy period, creditors and the debtor in property ownership is a high degree of unity. There is no real market credit under the planned economic system. But under the market economy system, market economy itself is a credit economy, credit activities and credit relations constitute the main contents of the market economy. Market economy need to have a sound credit system, the main regulation of the credit market behavior. In the process of social transformation, the construction of credit system lags behind the smooth operation of the market economy needs. Therefore, In the process of social transformation, lack of credit is everywhere, and the loss is shocking, Lack of credit has become the major problems in economy operation and development. I analyze the U.S. credit system a lot. The United States is experiencing an unprecedented financial crisis caused by sub-prime. The financial crisis has exposed a major outbreak of the credit system, which is the live case of credit system construction and provide a reference, alert for our establishment. In Chapter four, I analyzed the deteriorating credit performance, hazards, causes in China during the process of social transition, and the significance of building the credit system in China.The problem in the credit system is on which we face and need to pay more attention. In this article I attempts to analyze the general characteristics of credit and credit system, to find out the way of solve the problem under the social transition of the special historical background. In Chapter five, I regard the credit system as a complex economic and social systems .The construction of credit system, including the environment, technology, government, legal system and other elements. To build the credit system is a complicated systematic project, including socio-economic, political, cultural, and legal aspects. Therefore, this paper demonstrates the transition period in China's credit system construction of the five key factors: First, social trust is the decisive factor in credit system construction and effective function. Second, modern property rights system is the basis for the construction of credit system. Third, legal system is the legal protection of credit system construction. Forth, government is the leading force in building credit system in China. Fifth, development and innovation in information technology is the technical support of the credit system construction.Chapter six and seven are about the specific advices to build credit system in China .They are the parts of practical application of theory. In Chapter six I analyze the typical pattern of the credit system in more developed countries, combined with the credit system of the United States of experiences and lessons, the background of current social transformation, presents the rule of construct credit system. That is, "mainly led by the government, supplemented by market-oriented operation". In Chapter seven proposed the specific measures of building the credit system with Chinese characteristics.The main body being innovative mainly is lain in:The first , at present domestic going into credit problem is centered on mainly how to structure credit system, but this paper arranges an angle from pure credit system, formality arranging for restrains , for the mechanism restraining and being put into effect studying a frame informal with credit system, discuss society transforming this one specially appointed history period, the theoretical frame Chinese credit system is arranged for and the formulating essential rules and regulations building measure , being to accelerate our country credit provide the theory basis and the reference.Secondly, I do study the question comprehensively in a few subjects. Studying of credit system is based on the time of society transforming, combining with the acedamic achievement of politics, economics, culture and law, conduct a comprehensive multi-disciplinary research to make it be more close to reality. Thirdly, integrating theory with practice. The background of establishing credit system is social transforming which China is undergoing. I made the following observations based on the peculiar background: Social trust is the decisive factor of establishing credit system and playing effectively. Modern property order is the foundmental regulations of establishing credit system; Legal system builds the law guarantee for establishing credit system; Government is the leading force of establishing credit system; Development of IT and FOAK is the technology factor of establishing credit system.Fourth, this paper has analysed sub-prime crisis that USA is undergoing thoroughly. On the base of studying the domestic and foreign viewpoints, I brought up the reason why sub-prime crisis appeared and why it turned into financial crisis from the angle of credit system, regard it as our experience and lessons to refer.