Enterprise credit is crucial for a nation's economic development in the modern world, while the establishment of a united credit organization in China will greatly improve the nation's credit system.

That is the assessment of Shi Guangsheng, vice-chairman of the Financial and Economic Committee of the National People's Congress. He shared his views with government officials, experts and representatives from more than 100 domestic and overseas enterprises on the establishment of the Credit Alliance of Chinese and Foreign Enterprises yesterday in Beijing.

Sponsored by 22 industrial associations and 56 enterprises from home and abroad, the alliance will abide by international credit norms and hopes to mobilize social forces to promote the establishment of Chinese enterprise credit with exemplary standards among members.

According to the constitution of the alliance, one of its major tasks is implementation of an international marketing system for enterprise credit.

"It is in a bid to make the credit situation for enterprises become transparent and have the poor credit environment problems gradually solved," said Shi.

And, to popularize "China's credit enterprises," the alliance will incubate more credit enterprise groups in accordance with international standards and enable them to seek more commercial opportunities in line with international practices.

"The central government has paid much attention to set up a transparent, complete and updated credit system, which should be supported by morality, based on property rights and guaranteed by laws," said Shi.

Du Jinling, deputy president of the Industrial Economy League of China, said the alliance will take an active role in disseminating information on the credit culture, enhancing credit awareness, exchanging credit information and tapping credit resources so as to promote China's enterprise credit.

"Meanwhile, the alliance will conduct research on the implementation of principles for a credit system which is suitable to the current status of Chinese enterprises," said Du.

"The principles are to be provided for the policy makers as references and be popularized among the alliance members after experimentation."

Alex K. F. Yuen, chairman of US-based TransUnion (China), one of the sponsors of the alliance, indicated that the organization will help the nation perfect its economic environment in line with market principles under the economic globalization, making China more attractive to foreigners.

The alliance will be composed by various Grade A enterprises, professional organizations, relevant governmental institutions, and experts as well as credit rating organizations.

(China Daily October 21,2003 )