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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“Lagarde has excellent pe上海龙凤419MF chief, with a go

good global vision, political foresight, and understanding of international relations,” he said. “She has ac

complished a lot in the past eight years, thus, moving to lead ECB won’t be difficult for her.”上海龙凤419品茶微信

Wei, also a member of the Academic Committee of the International Mo

上海龙凤419netary Institute of Renmin University of China, said that he also appreciates Lagarde’s ef

forts in making the Chinese currency RMB part of the IMF Special Drawing Rights basket on Oct 1, 2016. It made the R

MB the fifth currency in the basket, joining the US dollar, euro, Japanese yen and British pound.上海龙凤419品茶微信

Edward Tse, founder and CEO of management consultancy Gao Feng Advisory, said that Lagarde’s comp

上海龙凤419rehensive experiences in multilateral institutions would make her a qualified ECB head.

He said that an important part of leading the ECB is balancing the p

olitical interests among eurozone members, so political skills are essential and somet上海龙凤419品茶微信

imes are more important than technical skills. And, in the ECB, there are already many economists to assist her.

“The most important part of leading the ECB is political sensitivity and political coord

上海龙凤419品茶微信ination capacity,” he said. “So EU leaders’ choice of Lagarde is very reasonable.”

He added that the EU’s economy lacks vitality, so whoever is ECB head will find it hard to change the situation.

“If Lagarde gradually solves the current problems with her high political sensitivity, it is already the best scenario,” he said.上海龙凤419

The European Union on Wednesday lowered its forecasts for economic growth next year fo

上海龙凤419品茶微信r both the 19-country eurozone as well as other countries within the bloc, partly due to the United Kingdom’s i

mpending exit from the bloc as well as current trade tensions around the world. Eurozone growth is expected to pick up f

rom 1.2 percent this year to 1.4 percent in 2020, down from a previous estimate of 1.5 percent.上海龙凤419

Tse said that EU’s economy has entered a structural downturn, and in many countries, ma

king short-term adjustments cannot help them achieve rapid economic development.上海龙凤419品茶微信

“Up till now, EU countries haven’t found the means for quic

k economic growth yet, which is different from the situation in China and t

he US, where innovation acts as the main driver for economic development,” he said.

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