This is Hainan

In terms of the commercial registration system reformation , Hainan implements "Regulations on the Administration of Commercial Registration in the China (Hainan) Pilot Free Trade Zone" (hereinafter referred to as "regulations"), taking the lead in implementing the credit repair system of commercial subjects in the country, promoting the construction of Hainan credit cooperatives in the forefront of the country.

At present, the commercial subject lacks motivation of self-correction, no initiative to correct dishonesty, eliminating the bad social influence and taking the social responsibility actively. At the same time, the mechanism of joint disciplinary work has not been established among the relevant government departments, lacking of encouraging and dishonest punishment.

The "regulations" take the lead in implementing the credit repair system in the country and encouraging commercial subjects to repair the credit by performing their legal obligations and taking the initiative to correct the breach of trust. The registration authorities regard credit repair as an important condition for the removal of commercial subjects from the list of serious illegal and discredited enterprises.

According to the "regulations", the commercial subjects who have been listed in the abnormal list of business operations for three years and have not fulfilled their relevant obligations in accordance with the relevant provisions, will be listed as serious illegal and trustworthy enterprises. If the situation has not occurred again for three years from the date of being included in the list of serious illegal and discredited enterprises, the commercial subjects can be announced to the public information about their obligation to perform the publicity and to apply for the removal of the list of enterprises with serious breach of law and credit by the publicity system, the credit repair notice period is 30 days.

The implementation of the "regulations" tends to motivate the self-correction of the commercial subjects who had already broken the credit record, correcting the discredit behavior actively, eliminating the bad social influence and taking the social responsibility.