At present, the construction of my country's social credit system has entered the fast lane. The report of the 19th National Congress of the Communist Party of China emphasized the importance of integrity, public credibility and credit construction from various aspects, reflecting the importance the CPC Central Committee attached to the construction of the credit system. The twenty-ninth meeting of the Central Leading Group for Comprehensively Deepening Reforms held on November 1, 2016 emphasized that "strengthening the integrity of government affairs, personal integrity systems, and integrity construction in the field of e-commerce is an important part of the construction of a social credit system." Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, my country's credit system construction will also embark on a new journey.

The Development Track of Credit: From Honesty and Trustworthiness to Financial Credit Investigation

Integrity is not only a moral quality, but also a system norm. Integrity is the foundation of social credit. Without the constraints of integrity, the construction of a social credit system would be impossible.

So what is credit? Marx believed that credit is a kind of lending behavior in the economy, which is the unilateral transfer of value on the condition of repayment. The credit relationship is a creditor-debt relationship formed on the basis of value intertemporal transactions. It can be seen that credit is based on property rights and occurs in economic transactions. Primitive society has a simple division of labor, and only acts of integrity exist. With the emergence of private ownership and the further deepening of the division of production, the commodity trading market has gradually expanded, and credit relationships have emerged and developed. Whether it is the simple commodity transaction of direct barter in the early days or the modern virtual financial product transaction represented by foreign exchange, securities and stock markets, it is based on the credit relationship between the two parties.

The rise of commercial credit represented by credit sales has greatly promoted the prosperity of commodity trading, and commodity trading has gradually expanded from familiar people in a single region to strangers across regions. Symmetry problem, so there is a credit reporting agency that investigates the credit status of the debtor and shares it with the relevant creditors. The information shared by the early credit reporting agencies was commercial credit information. According to existing records, the world's earliest credit reporting agency was established in the UK in the early 19th century. At that time, a group of tailors in London established the London Mutual Aid and Exchange Association for mutual protection. Members regularly share consumer information about fraudulent or overdue behavior.

With the advancement of socialized mass production, the production, transaction and consumption of commodities are increasingly dependent on the financial system. The traditional form of commercial credit has been gradually replaced by bank credit, and financial transactions have begun to occupy the core position of modern economic transactions. The essence of financial transaction is a kind of credit transaction, and the information asymmetry between the two sides of the transaction has become the dominant factor affecting financial decision-making. Therefore, the focus of the credit reporting system begins to shift to the financial field represented by bank credit. After the emergence of large computers, data service agencies began to collect data from all credit institutions in a country, forming a national credit reporting system, which has become an important source of information for financial institutions in developed countries to make decisions. At the same time, the repeated economic crises in history have also prompted countries to pay attention to the construction of their own credit reporting systems. In order to carry out macro-financial supervision, the governments of major developed countries have strengthened the construction of credit reporting systems, requiring domestic credit institutions to compulsorily report large sums of money. Loan data, so the credit investigation also has the function of risk warning.

The form of credit investigation: from recessive to explicit, from custom to regulation

When commodity trading was not yet developed, accidental credit transactions only formed sporadic and unstable credit relationships, and it was difficult to form certain business practices. With the deepening of the division of labor and the expansion of the market, the risks of credit transactions have become increasingly prominent, and the market urgently needs to produce certain recognized rules to restrain various dishonest behaviors. As a result, people began to pay attention to the credit status of counterparties, and punished various dishonest behaviors by means of commercial retaliation and sharing negative information. After a long period of business practice, the value concept and ethical standard of honesty and trustworthiness generally recognized by the society have gradually formed, which has become a common criterion for people to conduct credit transactions.

These implicit credit customs can only constrain credit transactions between acquaintances through repeated games. With the expansion of the scope of commodity transactions, non-repetitive credit transactions across regions and strangers have put forward requirements for a formal credit system. It is reflected in two aspects:

- Legal norms represented by contract law, etc., clarify the rights and obligations of both parties in credit transactions, and make them protected by law;

Second, by issuing credit reports and sharing credit records, credit reporting agencies make the original asymmetric transaction information transparent, so that those with bad credit and those with good credit can be separated.

