International Comparison and Lessons for Developing the Personal Credit Market

The rapid development of the global personal credit market has been driven by diversification and technological innovation, both of which serve as key catalysts for industry transformation. This paper conducts a comparative analysis of international personal credit markets to examine successful practices and challenges in credit products, credit assessment, and risk management across various countries. In particular, advancements in financial technology, including big data and artificial intelligence, have created new opportunities for enhancing the accessibility and personalization of credit services. Nevertheless, China’s personal credit market continues to face significant challenges, such as an underdeveloped credit infrastructure, outdated financial regulations, and limited product innovation. Drawing insights from international experiences, China can enhance its credit evaluation systems, strengthen financial regulations, and foster innovation in financial technology to facilitate healthy market development and advance inclusive finance.