Chen Jing: The important role of credit in the Internet financial attached school

December 12, the world's first large-scale conference to explore the industry Internet, 2014 CVW. The industry Internet conference was held in Beijing and was synchronized through the big screen of New York Times Square. The conference was made by the Asia Letter Group, the cloud base and the Chuang-Zhuang economic and Technological Development zone jointly hosted more than 5,000 global it and traditional industry leaders and elites who are concerned about the development of Internet and traditional industries, and explored the evolution of "Internet access to traditional industries", "traditional industry internet" and the technological model and business innovation of industrial Internet.

In the afternoon of the Financial @ internet forum, China Internet Association, the executive deputy director of the Internet Financial Work Committee, Chen Jing brought the "credit in the Internet financial attached to the important role of" keynote speech.

The following is the full text of his speech:

Chen Jing: Delegates, ladies and gentlemen, good afternoon. Very happy to attend this meeting, let me talk about Internet finance, this is very hot, drove a lot of meetings, talked a lot. One of the areas is the basics of credit and the development of Internet finance, and I'm happy to talk about it this time. In the past, People's bank began in 1997, the People's Bank led the establishment of enterprises, and finally set up a personal credit system, the actual is to get the trust database. At that time the People's Bank of Science and Technology Division was responsible for the construction, after a hard effort to formally put into operation. On this topic recently in more than three meetings, today again to introduce some immature views, hope to arouse the attention of everyone, the wrong point of view can be discussed. Because of the time relationship, I have to hurry, it is half an hour, originally have PPT, will not put, too late.

Social Credit construction is increasingly being valued by the state, in the late 90 's, our country attaches great importance to, some experts to the central leadership letter proposed to strengthen the construction, and the people's representative also non-stop response, so the People's bank officially launched the work. At the same time, various business units, various areas have also established a regional credit center. Shanghai July 1999, with the approval of the Shanghai municipal government, set up Shanghai Information Co., Ltd., is now a credit company to provide services. At the same time, we know that our country attaches great importance to the construction of our Social credit system, the State Council from 2007 Continuous dispatch, on the Social Credit system of several views, as well as the establishment of ministerial system. The State Council has also issued a Social credit system planning outline, in the relevant party's central meeting. In this case I simply say, the People's Bank of China to build a national credit infrastructure database and system, there was no time before, in fact what is called Internet credit? The disputes in this society are very big. The People's bank issued official documents on the organization of relevant institutions, called Internet finance in China's development, 2002 published in China's E-commerce Yearbook. The development of online banking, also known as Internet banking, later mobile banking and so on are typical. Last year, the Internet Financial Services Agency, he has a lot of innovation in the financial services, from the beginning of last year has been a big misunderstanding. The traditional finance of the past is the main one, and now it is, in the future, because it is financial services.

1997, the People's bank began to build credit system around the loan, 2002 National Network query, 2004 after the launch of the national unified personal Credit system. Now is a comprehensive collection of corporate personal positive negative information, covering all the places, including all the branches of the enterprise, all the legal entity level. At the same time by the end of August this year, the enterprise personal credit system has been to 19.51 million, which has a loan card enterprises have 9.94 million households, 850 million natural persons to establish a credit file, which has a credit record of 340 million people, only the letter range is a credit information, people's bank is very complicated. Credit information, design to loans, credit cards, factoring, discount and other services, the basic realization of the financial field of information in a comprehensive collection. The second is to publish information, including social security, environmental protection, court decisions, tax arrears, administrative licensing, professional qualifications and other public services. The third category is other information, including insurance, trade credit insurance, and so on. And this system is according to the Ministry of Public Security's population system and Organization Code database network. Now query the situation is that by the end of August this year, now opened a query of 146,000 advocates, and the cumulative number of inquiries more than 300 million times, and personal inquiries more than 300 million times, and so on, the time relationship is not much to say. And it also provides the community with three kinds of reports, one is about the basic credit report, the second is the personal value-added products report, there are various channels, the time is not much to say. It has made great achievements, raised the level of management risk, promoted the healthy development of credit market, facilitated trust, established social mechanism, and promoted the construction of Social Credit system in the public part.

I will focus on the development of credit and the current Internet finance, what is the relationship between the Internet economy? After some time we think this is the case in China, it is more obvious that credit is the foundation of developing internet economy and finance. Internet application is to tell the development stage, we are all very clear, which design many aspects. One of the important aspects is the development of the Internet economy in order to strengthen credit and integrity of the construction, credit and integrity in the Internet finance more important, credit is the development of Internet finance is an important foundation. The virtual environment of the Internet to engage in transactions do not speak credit and integrity issues are very large, inevitable problems. The healthy development of internet finance is only by laws and regulations, or regulation can be, or rely on the relevant security basic measures can be, we think is needed, but is incomplete, is not comprehensive. is to be able to rely on basic measures to ensure that social and economic costs are very high, the current emergence of peer-to-peer, public financing mechanisms, China's reason is that the traditional financial industry can not well meet the needs of social development, especially to meet the needs of small and medium-sized enterprises. The bank's operating mechanism determines that it is unwilling to lend, but for a number of reasons, such as cost, one of the most important reasons is asymmetric information, do not understand the information situation of enterprises, in order to avoid the risk that it will have to take a secured mortgage approach.

