First, the role of the credit insurance industry
The developed social credit system undoubtedly plays a very important role in the effective operation of the market economy. At present, the main problems caused by the imperfection of China's credit system are: bad debts of banks, triangular debts of enterprises, underdeveloped consumer credit market, financing difficulties for small and medium-sized enterprises, and credit risks in international trade. As far as consumer credit is concerned, taking the real estate market as an example, the vacancy rate of ordinary commercial housing in China reached 87.8%, 87.5% and 87.4% in 1995, 1996 and 1997 respectively. However, the annual income ratio of middle-level houses to middle-income families in China is above 6 in most cities, including 10.6 in Shanghai, 10.3 in Beijing and 10.2 in Guangzhou. Low income level and high housing price are the conditions for the development of housing consumer credit market. However, the imperfection of China's credit system has caused mutual distrust between banks and customers and high transaction costs, which has become an obstacle to the development of consumer credit market. On the one hand, the development of credit insurance can make up for the loss of market efficiency caused by the imperfect credit system, on the other hand, it can promote the establishment of China's social credit system.
First of all, the development of credit insurance industry can increase the risk-taking subjects, thus reducing the credit risk of enterprises and promoting market development. Credit insurance is the insurance to protect the accounts receivable of the insured enterprise from abnormal losses. For banks, the intervention of insurance companies can share the risk of default with them on the one hand, and ensure the bank to recover the money on time on the other hand. The reduction of bank risk can improve the possibility of obtaining loans for policyholders. Generally speaking, the development of credit insurance industry has promoted the improvement of market efficiency by reducing credit risk.
Second, developing the credit insurance industry can reduce the transaction cost of the credit market and expand the market scale. For example, the combination of consumer credit market and credit insurance industry, the intervention of insurance companies as a third party can more effectively overcome the information asymmetry between enterprises and customers, prevent and resolve the credit risks brought by information asymmetry, reduce transaction costs, and thus promote the expansion of the credit market.
Thirdly, the development of credit insurance industry can improve the credit risk management level of enterprises, promote export and consumption, reduce the proportion of bad debts of banks, and play a very important role in the development of real estate, automobile and other markets and the improvement of financing efficiency of enterprises.
Fourthly, the development of credit insurance industry can promote the establishment and perfection of China's credit system. A perfect social credit system should include national credit management system, enterprise credit management system and personal credit management system. The collection and transmission of credit information runs through the capital market, commodity market and personal consumption market. The development of credit insurance industry will inevitably promote the improvement of credit risk assessment and management level of enterprises and individuals. At the same time, the development of credit insurance industry inevitably requires the development of social enterprise credit information collection and management system and the establishment of social individual credit management system. At present, China has implemented deposit real-name registration system, but a perfect social credit system is a unified whole composed of all credit systems including deposit real-name registration system. Only establishing deposit real-name registration system can not effectively resolve the credit risk of the whole financial market. The development of credit insurance industry can promote the establishment and perfection of China's social credit system, thus reducing the credit risk of the whole financial market.
Second, the current development of China's credit insurance industry
The development level of credit insurance industry is an important symbol of the development of a country's credit system. At present, China's credit insurance business mainly includes export credit insurance and consumer credit insurance.
1. Development of export credit insurance industry.
First of all, due to information asymmetry and imperfection, export enterprises face serious credit risk, national political risk and exchange rate risk. Export credit insurance plays a very important role for exporters to choose flexible trade payment methods, reduce credit risks and improve export competitiveness. According to statistics, 12% of global international trade is supported by export credit insurance, while Japan, France and Germany reach 39%, 2 1% and 13% respectively. However, China's export credit insurance only accounts for about 1% of the total export. First of all, the overall development level of China's export credit insurance industry is low, the types of insurance are single, enterprises pay insufficient attention to export credit insurance, and the business scale is very asymmetric compared with the export scale.
Second, due to the strong externalities and high risks of export credit insurance, generally speaking, the government should provide corresponding policy support. At present, the country's policy support for export credit insurance is not enough, which leads to the high export credit insurance rate and unreasonable rate determination, which limits the development of export credit insurance industry and export trade.
