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China's strive towards building a social credit system [Copy link] 中文

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Post time 2018-6-7 09:29:18 |Display all floors
(China Daily)China will make strenuous efforts to build a more comprehensive and rigorous social credit system to improve the business environment and boost development, the State Council decided at an executive meeting chaired by Premier Li Keqiang on Wednesday.
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Key priorities for improving the social credit system were identified at the meeting. These include building social credit-centered regulatory procedures, establishing blacklist procedures and enhancing social credit building in areas concerning people's livelihoods.

"Breakthroughs have been made in developing the social credit system. Going forward, the system needs to be improved in key areas in response to specific needs." Li said at the meeting.

China has made visible progress in developing a national social credit system. A unified social credit code, which identifies businesses and their specifics, has been introduced nationwide.

Seventy-one central government departments and provincial governments have been connected to the national credit information-sharing platform.

The cross-sector, interagency mechanism of incentives and disincentives for acts of good or bad faith has already demonstrated its usefulness.

"The priority now is to improve our business environment with stronger measures against cheating in the marketplace, such as counterfeiting and infringements on intellectual property rights," Li said.

At Wednesday's meeting, several key steps were decided upon to enhance building the social credit system, and its application and related legislation will be prioritized.

A credit-centered regulatory system will be set up to improve the business environment. A blacklist mechanism will be introduced for credit defaulters.

At the same time, information confidentiality must be safeguarded, with corporate secrets and individual privacy well protected.

The State Council decided that efforts in developing the social credit system will be accelerated in key areas concerning people's livelihoods.

The nonpublic sector will be guided in building the social credit system, and credit information services provided by third parties will be developed.

The meeting also urged that government departments must bolster their credibility. The problem of new officials disavowing obligations taken on by their predecessors will be tackled under the law.

"A market economy is based on credit," Li said. "A fine credit system provides market entities with the information they need for business operations. A blacklist should be established. Access to and sharing of information, which can serve to incentivize or discipline, helps reduce transaction costs and improve the business environment."

Li also called for the prompt establishment of a secure and reliable social credit system and the introduction of capable third parties in the financial sector.

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Post time 2018-6-7 09:55:38 |Display all floors
I welcome the system with open arms. With the economy boom, there is fraud, dishonesy and corruption brewing and if left alone will ultimately ruin or spoil a society or nation. In China, as the cost of violating laws is not very high or a law may be void for vagueness, the breach of promise or fraud will not result in heavy penalties. Always the offenders could get away with it. Against this backdrop, China needs to set up a national social credit ranking system, allowing the trustworthy to enjoy more benefits while making it hard for the discredited to do anything.

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Post time 2018-6-7 10:34:43 |Display all floors
I had this idea. It is a good idea. Not just for business but for citizens too.

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Post time 2018-6-7 12:09:59 |Display all floors
"The priority now is to improve our business environment with stronger measures against cheating in the marketplace, such as counterfeiting and infringements on intellectual property rights," Li said.

That's a good idea Mr Li, but the devil is in the enforcement!! Looks good only on paper; China hasn't got a good reputation for strict enforcement of its laws!  And you have missed out on one very common practice in the marketplace, which affects the ordinary laobaixing everyday they go shopping; the cheating using altered electronic scales, especially in the farmers market(nongmao shichang) and small shops!!
Yeah, China badly needs a social credit system!  It is my hope that the system actually works and is not just another talk shop!

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Post time 2018-6-7 12:18:06 |Display all floors
ceciliazhang Post time: 2018-6-7 09:55
I welcome the system with open arms. With the economy boom, there is fraud, dishonesy and corruption ...

'With the economy boom, there is fraud, dishonesy and corruption brewing and if left alone will ultimately ruin or spoil a society or nation.'

It has, for all intents and purposes, already ruined China's reputation as an honest marketplace.  Never a day passes without some media reports of people being cheated by dishonest businesses big and small.  Buyers of houses and cars know too well what I mean; they get shoddy homes that leak, poor quality materials and labor, contrary to promises made to them by unscrupulous sales agents, and  cars that break down just weeks out of the showroom, etc etc!

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Post time 2018-6-7 12:38:26 |Display all floors
Far from being good, benign or useful, it is an EVIL concept that will open the gates wider to official arbitrariness, nepotism, corruption and lots of other malpractices.

It hearkens back to "1984".

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Post time 2018-6-7 13:06:52 |Display all floors
This post was edited by pnp at 2018-6-7 13:19
seneca Post time: 2018-6-7 12:38
Far from being good, benign or useful, it is an EVIL concept that will open the gates wider to offic ...

You are letting your anti-CPC mentality take control of you!  How can you spew such nonsense against a good idea like this?  Would you rather nothing is done to improve on the current situation?  And please tell us exactly how you came to that silly laughable conclusion, or is it just another of your attempts to discredit the CPC ?

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