Decisions of the CPC Central Committee on Several Problems of Perfecting Socialism Market Economic System approved by the Third Plenary Session of the Sixteenth CPC Central Committee proposed to “positively develop professional market service agencies with independence, fairness and standardized operation”. To create a favorable credit rating environment and ensure the society to use credit reports legally and effectively, the government may constitute laws on credit rating, information release and use, but cannot be directly involved in credit rating on enterprises; otherwise, credit rating will lack fairness, independence and scientificalness. At present, the operation mode of governmental advancement, industrial self-discipline, third-party credit rating and social supervision is adopted. With advanced credit rating technologies and criterion, third-party credit rating agencies could produce high-quality credit products to guarantee the fairness and justice of credit rating and enhance the working efficiency.

China International Electronic Commerce Center (CIECC) under the Ministry of Commerce (MOFCOM) established China National Credit Information Service, Ltd. (SINOCREDIT) in 2003 to endeavor in constructing national credit system.

After several years’ operation, CIECC has set up a team of credit management experts and expects to cooperate with industrial associations and chambers of commerce to promote the construction of industrial credit system.

As a direct subordinate unit of MOFCOM, CIECC has predominance in many services, including credit rating, credit management consultation, credit training, etc..

Professional credit rating

By absorbing international advanced rating concepts and technologies as well as combining market economic features and credit environment in China, CIECC has developed a set of credit rating mode, methodological system and standards commonly accepted by the market, which can present the rated’s credit ability in an objective, timely and adequate manner and provide expertise opinions on the rated to all related parties.

Information technologies

With employment of a large number of talents with high education, technologies and quality to, CIECC has set up a credit rating information system based on the Internet, so as to realize the informatization of credit rating flow.

Publicity

CIECC is taking on the development and maintenance of governmental websites, i.e. web portal of MOFCOM (www.mofcom.gov.cn), China Anti-fraud Website (www.antifraud.gov.cn), etc.; thereby, rating results could be published and publicized on the above websites.

Industrial experiences

With regard to credit rating, CIECC has signed cooperation agreements with several industrial associations and chambers of commerce and obtained rich experiences on actual operation. In the cooperation with China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters (CCCMC), the rating results of the first batch of enterprises, which are members of CCCMC, were formally released.

Service capabilities

CIECC will provide all-round services for industrial associations and chambers of commerce. After credit rating is launched, experienced professionals will be deployed to provide services for industrial associations and chambers of commerce and consultation and technological supports for enterprises. CIECC’s 100-plus representative offices and branches throughout China may offer rapid and low-cost credit data verification services.

Financial services

CIECC has established cooperation partnership with many financial institutions at home and abroad, including commercial banks, investment companies, industrial foundations, etc., and it could provide financing and insurance services.

(1) Loan and financing in banks
According to enterprises’ credit rating results and definite loan requirements, CIECC will frame loan plans on the basis of enterprises’ situation together with cooperative banks, in order to obtain the most favorable loan conditions.

(2) Financing with stock
CIECC will select domestic and foreign investment companies or industrial foundations to provide stock financing services in accordance with enterprises’ credit rating results, projects situation and financing requirements.

(3) Insurance services
By cooperating with professional insurance brokers company, CIECC will plan out insurance products, set up co-insurance centers and offer insurance added-value services for enterprises.

Others

(1) Governmental resources
CIECC strives to provide all-round e-governmental services for governments at all levels and accumulated abundant governmental resources. The target clients include commerce administrations at all levels, related ministries, overseas offices of China, associations and chambers of commerce.

(2) Clients
Engaging in e-commerce services for many years, CIECC has gathered a large amount of client resources of clients through China International Electronic Commerce Website.

(3) Hardware
Owning international first-class and domestic leading network hardware environment and three-city disaster recovery service, CIECC could offer reliable and secure services of system operation and maintenance for clients.