Improve credit supervision in the digital economy

Author: Zhang Shijun (Dean and Professor, Law School, Capital University of Economics and Business)

General Secretary Xi Jinping stressed at the 34th collective study of the Political Bureau of the Central Committee: "It is necessary to improve the digital economy governance system, improve laws, regulations and policy systems, improve institutional mechanisms, and improve the modernization level of China's digital economy governance system and governance capabilities." "This important directive requires that it points out the direction for strengthening the governance of the digital economy."

In recent years, the world's major digital economy powers have begun to strengthen the governance of the digital economy, enhance the inclusiveness of the digital economy, and strive to make society better and more fully share the fruits of the digital economy development. The scale of China's digital economy has been at the forefront of the world. Not long ago, China formally applied to join the Digital Economy Partnership Agreement to explore the best path for a cross-border digital governance framework with member states, promote global digital economy cooperation, bring greater benefits to members and their people, and make positive contributions to the development of the global digital economy, trade and investment growth, and economic recovery. In this context, improving the digital economy governance system will effectively promote the healthy and sustainable development of China's digital economy norms, and will also contribute China's experience to strengthening the governance of the digital economy around the world.

General Secretary Xi Jinping stressed that "establish and improve a new type of credit-based regulatory mechanism." Improving the digital economy governance system is inseparable from the construction of a credit supervision mechanism. This requires promoting data security legislation, increasing anti-monopoly efforts, strengthening the construction of scientific and technological ethics, and supervising and regulating large platform enterprises in accordance with the law. Compared with traditional business forms, the trading activities involved in platform enterprises are very different. For example, e-commerce platforms provide a virtual "bazaar" on the network, which can not only solve the problem of information asymmetry between buyers and sellers, but also play a role in accurately matching supply and demand, and even serve as a tool for payment and settlement. In this process, e-commerce platforms have more convenient conditions than traditional brick-and-mortar bazaars. Therefore, in the process of platform enterprise development, it is necessary for regulators, platform enterprises, supply and demand sides, etc. to participate together, and work together to build a systematic credit supervision mechanism, covering various aspects such as identity authentication, data encryption, credit evaluation, punishment for untrustworthiness, dispute resolution, etc., to safeguard the legitimate rights and interests of all parties involved in the digital economy.

The digital economy development model of different industries has different characteristics, and the types, scale, development stage and social influence of platform enterprises are also different. Establishing and improving credit supervision and management mechanisms requires multiple measures to be taken simultaneously and in a multi-pronged manner, persisting in promoting development and regulatory norms with both hands, both hands being firm, and standardizing in the course of development and developing in the course of norms. The legal system is of great significance to the establishment of a credit supervision mechanism, and more clear and meticulous provisions should be made on the main responsibilities and legal obligations of platform enterprises, and the development of the digital economy should be ensured by means of the rule of law. At the same time, it is necessary to vigorously publicize the significance, value and function of credit in the digital economy era through credit education, so that people can better understand and accept the benefits of credit, and form a good atmosphere of trustworthiness and keeping promises in the whole society.

Improving the credit supervision of the digital economy and the industry self-discipline mechanism are also worthy of attention. While gradually improving relevant laws and regulations, we can better respond to the problems brought about by the rapid development of the digital economy through industry self-discipline. In particular, it is necessary to vigorously promote and organize different industries to formulate self-discipline guidelines for platform enterprises, and encourage third-party institutions to evaluate and rate enterprises. With the continuous improvement of the industry's self-discipline mechanism, it will be difficult for the untrustworthy and untrustworthy to move forward, which will surely prompt more platform enterprises to operate legally and compliantly.

The 14th Five-Year Plan and the Outline of Long-term Goals for 2035 propose to "create a good digital ecosystem". Continuing to improve the digital economy governance system and building an open, healthy and safe digital ecology will surely promote China's digital economy to become stronger, better and bigger, achieve high-quality development, and better benefit the broad masses of the people.

Source: People's Daily