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Credit rating system to be implemented this year

A business credit rating system will be fully implemented in China this year, the China International Economic and Trade Exchange Promotion Association said in Beijing on Thursday.

"The issue has always been important for national credit development. The implementation of the credit rating system in the business sector is one of the most important assignments for the association this year," said Jin Shuo, secretary-general of the CIET.

According to Jin, the Ministry of Commerce sees the issue as a priority for China's economic development during the 12th Five-Year Plan (2011-2015).

Lang Zhizheng, a former counselor of the State Council and a professor from the school of management and economics at the Beijing Institute of Technology, said on Thursday that a market economy is a credit economy, and that a sophisticated credit system is essential for the development of a market economy.

"China is a developing country with the most potential in global economic growth, and the Chinese economy has a strong influence on the world economy. Therefore, the building of a credit system for Chinese enterprises is crucial for China's globalization, and international integration," Lang said.