THE Shenzhen Municipal Development and Reform Commission and Futian Development and Reform Bureau jointly released the Shenzhen Citizen Credit Manual at the Shenzhen Credit Construction Journey launch ceremony and Summit Forum of Bay Area Credit Finance Development on Feb. 25.

Representatives from 20 financial institutes and high-integrity enterprises, including the Shenzhen branch of China Construction Bank and China Southern Asset Management Co., signed the credit commitment.

The event gathered experts in financial credit construction and representatives from the Department of Fiscal and Financial Affairs of National Development and Reform Commission, the National Public Credit Information Center, the Guangdong Provincial Development and Reform Commission, the Shenzhen Municipal Government, and other financial institutions and credit enterprises.

Huang Wei, executive vice head of Futian District, said that as the central district of Shenzhen, Futian plays an active role in the construction of the social credit system. Futian has deepened its institutional mechanism reform and blended it with modern technology to build the big data platform “Smart Futian,” innovate the social governance model “credit+rule by law,” create the “Internet+” performance evaluation sharing platform, and realize the publicity of government purchasing information and processes.

According to Huang, Futian is at the core of Shenzhen’s international financial center as well as the cradle for the integration and development of credit service institutes. The innovation and integration of credit and finance is the highlight of the construction of a credit system in Futian.

Baihang Credit, China’s only licensed market-based personal credit agency, has settled in Futian. The district will create a hub for the personal credit reporting market. At the same time, leading companies in credit and finance including Pengyuan Credit Service Co. and CFSS, as well as innovative fintech companies such as Ping An Technology, have also all settled in Futian.

Credit allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people. (Chen Xiaochun)