The State Council releas上海龙凤419eline on Tuesday for

 building a credit-based market regulation system. The bankruptcy mechanis

上海龙凤419品茶微信m is one part of the whole system. Besides local government, individuals and enterprises will also be regulated.

Companies with bad credit records will receive serious punishment, said Lian Weiliang, deputy head of the National Develo上海龙凤419

pment and Reform Commission. “For the worst scenario, the companies could be prohibited from the market.”

The measures for rating companies’ credit are being drafted, and market-oriented third-part上海龙凤419品茶微信

y institutions and industry associations will be involved in the rating process, according to Lian.

上海龙凤419According to the State Council’s guideline, individuals’ and co

mpanies’ credit performance will be recorded in a timely, accurate and comprehensive ma

nner, while targeted regulatory measures will be taken on market entities with different credit levels.上海龙凤419品茶微信

Credit defaulters will be held accountable in line with specific

regulations and laws and urged to rectify their irregular practices, it said.

上海龙凤419More efforts will be made to enhance credit regulation information disclosure and impro

ve regulatory efficiency by leveraging big data and other technologies, according to the guideline.上海龙凤419

The People’s Bank of China, the country’s central bank, is also buildin

上海龙凤419品茶微信g the country’s nationwide credit information system, which is composed of a national fin

ancial credit information database and market-oriented credit information institutions.上海龙凤419

By the end of August, the national database included information on 25.42 m

illion companies and 970 million individuals, becoming the world’s largest.上海龙凤419品茶微信

Including internet finance and peer-to-peer lending information in the national sys

tem is the next step in the top financial regulators’plan. The system will also in上海龙凤419

clude data from securities and insurance companies in the future, Wan said at an earlier conference.

“Information leakage and hacking could potentially be major threats to the credit information sy上海龙凤419品茶微信

stem’s security,” he said. “So far, the system is generally stable, and has not displayed any serious leakage risks.”

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