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China Moves to Improve Social Credit System

By Xinhua|Jun 05,2024

File photo shows a bank staff member counts 100-yuan banknotes at the Beijing Branch of the Bank of Communication in Beijing, capital of China. (Photo/Xinhua)

Beijing - China's National Development and Reform Commission on Tuesday unveiled a plan to further develop the country's social credit system.

According to the plan, the country will accelerate legislation related to the social credit system while regulating the procedures for utilizing credit information.

Local financing credit service platforms will be further integrated, with greater efforts to guarantee safer flows of public data as well as stronger protection of privacy and business secrets.

A standardized and reliable credit record mechanism will be introduced for business registration, legal services, taxation, customs, finance, and intellectual property rights. Additionally, the country's social credit system will expand to cover areas across healthcare, child and elderly care, housekeeping, tourism, and shopping, as per the plan.

The plan also includes measures to ensure government trustworthiness and enhance credit data collection for civil servants, lawyers, housekeepers, and financial professionals.


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