Core Insights - The article discusses the establishment of a new regulatory framework for credit service institutions in Shenzhen's Qianhai, aimed at addressing the trust deficit in hiring practices and the lack of standardized evaluation systems in the credit risk assessment industry [2][4]. Group 1: Industry Context - The credit service industry in China has been hampered by a lack of standardized practices, leading to confusion and inefficiencies in background checks and risk assessments [3]. - The new licenses issued for "credit control services" represent a significant step towards formalizing and legitimizing the industry, with expectations of substantial market growth [4][9]. Group 2: Market Potential - The Shenzhen credit service sector is projected to reach a revenue of 3 billion yuan by 2025, with a year-on-year growth of 20%, and is expected to exceed 4.6 billion yuan by the end of the 14th Five-Year Plan [4]. - The issuance of these licenses is seen as a catalyst for unlocking a vast market potential, estimated to be in the hundreds of billions [4]. Group 3: Ethical Considerations - The article highlights ethical concerns regarding the potential misuse of credit control services, particularly in relation to employment discrimination and privacy issues [5][6]. - The regulatory framework emphasizes the importance of personal data protection and the necessity of obtaining consent before conducting background checks [6]. Group 4: Technological Innovations - The article mentions advancements in technology that allow for the secure handling of sensitive data, enabling businesses to assess credit risk without exposing confidential information [7]. - The concept of "data products" is introduced, where the focus is on the interpretation of data rather than the raw data itself, thus maintaining confidentiality while providing necessary insights [7]. Group 5: Global Aspirations - Qianhai aims to leverage its position as a hub for credit services to compete on an international level, particularly by utilizing Hong Kong's established credit systems to facilitate global expansion [9]. - The initiative is part of a broader strategy to redefine trust and credit assessment in a way that aligns with international standards, potentially leading to the emergence of leading Chinese credit institutions on the global stage [9].

Core Viewpoint - The issuance of special business licenses for credit control services in Qianhai represents a significant step towards standardizing and legitimizing the credit information consulting industry in China, addressing both trust deficits in personal hiring and the lack of international standards for credit evaluation in business financing [1][2][8]. Group 1: Industry Development - Six institutions, including Xianxiang Intelligent and Runze Xinkong, received the first batch of business licenses for "credit control services," marking a pilot initiative by the National Market Supervision Administration [2]. - The core objective of this pilot is to standardize and institutionalize new credit service practices, which have previously operated in a gray area, thus providing clarity and legitimacy to the industry [4]. - The Shenzhen credit service industry is projected to reach a revenue of 3 billion yuan by 2025, with a year-on-year growth of 20%, and is expected to exceed 4.6 billion yuan by the end of the 14th Five-Year Plan [4]. Group 2: Ethical Considerations - The introduction of credit control services raises ethical questions regarding employment discrimination, particularly concerning the investigation of candidates' health statuses [5]. - The distinction between risk management and employment discrimination is emphasized, with the aim of ensuring that credit control services facilitate effective employment rather than exclude certain groups [5]. Group 3: Technological Solutions - The Qianhai initiative aims to resolve the paradox of data transparency versus business confidentiality in supply chain finance by offering "data products" instead of raw data, thus protecting sensitive business information while allowing for credit assessments [6]. - Advanced technologies such as privacy computing are being utilized to ensure that banks receive evaluated results without exposing companies' confidential data [6]. Group 4: Strategic Positioning - Qianhai is positioning itself as a hub for credit services, leveraging its robust data foundation and complete industry ecosystem to attract leading institutions [7]. - The region aims to establish "Bay Area standards" for credit services, facilitating international recognition and market access, particularly through collaboration with Hong Kong's established credit systems [7][9]. - The issuance of these licenses is seen as a transformative step in redefining trust and credit in the market economy, potentially leading to a high-level, internationalized credit economy [8][9].

Group 1 - The first batch of standardized pilot institutions for credit control services was certified in Qianhai, Shenzhen, marking a significant step in the standardized development of credit control services [1] - Shenzhen's market regulatory bureau has focused on institutional innovation to enhance the credit service industry, addressing compliance challenges and supporting enterprise development [1] - In July, the market regulatory bureau successfully advocated for the inclusion of new terms such as "credit information technology consulting" and "credit data processing services" in the business scope of credit service institutions, standardizing the industry's entry language [1] Group 2 - In September, the Shenzhen market regulatory bureau and Qianhai management bureau introduced twelve measures to promote high-quality development in the credit service industry, emphasizing support for credit service institutions in non-financial scenarios [2] - Credit service institutions that effectively support enterprises in credit risk prevention and provide comprehensive credit information reports can receive up to 3 million yuan in annual funding [2] - Over 200 credit service institutions have gathered in Qianhai, including notable companies like Shenzhen Credit and Qianhai Credit Center, indicating the initial emergence of industry clustering effects [2]