Our country will establish a comprehensive evaluation system for corporate credit status.

Securities Times reporter Han Zhongnan

Recently, the General Office of the State Council issued the Implementation Plan for Establishing a Comprehensive Enterprise Credit Assessment System (hereinafter referred to as the “Implementation Plan”). The “Implementation Plan” states that efforts should be made to better play the foundational role of public credit assessment results in the comprehensive enterprise credit assessment, to promote the mutual integration of public credit assessment and market-based credit assessment, and to gradually form a unified comprehensive enterprise credit assessment system.

Experts say that, through systematic design of the institutional framework and operating mechanisms for the comprehensive enterprise credit assessment system, the “Implementation Plan” adopts pragmatic measures to address problems such as repeated assessments, fragmented standards, and insufficient protection of rights and interests, and to drive enterprise credit assessment from the “self-exploration” stage to a new “unified and standardized” stage.

The “Implementation Plan” requires that, public credit assessment systems be improved by unifying the rules for public credit assessment, the management of industry credit assessment, and the channels for disclosing public credit assessment results. It also calls for strengthening and improving coordination mechanisms for industry credit assessment, regulating the development of market-based credit assessment, accelerating the integration and application of public credit assessment with market-based credit assessment, better leveraging credit assessment to support financing for small and micro enterprises, enhancing the evaluation update and adjustment mechanism after credit repair, opening up channels for handling objections and appeals, and implementing responsibilities for credit assessment management.

In response to the pain points across localities and departments regarding inconsistent assessment rules and non-recognition of results, the “Implementation Plan” delineates assessment powers and responsibilities, unifies the rules for public credit assessment, and breaks down market barriers at the institutional level. This will allow enterprises with strong credit to enjoy more credit dividends in areas such as financing and bidding, and significantly reduce institutional transaction costs.

He Ling, Director of the Comprehensive Evaluation Division of the Business Environment Development and Promotion Center under the National Development and Reform Commission, said that the introduction of the “Implementation Plan” is an important institutional arrangement for improving the high-level socialist market economy system, building a nationwide unified large market, and creating a world-class business environment.

To ensure the plan is implemented smoothly, the “Implementation Plan” emphasizes that all localities and relevant departments should focus on implementation, strengthen data-sharing support, optimize credit assessment processes, standardize the application of credit assessment, promote the establishment and improvement of legal and regulatory systems related to enterprise credit assessment, and do a good job with the work of drafting, revising, abolishing, and interpreting rules. It also calls for creating a fair-competition market environment and supporting the development of a nationwide unified large market.

Zhang Xiaolan, a researcher in the Informationization and Industrial Development Department of the National Information Center under the National Development and Reform Commission, said that with the steady advancement of the “Implementation Plan,” the comprehensive enterprise credit assessment system will continue to be improved. The institutional advantages of using credit to empower development will further be converted into concrete results in promoting high-quality development.

(Editor: Dong Pingping)

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