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China first launched its credit record system in 2006. By the end of 2019, the system had kept records for more than 1 billion individuals and 28.34 million enterprises and organizations. Some 2.5 billion inquiries have been conducted with the system so far, according to the central bank.
China has a population of around 1.4 billion. "This is a major factor and no economy in the world can ignore this basic figure," said the former ambassador.
China has announced a set of new policies, including one allowing foreign bank branches, wholly owned foreign banks and Sino-foreign joint-venture banks to serve as agents for issuing, redeeming and underwriting government bonds without obtaining an administrative license from the banking regulator.
China banned the use of organs from executed prisoners in January 2015 and made voluntary donation the only legitimate source. With the system more fair and transparent, the number of organ donors is growing and public awareness is rising.
China has been educating its next generation to prepare for unexpected events or potential risks. And it seems there is no curriculum more cogent than the reality that reflects the old saying, "Bring an umbrella on a sunny day; save food when you are full."
