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The installation rate of China Commodities City Market Credit APP has reached 90% since its launching, meaning the classified supervision of market credit implemented by Yiwu first in China had achieved remarkable results.
Since 2000, Yiwu has been carrying out a long-term exploration and practice in credit supervision as a new market supervision idea and mode. Yiwu took the lead in China in implementing classified supervision of market credit and releasing the first monitoring indicator for market credit fluctuation -- the Yiwu Market Credit Index. Every transaction of a dealer will be evaluated, decomposed, and accumulated in order to set up a big credit supervision platform taking credit index, brand cultivation, and quality monitoring as links and guaranteed by intellectual property protection, people's mediation, contract performance, and dealers' self-discipline mechanism. Since the implementation of this mode, the rate of law violations of dealers in Yiwu market has declined by 2/3, and the satisfaction rate of purchasers has reached 97%.
In Yiwu, an international commercial circulation center, foreign trade contract fraud, arrears of payment for goods and hiding, etc. happen from time to time. The city deepens exploration into credit resources and prevents foreign trade-related risks by virtue of "credit + foreign trade". So far, the platform has brought more than 9,300 foreign trade and freight forwarding companies under credit supervision and received over 300 thousand credit evaluations, decreasing the number of contract fraud cases from 159 in 2009 to 22 last year and directly saving a loss of RMB 274 million.