China on Monday published new guidelines to improve its social credit system as part of ongoing efforts to promote high-quality development.
The guideline, issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, includes 23 measures and makes systematic arrangements on the building of a social credit system.
"We aim to establish a social credit system covering all types of entities, featuring unified rules and regulations, and being jointly built and with shared benefits, so as to promote deep integration of the social credit system into all aspects of social and economic development. It will provide strong support for building a unified national market, maintaining a fair and orderly competitive market environment, and promoting high-quality development," said Zhao Huaiyong, director of the Department of Finance, Banking and Credit Construction at the National Development and Reform Commission.
The commission will play a leading role in building the social credit system and work with various regional and departmental authorities to implement the guidelines and advance the system for government departments, business entities, social organizations, citizens, and judicial and law enforcement systems in an integrated manner.
"We aim to build a unified credit information recording, collection, sharing, publicity, and credit repair and credit evaluation system. We will improve the good-credit incentive mechanism and the bad-credit punishment mechanism, make vigorous efforts to foster a credit service market, and deepen the extensive application of credit in market trading activities," Zhao said.
China accelerates efforts to improve social credit system
