Research On The Personal Credit System In China

At present, transited from no market economic system to market economic system in china, there were a lot of problems such as the inefficiency of the market and the system in market trade, which interfered the order of market economy seriously and retarded development of market economy. The important cause of less credit is that the positions of partners of transaction are different and distribution of information is asymmetric. The way to problems solved for asymmetric information and the behavior of less credit is to establish a ripe Personal Credit System (PCS). As result, personal information is open to society by the reasonable and legitimate way which can make partners abide by contract, reduce cost of transaction, bring down management risk.In this paper, the writer, from the view of Information Economic Theory, attempts to set forth the PCS from settlement of the asymmetric information. There are all together five chapters in this paper.In the first chapter, this paper discusses the stage and the relevant theoretic issue about the PCS. Firstly, I clarify that, in the course of transition from morality of personal credit to trade of personal credit, traditional PCS was broken and the news was not established entirely. Secondly, I analyze the problems of anti-choice and moral risk based on Information Economic Theory.In the Second chapter, this paper analyzes the influence of absence of personal credit on economy. Firstly, I analyze the phenomenon of less credit when consumers own the more private information than banks, especially in the personal consumption market where information is more asymmetric. The banks on the disadvantageous position lack the zeal of developing the consumption credit in order to avoid risk. Those will result in the withering of credit consumption, withdraw of good consumption agents from market and degrading of whole credit quality. In the end, the sufficiency of demands and surplus of supply coexist, the efficiency of capital work is destroyed. Thus, from the angle of keeping market orders, developing personal credit consumption, increasing inner demand, avoiding financial risk and promoting financial creativity, the essay clarifies the great significance of PCS.Chapter three analyzes the present development and problems of PCS in China. As the system is constructed for a short time in china, although practiced and improved in ShangHai , JiNan, there are many questions, such as less market mechanism, absence of personal data, abnormal evaluation of personal credit andshortness of relevant measurement. It is necessary for the fast pace of PCS in China.Chapter four probes the modes of PCS in China. The mode of personal credit at the market can not be established in a short time because of underdevelopment of market economy and relative imperfect law system. At the same time it is difficult for the mode controlled wholly by government to fix in with competitive market requirement according to abroad experiences. The best modes of personal credit in China should be divided into "three stage": from the mode guided by government to the mode combined government with market, to the mode at the market. The thesis analyses major functions and depth of government in the course of different stage, based on the system mode, management mechanism and fund guaranty.Chapter five makes some major approach to PCS. The writer have studied the system from law, relative measurement and mechanism restriction. We should enact a basic law to guarantee its performances; we should establish our personal assets register on the basis of the code of social guarantee, real name system of savings and the personal basic account system; accelerate the construction of internet to offer information shared; we should establish our personal assess system to evaluate the grades of personal credit objectively; cultivate modern credit conception, transit traditional consumption idea, provide a adapted circumstance for PCS with house reform and the social security insurance system; the personal credit bureau...