Honesty belongs to the moral category, which has existed since ancient times. "Words must be faithful, deeds must be faithful" and "Words must be faithful, deeds must be fruitful" are famous aphorisms about honesty that have been circulated for thousands of years. The word honesty has rich connotation and extension. At the level of modern legal norms, honesty is the abbreviation of the principle of good faith, which generally means that legal subjects should pursue their own interests without harming the interests of others and social welfare when exercising their rights and fulfilling their obligations. The principle of good faith is the most basic principle of civil and commercial law and has an important position. Article 7 of the General Principles of Civil Law stipulates: "Civil subjects should follow the principle of honesty and credit, adhere to honesty and credit, and keep their promises." This provision is the institutional basis of the principle of good faith in the basic principles of current civil law.

Specific to the capital market, the principle of good faith is also one of the basic principles of securities law. Article 4 of the new Securities Law stipulates: "The parties to securities issuance and trading activities have equal legal status and should abide by the principles of voluntariness, compensation, honesty and credibility." The development of modern society and market economy needs honesty, and the development of capital market is also inseparable from honesty.

The Significance of Credit Construction in Capital Market

The significance of strengthening the credit construction in the capital market is as follows:

First, strengthening the integrity construction of the capital market is conducive to the improvement of the national social credit system. Strengthening capital market credit construction is an important part of building a national social credit system. Article 30 of the Regulations on Optimizing the Business Environment stipulates: "The state strengthens the construction of social credit system, constantly promotes the construction of government integrity, business integrity, social integrity and judicial public trust, improves the integrity awareness and credit level of the whole society, maintains the security of credit information, and strictly protects business secrets and personal privacy." In the development of modern social economy, capital market plays a key role and plays an important role in optimizing resource allocation. The integrity construction of capital market is related to the rule of law, credit system and business environment. Therefore, strengthening the credit construction in the capital market will greatly promote the sound construction of the national social credit system, create a good business environment and help the economy achieve high-quality development.

Second, the construction of honesty plays a cornerstone role in the healthy and sustainable development of the capital market itself. China's capital market is characterized by a large number of small and medium-sized investors and asymmetric information, which highlights the importance of strengthening credit construction. Controlling shareholders and actual controllers fulfill their fiduciary duties, information disclosure obligors disclose information truly, accurately and completely, and securities service institutions are diligent and conscientious, all of which are the proper meanings of credit construction in the capital market. Strengthening the credit construction in the capital market will help to create trading opportunities, reduce transaction costs and maintain the trading order in the capital market.

Standardization of Credit Construction in China Capital Market

In view of the importance of capital market credit construction, China has gradually formed a three-dimensional rules and regulations system to regulate capital market credit construction. Generally speaking, it is mainly reflected in the following aspects:

First, at the legal level, it is mainly reflected in the relevant contents of the Securities Law. The Securities Law is the basic law of the capital market, and it is also the basic law to regulate the credit construction of the capital market. Article 2 15 of the new Securities Law stipulates: "The securities regulatory authority in the State Council shall include the compliance of relevant market entities with this Law in the integrity files of the securities market according to law." This provision establishes the legal status of credit files in the capital market. In addition, the new "Securities Law" has increased the requirement of good faith records in the listing conditions, and the major shareholders and actual controllers of securities companies should have good faith records. The relevant provisions of the new Securities Law provide a basic institutional basis for regulating the integrity construction of the capital market at the legal level.

Second, the level of departmental regulations. For example, the newly revised Measures for the Supervision and Administration of Integrity in Securities and Futures Markets issued by the CSRC in March 2020 is a departmental regulation specially formulated to strengthen the integrity construction in the securities and futures markets and protect the legitimate rights and interests of investors. The Measures for the Supervision and Administration of Credit in Securities and Futures Markets stipulates in detail the collection and management of credit information, the disclosure and inquiry of credit information, credit constraints, incentives and guidance. It is of great significance to construct the institutional rules system of capital market credit construction.

In addition, on the practical level, the national unified database of securities and futures market credit files established by CSRC records the credit information of relevant market entities in the capital market, strengthens the credit constraint on market entities, and plays an important role in implementing the credit construction in the capital market.

In a word, promoting the credit construction of the capital market is a systematic project, which should run through the development of the capital market. With the improvement of institutional rules and the attention of supervision, the integrity construction of China's capital market is also constantly advancing, which will certainly help to realize the benign development of the capital market, build a good ecology of the capital market, and play the pivotal role of the capital market in economic development.