Thirdly, due to the lack of enterprise credit information system in export trade, export enterprises do not know enough about customer information, and there are a lot of intentional fraud without the cooperation of export credit insurance.
Fourthly, the development of China's export credit insurance industry currently lacks corresponding laws and regulations. Therefore, it is an urgent task to speed up the legislative work of export credit insurance industry and make export credit insurance have laws to follow.
2. The development of consumer credit insurance.
Consumer credit in China has developed very rapidly and has become one of the fast-growing loans of commercial banks. At present, China's consumer credit mainly focuses on personal housing consumption credit, automobile consumption credit and student consumption credit, among which housing consumption loan occupies an absolutely important position. In the first half of 2000, personal consumption credit reached 250 billion yuan, while personal housing loan reached about 21300 million yuan. The smooth development of consumer credit market must have the active participation of insurance industry to resolve credit risks. Take the United States as an example 199 1 year, all kinds of mortgage debts account for about 68% of GNP. The reason why the American housing mortgage market is so developed is inseparable from the development of American housing mortgage insurance. Because, first of all, the United States has established a perfect housing mortgage insurance mechanism combining government agency guarantee with private insurance. Government mortgage guarantee agencies include the Federal Housing Administration (FHA) and the Veterans Administration (VA). Private insurance institutions and government mortgage guarantee each account for about half of the housing mortgage insurance market. According to the "Statistical Compilation of American Mortgage Insurance Company Association on 1997- 1998", the market share of private insurance is 53. 1% in 1993, 48.2% in 1994 and/kloc. Secondly, the mortgage insurance market in the United States has a high proportion of protection and a flexible mode of operation. The Federal Housing Administration (FHA) provides 100% loan guarantee for low-income families, and the lender can get a 30-year bank housing mortgage loan with a down payment of 5%, which has effectively promoted the development of the real estate industry in the United States. Moreover, the United States has a full range of real estate insurance and housing mortgage insurance, which play an important role in the real estate economic activities in the United States.
Relatively speaking, there are still many imperfections in the development of China's consumer credit insurance market, especially the housing mortgage insurance market. First of all, China has not yet established a sound mechanism for housing mortgage loans and real estate insurance. The reform of housing system lags behind, and there is a lack of effective financial tools to start the housing consumption demand of low-and middle-income families. As a result, on the one hand, commercial housing is idle, on the other hand, the housing area of residents is seriously insufficient. Secondly, insurance institutions have not played their due positive role in the credit market, and there is no effective prevention mechanism for the default risk of personal housing mortgage loans. At present, China's housing mortgage loan has harsh conditions, high transaction costs and short loan period, which can not effectively promote the development of the real estate industry. At the same time, compared with mature real estate market countries, there are fewer types of real estate insurance that match housing mortgage insurance in China. The housing property insurance, mortgage insurance and entrusted insurance markets are still blank.
3. Development of other credit insurance industries.
Due to the imperfection of the corresponding legal system in China and the lack of a complete social credit management system, the development of credit insurance industry is still in its infancy. Credit insurance other than export credit insurance, housing and auto loan insurance is still a field to be developed. However, the development of credit insurance industry has greatly promoted the development of other industries, such as export, real estate, automobile and other markets. Actively developing credit insurance is of great significance to improving the market economic system and promoting economic development.
Third, ways to promote the development of China's credit insurance industry
The development of credit insurance depends on the construction of social credit management system in China, and the development of credit insurance itself will promote the construction of social credit management system in China. At present, China's credit system is not perfect, and the development of China's credit insurance industry should start from the following aspects:
