Core Viewpoint - The article highlights the emergence of fraudulent "credit repair" services that mislead consumers into believing they can erase negative credit records, emphasizing that such practices are scams and do not exist within the legitimate credit system [1][2]. Group 1: Fraudulent Practices - Some intermediaries are promoting "credit repair" services online, claiming they can help consumers "repair credit, wash records, and remove entries," often through deceitful means such as fabricating facts and pressuring financial institutions [1]. - A recent court ruling has penalized individuals involved in credit card "credit repair" scams, resulting in prison sentences and fines for those who forged documents [1]. Group 2: Credit Reporting System - The personal credit report has become a crucial document for loan applications, with banks relying on it to assess creditworthiness, making it essential for individuals to maintain good credit by repaying loans on time [1]. - Negative credit records are retained for five years, as stipulated by the Credit Reporting Management Regulations, which state that such records should be deleted after this period [1]. Group 3: Consumer Awareness and Protection - Consumers are urged to be cautious of "credit repair" scams, as engaging with these fraudulent intermediaries can lead to financial loss and potential misuse of personal information for illegal activities [2]. - The orderly development of the credit industry is vital for building a trustworthy market economy, and the existence of "credit repair" scams contradicts the efforts to establish a sound credit system [2]. - Authorities are encouraged to strengthen collaboration to eliminate false "credit repair" advertisements online and enhance the management of credit records, making it easier for individuals to access and correct their credit information [2].

Core Viewpoint - The article discusses the significant financial opening measures announced by the People's Bank of China at the 2025 Lujiazui Forum, emphasizing the importance of financial cooperation and high-quality development in the context of global economic changes [1][2]. Summary by Sections Financial Opening Measures - The People's Bank of China announced eight major financial opening measures, including the establishment of a trading report database for interbank markets to analyze transaction data across various financial sub-markets [2]. - A digital RMB international operation center will be set up to promote the internationalization of digital RMB and support financial market business development [2]. - A personal credit institution will be established to provide diversified credit products for financial institutions, enhancing the social credit system [3]. Offshore Trade and Financing - A pilot program for comprehensive reform of offshore trade financial services will be launched in the Shanghai Lingang New Area to support the development of offshore trade [4]. - The development of offshore bonds will follow international standards to broaden financing channels for enterprises involved in the Belt and Road Initiative [4]. - The free trade account functions will be optimized to facilitate efficient capital flow between quality enterprises and foreign funds, enhancing the liberalization of cross-border trade and investment [4]. Structural Monetary Policy Innovations - Shanghai will implement innovative structural monetary policy tools, including pilot programs for blockchain credit refinancing and cross-border trade refinancing to support financing for import and export enterprises [5]. - The carbon reduction support tool will be expanded to include certain transitional financial sectors and local specialty industries [5]. Currency Positioning - The RMB has become the second-largest trade financing currency globally and the third-largest payment currency, with significant weight in the IMF's Special Drawing Rights (SDR) basket [6]. - The article highlights the responsibilities of sovereign currency countries to maintain fiscal discipline and financial regulation while promoting structural economic reforms [7].