Credit System
The National Development and Reform Commission, China’s top economic planner, on June 4 unveiled a plan to expand the country’s social credit system.
According to the plan, the country will accelerate legislation related to the 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 and stronger protection of privacy and confidential business data.
A standardized and reliable credit record mechanism for business registration, legal services, taxation, customs, finance and intellectual property rights will be introduced. The country’s social credit system will expand to cover healthcare, child and senior care, housekeeping, tourism and shopping, as per the plan.
The plan also includes measures to ensure government trustworthiness and enhance credit…