And we know that such an environment is not good enough to meet the needs of SMEs, because SMEs happen to be more information asymmetry, less loans. At the same time, it is also difficult to guarantee collateral, coupled with the high cost of service, the small micro-enterprise loans, loans slow. If our country's credit integrity environment does not improve, there is still a big gap, in order to prevent risk, China's Internet investment and financing services will inevitably embark on the traditional banking institutions to take the line of review, guarantee the old way, low-cost high efficiency Pu-hui services will become empty words, eventually these services will appear a lot of problems, and even failure, Can't go on.

Therefore, in the development of internet finance in China, we should attach great importance to cultivating credit, honesty and credit, so as to accelerate the construction of credibility society, which is very important to the development of internet economy and finance. Our country wants to develop the credit system, the good faith social Construction has several questions. The first big question is very important, is the credit and the good faith concept in our country needs further new, the international mainly is the Fund loan relations situation, has accounted for the entire credit 70%, 80%, as well as the business Administration and the court judgment and so on only accounted for 20%, 30%. and the scope of integrity is more extensive, including general contracts, the general agreement of the Enterprise, but also the observance of social norms and disciplines, such as whether the contract is defaulted, just whether the property rights compliance, and so on, even if the bus is not to buy tickets, it is not a credit problem, is the question of Every industry has integrity issues, of course, not every industry has a credit problem. Because of the time relationship, 1997 after the central leadership instructions inside, find 15 departments inside, to find the relationship with the integrity, until now. All the information is considered to be a credit system in the planning outline, which has caused many problems. The first is to further establish the national top design. such as credit system and integrity system construction and management, the People's Bank to manage credit base to form this system, various sectors of the construction, or related departments constitute the relevant integrity system, to avoid the community has appeared in the integrity of the scope of the data are required to join the People's bank system, is the situation of taxation Even environmental information, and so on, are not. But in this case the People's bank also has no way to add, so the credit is very large. At the same time can mobilize the enthusiasm of all walks of life, at the same time the national top design to avoid the emergence of the requirements of the establishment of enterprises, personal integrity information of the big credit requirements, now has begun. The world is not like this, the United States to represent the country does not have a new system, only the credit system, but our country is not the same, I think it can be established.

So I think such credit is impossible to build, all the personal integrity of the system, the State Council has more than 10 institutions to build, to build all aspects of personal information into all, this is unreasonable, but also unscientific, is also impossible. It is dangerous to build. In short, the concept of credit and integrity should be clearly divided, greatly conducive to the construction of China's credibility system.

The second is the credit and integrity of the system to build and manage, to build good management and good credit system, the scope to be further concentrated. and focus on the emerging, Internet financial services to provide networking, such as peer-to-peer, public chip, small loans, and so on, with credit. In this way, the credit data update more timely, accurate, faster query, this place should be allowed to support eligible Internet financial Enterprises access, query credit system. According to the needs of society, this system can be interconnected with the relevant urban systems. With the Ministry of Public Security ID card Information System networking can be, commercial banks, the real-name system is also the public Security ID card management Systems networking, this is not the bank itself built, this can be. In turn, they can be interconnected according to objective needs. At the same time all departments to manage their own integrity system, the People's Bank has the relevant norms, and now the integrity of the system more problems, need to solve a series of problems. For example, the definition of integrity system, such as the integrity of the system computer acquisition range, can not two people about where to play, did not come on time, this situation also go in? There must be a scope. At the same time, the content, scope and relevant standards and legal basis, etc., related to personal privacy protection and so on, which involves very complex and meticulous work. It is mainly the scope of the bank, as well as the availability and security of the entire system.

The third aspect is to support and encourage the Internet financial services enterprises, it is not a financial enterprise, Internet Financial Services enterprises, and related network services enterprises, to establish and improve their credit integrity system. Here a very important concept, put forward the construction of Internet credit, the internet levy and traditional credit is not the same, it is in the Internet economy and internet finance in the production of a lot of information, how to collect it in the Internet environment to apply, because time is not much to say. Now it is not enough to rely on the system of People's Bank, and the scope is inconsistent. For example, the scope of peer-to-peer requirements More, the people's Bank according to international practice data relatively less. At the same time Peer-to-peer they developed also very quickly, a large part of the People's Bank of credit system is not connected to the network, so that the distant water puzzled near thirst. And we feel that China's Internet financial services have been successful experience, a lot of, an example, such as Taobao balance treasure, the establishment of a two-way evaluation mechanism, valuable credit resources. Alipay personal credit is better, or good faith individuals will soon be in shopping to obtain microfinance services. and the corresponding market risk, practice proved to be controllable. In addition, such as peer-to-peer institutions also urgently require its credit data to be able to connect with the People's Bank, at the same time to develop their own credit data or integrity data, so that it can meet the requirements of peer-to-peer services, avoid the transition of the offline review, or even guarantee, to prevent peer-to-peer risk. So I think in the development of Internet finance, the relevant enterprises should attach great importance to, accumulate and analyze the use of their own credit, integrity of large data. At the same time actively and social Credit integrity integration, strengthen the development of their own enterprises and the need for credit and integrity system.

Finally, I would like to say that we should attach great importance to the legislation of personal privacy protection law, the People's Bank of China made it clear when the system, to speed up the establishment of personal privacy protection law. Because everyone knows that a thing is not relevant laws and regulations guarantee is not stable, and can not continue to develop, this is the foundation of credit Integrity system construction. As soon as possible the construction of laws and regulations has important significance, our country has not given due attention, I appeal to this matter, the legal profession and the business community in this Chamber should actively call for and attach great importance to the establishment of personal privacy protection legislation in our country as soon as possible. Time relationship is not much said, thank you.

(Responsible editor: Mengyishan)