Changes in China's Environmental Credit System:Evolutionary Logic and Dynamic Trajectory
Environmental credit system is an important part of the construction of the social credit system.We analyse the evolutionary logic and dynamic trajectory of China's environmental credit system from the perspective of the coupling and interaction of credit environment and transaction cost by distinguishing between two modes of change:economy-driven and social traction.China's environmental credit system has experienced four stages:the establishment of the system in a favourable credit environment with low transaction costs,the partial adjustment of the system in an inferior credit environment with rising transaction costs,the passive adjustment of the system and the accumulation of the credit environment in a high-transaction-cost environment,and the active reform of credit environment traction system and optimization of transaction costs.An environmental credit system driven by the credit environment and moderately sensitive to transaction costs should pay more attention to responding to social needs,stressing the system's initiative,adaptability and dynamism,and should reasonably determine the boundaries of the environmental credit system,build a complete system of standards,monitoring and governance.
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