Hangzhou -- China has launched the country's first market credit index in Yiwu, the country's largest distribution center for small commodities, in East China's Zhejiang Province.
The Yiwu Market Credit Index (YMCI), launched on Wednesday, has eight specific sub-indices: credit management, entrepreneur quality, business performance, financial credit, fair competition, commodity quality, intellectual property rights and consumer rights protection.
Jointly developed by the Zhejiang Provincial Administration for Industry and Commerce, Yiwu municipal government and China Credit Research Center with Beijing University, the YMCI is aimed at reflecting the development, changes and trends of the credit situation at the Yiwu market.
The index would be published monthly, covering 13 typical commodity categories, said Du Liqun, deputy director of the China Credit Research Center.
It took September 2007 as the base period -- the basic points of YMCI and its sub-indices are designed at 100 -- for its measurement and calculation, because according to historical data and analysis, September usually saw a stable situation in market transactions with rational credit data, Du said.
The newly-released YMCI for the September-December period stood at 101.575 points on average, indicating a good situation in terms of credit levels at the market, with business performance and consumer rights protection indices fluctuating slightly with other indices steadily rising, Du said.