Market participants, however, read the resilience of the economy and stock prices in the face of monetary tightening as an indication of undiscounted market strength. By the late 1990s, it appeared to us that very aggressive action would have been required to counteract the euphoria that developed in the wake of extraordinary gains in productivity growth spawned by technological change.
Second is a credit registration system. The construction of credit registration system is to smooth information sharing and flow between financial institutions and enterprises. Basic information such as enterprise’s organization framework, history and bank account, payments, credits, mortgage information etc.