An Effective Way To Purify The Market By Punitive Compensation System And Reputation Mechanism

- Jan 10, 2019-

The first is the continuous improvement of our legal environment. Since the 18th National Congress, with the deepening of reform and the implementation of the strategy of governing the country by law, the Central Committee of the Party and the State Council have intensified their efforts to govern the country by law, fight corruption under high pressure, uphold social fairness and justice, raise the awareness of some supervision and law enforcement departments to supervise and administer according to law, and constantly improve the environment of the rule of law.

Secondly, the law amendment gradually inclines to consumers. The amendments of a series of laws and regulations, such as "three times compensation" in the New Consumer Rights Protection Law, "ten times compensation" in the Food Safety Law, the Provisions of the Supreme People's Court on Several Questions Concerning the Application of Law in Trial of Food and Drug Disputes, and "Supporting Knowing Fake and Purchasing Fake", further favor consumers and further increase the amount of punitive damages, which stimulate consumers to adopt punitive measures. The enthusiasm of the compensation system to safeguard its legitimate rights and interests makes consumers a conscious force to participate in the comprehensive management of quality problems. At the same time, the system of punitive damages also increases the cost of illegal and illegal enterprises, which constitutes an effective deterrent to illegal and illegal enterprises.

The third is the further release of the effectiveness of reputation mechanism. With the implementation of the Regulations on Information Disclosure and the intensification of information disclosure, 38 departments jointly signed the "Memorandum of Cooperation on Cooperative Supervision and Joint Punishment of Credible Enterprises" to establish a joint punishment system for dishonesty, and the "Several Provisions on Prohibiting Paid News" issued by the Ministry of Publicity and Publicity, the "New Regulations of the Ministry of Propaganda, the State Administration of Radio and Television, and the General Administration of Press and Publication" The regulations on the management of journalists and editors (for trial implementation) and other requirements, resist the requirements of paid news and "paid not to hear", so as to further standardize the release of news media information, and further enhance the credibility. These measures provide institutional guarantee for the effective exertion of the market reputation mechanism, and further release the effectiveness of the reputation mechanism.

To further strengthen the research on punitive system and market reputation mechanism is an innovative way to purify the market - a low administrative cost, efficient and fast way.

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