Core Viewpoint - The establishment of "Pujian Credit" marks the acceleration of the opening process for a new market-oriented personal credit institution in Shanghai, led by Shanghai Data Group, with significant participation from major internet companies [2]. Group 1: Market Developments - In June 2025, the Governor of the People's Bank of China announced eight policy measures to enhance the social credit system, including the establishment of personal credit institutions [2]. - The registration of the "Pujian Credit" trademark indicates the rapid progress of the fourth market-oriented personal credit institution in Shanghai [2]. - The three existing market-oriented personal credit institutions—Baihang Credit, Puda Credit, and Qiantang Credit—have collectively provided over 70 billion credit services in 2024 [2]. Group 2: Institutional Landscape - Qiantang Credit, established in November 2024, is the only personal credit institution in Zhejiang Province and has become a public data authorized operator in the region [2][3]. - Baihang Credit and Puda Credit hold dual qualifications for both personal and enterprise credit services, while Qiantang Credit currently only has personal credit service qualifications [2]. - The Shanghai Data Group, authorized by the Shanghai government, is a major player in public data operations and holds a 51% stake in Shanghai United Credit, which provides enterprise credit services [3]. Group 3: Economic Implications - The concept of personal credit economy revolves around using personal credit data to create a new economic model that benefits individuals, financial institutions, and businesses [3]. - The personal credit economy aims to allow individuals to benefit from the value of their data, promoting a sustainable economic ecosystem [3]. - The addition of personal credit business licenses by Shanghai Data Group is expected to enhance the social credit system in Shanghai [3].