On Credit Checking in Micro Credit and its Legislation——A Legal and Economic Approach

A market economy should be a legal economy, and a harmonious society should be a credit society. In 15 years after the Chinese Academy of Social Sciences introduced micro credit into China in 1993, with the guidance of the government, the People's Bank of China and the China Banking Regulatory Commission, micro credit has developed in China to some extent, though very slowly. As a product of financial innovation, micro credit is of great significance in helping famers and low-income groups and solving the problems facing their livelihood. Using typical international experiences of micro credit for reference and developing the projects of micro credit in China, the paper first lays down the rule that the poor have equal rights of borrowing from micro credit agency. With a view to policymaking background, supervisory system, credit foundation, credit checking regulation and legislation to ensure the development of micro credit in China, the paper puts forth several opinions.