The separation of enterprises and individuals makes it difficult for the former and great convenience for the latter. Since then, the establishment of a credit reporting system represented by credit reporting agencies has

The construction of the credit system provides the guarantee of standardization and institutionalization, and the credit reporting system gradually becomes the core part of the social credit system.

The Inflection Point of Credit Development in the 21st Century: Subprime Mortgage Crisis and Technological Finance

The subprime mortgage crisis that originated in the United States in 2008 caused serious damage to the global economy, and the existing credit system, especially the credit reporting system, also suffered enormous challenges. Financial innovation has greatly expanded the scope of credit transactions, and the credit relationship has changed from a linear relationship between a single credit institution and consumers to a complex network relationship. This credit relationship network involves almost all financial institutions. Credit problems may "infect" the entire network, causing an "avalanche" of credit.

After the subprime mortgage crisis in the United States in 2008, governments of various countries successively put forward regulatory requirements for "prevention of systemic financial risks". The World Bank report pointed out that information sharing among credit institutions is an important means to ensure more correct loan portfolio management and risk assessment, and prevent systemic financial risks. The author believes that the increasingly complex financial innovation and financial relationship determines that information sharing cannot be limited to credit institutions. The sharing mechanism of the future credit reporting system should be the comprehensive sharing of various financial information such as banks, securities, insurance, trusts, and funds. .

More importantly, the development of financial technology has fundamentally changed the form of financial transactions, which has fundamentally changed the original credit relationship. The application of Internet trading platforms represented by P2P has greatly expanded the space of financial services. Financial transactions such as banking, securities, and insurance are increasingly integrated, making comprehensive sharing of various financial information more and more necessary. At the same time, financial technology represented by big data and artificial intelligence can add more dimensions of credit data, such as business, public, social and other information, into the credit scoring model, which improves the accuracy of prediction. There was no bank credit history. of borrowers can also obtain loans through non-credit data, and the overall credit availability of the society has increased, which is also proved by the development of the international credit reporting industry in recent years.

Follow the law of credit development and build a full-coverage credit reporting system

First, social integrity is the basic layer of the credit system construction, which determines the space for the credit reporting mechanism to play a role. It is necessary to strengthen integrity education and

Publicity, establish a sense of integrity, establish residents' integrity files, and cultivate honesty and trustworthiness of the code of conduct.

Fraud, economic credit is the core layer of the construction of the social credit system. It is necessary to combine legal and moral constraints, and illegal fraud and counterfeiting must be

Strike hard. At the same time, it is necessary to speed up the construction of the industry credit information sharing system, and establish a corresponding punishment mechanism for dishonesty.

Finally, financial credit reporting is the key application layer in the construction of the social credit system. The current credit reporting mechanism should be further improved and the scope of information sharing should be expanded.

Realize the goal of preventing systemic financial risks put forward by the Central Economic Work Conference.

The report of the 19th National Congress of the Communist Party of China and the 2017 Central Economic Work Conference emphasized "keeping the bottom line of no systemic financial risks". To serve this goal, the current construction boundaries of the credit reporting system still have certain limitations. The World Bank defines the boundaries of the credit system as: credit data must be related to credit origination and credit management in a broad sense. If the credit reporting service is provided according to this definition, it can only achieve limited functions such as analyzing the debtor's overall debt level and historical solvency, and cannot assess the debtor's overall risk, let alone realize the function of preventing financial risks.

The development law of credit history has shown that commercial credit is the basis of credit credit. Without the credit guarantee of commercial transactions, credit credit cannot be realized, and social credit cannot be discussed. Therefore, the full-coverage credit reporting system should expand from credit credit to financial credit, economic credit and even social credit. Secondly, with the increasing volume of Internet finance, Internet finance should be incorporated into the macro-supervision framework as soon as possible, so that relevant credit information can be connected to the credit reporting system. On the one hand, it helps to improve the stability of the financial system. It helps Internet financial platforms to conduct comprehensive and accurate risk assessments.