1. Establish a social credit management system in China.
At present, not only the commercial insurance and personal credit evaluation management system in China lacks personal credit, but also the whole social credit system has not been established. A perfect social credit management system is an inevitable requirement for the development of market economy. As the code of conduct of market economy, social credit runs through social transactions, which promotes the improvement of transaction efficiency and the expansion of market scale and ensures the smooth operation of market economy. A perfect social credit management system is a unified whole composed of the following aspects:
The first is the enterprise credit management system. Enterprise credit management system is mainly composed of enterprise credit investigation report and enterprise credit database. Take the United States as an example Dun&Bradstreet Corp in the United States has the credit files of nearly 57 million enterprises, and each enterprise has an ID number different from other enterprises. In this way, customers can query the credit information of enterprises in real time through computers. The construction of enterprise credit management system in China should also refer to the practice of the United States. Like personal deposits in real-name registration system, enterprises should also implement "real-name registration system" in account and credit transactions, establish enterprise credit database through the Internet, and completely put an end to such behaviors as multi-head account opening. This saves the cost of enterprise credit evaluation and management. For government regulatory authorities, it also saves regulatory costs.
The second is the personal credit management system. At present, China's personal credit environment and credit order are very chaotic, and personal credit concept is weak. This credit crisis has seriously restricted the development of consumer credit. The establishment of personal credit management system should be combined with personal credit, taking the form of combining personal credit investigation with consumers' independent application, perfecting personal credit evaluation methods and gradually establishing personal credit database. The establishment of personal credit management system will strengthen personal credit awareness and standardize credit order.
The third is the national credit management system and the corresponding legislation. As the provider of the system, the government should strengthen the legislative work and formulate legal norms for the establishment of the credit system. With the improvement of China's economic openness and the promotion of world economic integration. It is very important to disclose the information of large enterprises and strengthen the supervision of enterprises. At the same time, because of people's opportunism, it is necessary for the government, as a third party with violence potential, to establish a certain punishment mechanism and increase the cost of default in order to maintain the benign operation of the credit system. At present, apart from the secrecy law, the opening of enterprise credit data in China lacks legal definition and norms, which is not conducive to the establishment of enterprise credit management system in China.
Fourth, the developed social credit management industry. Due to the asymmetry and imperfection of information, the collection and management of credit data of enterprises and individuals need to spend a lot of search costs. The development of the corresponding intermediary service industry can reduce the search cost and improve the market transaction efficiency.
2. Establish policy and commercial export credit insurance and export credit guarantee system to promote the development of international trade.
Export credit insurance has high risks and strong externalities. Pure commercial insurance institutions can't take risks independently, but it plays a very important role in promoting exports and economic development. Therefore, export credit insurance is generally regarded as policy insurance, which is supported by the government to reduce the risks and insurance rates of economic entities and promote exports. At present, China's export credit insurance industry has not yet formed a perfect system, and the amount of national special funds is too small and the rate is too high, which leads to high insurance cost and low insurance proportion.
3. Establish a perfect mortgage insurance system as soon as possible.
As far as housing mortgage loans are concerned, the establishment of government guarantee system and commercialized insurance system for housing mortgage loans of low-and middle-income families can improve the living conditions of the whole people and raise the level of social welfare, on the other hand, it can start the real estate market and promote economic development. According to the input-output research of Shanghai Academy of Social Sciences 198 1 year, every 1 billion yuan of housing investment in China can drive other 23 related industries to increase their investment by147.9 billion yuan, and more than 60 industries are directly and indirectly driven. At present, the main obstacle to the development of housing mortgage and other consumer loan insurance is the lack of social credit management system and credit risk assessment and prevention experience.
4. Accelerate social credit management and credit insurance legislation.
At present, China's export credit insurance and consumer credit insurance lack corresponding legal norms. The relevant provisions of the Insurance Law are too brief to meet the needs of economic development. Others, such as housing mortgage insurance and automobile credit insurance, have no clear legal norms, and the corresponding provisions of civil law and commercial law are as simple as insurance law, lacking detailed implementation rules.
5. Actively develop insurance varieties to meet market demand.
At present, the corresponding insurance products in China are too single to meet the needs of consumers. Nowadays, property insurance is more and more comprehensive. For example, housing mortgage insurance, strictly speaking, can not be called credit insurance, but comprehensive insurance composed of various insurances. The economic function of comprehensive insurance can't be played by a single insurance.