Research on Credit Repair Mechanism of Personal Bankruptcy in China
Take Shenzhen pilot as an example
DOI:
https://doi.org/10.54097/fqbvc953Keywords:
Personal Bankruptcy, Credit Repair Mechanism, Shenzhen Pilot, Information Sharing, Legal SystemAbstract
In the context of the modern market economy, the impact of personal debt issues on the stability of the social credit system has become increasingly significant. The implementation of the 'Shenzhen Special Economic Zone Personal Bankruptcy Regulations' in 2020 marked the entry of China's personal bankruptcy system into a pilot phase, with the credit repair mechanism being crucial for the debtor's rehabilitation. This study focuses on the Shenzhen pilot project, using empirical analysis to examine the design and effectiveness of the credit repair mechanism. It finds that through measures such as the construction of a digital information platform, clarifying conditions for credit repair, and involving social forces, Shenzhen has initially established a credit repair system. However, it still faces challenges such as legal inconsistencies, an incomplete information sharing mechanism, complex procedures, and insufficient public awareness. The study proposes optimization strategies, including improving national legislation, building a unified information sharing platform, simplifying repair procedures, and enhancing social credit education, to provide theoretical and practical references for the top-level design of China's personal bankruptcy credit repair mechanism.
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