A finance exhibition in Wuhan City, central China's Hubei Province, May 27, 2016. /VCG
A finance exhibition in Wuhan City, central China's Hubei Province, May 27, 2016. /VCG
China on Monday published a guideline to enhance the social credit system as part of efforts to promote high-quality development.
Issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, the guideline outlines 23 measures aimed at building a unified national market while ensuring fair and orderly competition.
According to the guideline, a social credit system covering all types of entities – with unified rules and regulations and a framework for joint development and shared benefits – should be established to integrate credit mechanisms into all aspects of social and economic development.
The National Development and Reform Commission (NDRC) noted that credit has played a key role in optimizing the business environment, improving financial services for the real economy, and enhancing government governance and service efficiency.
However, challenges remain, including inconsistent regulatory frameworks and limited sharing and openness of credit information. The NDRC emphasized that further improvements to the social credit system are necessary to provide foundational support for high-quality economic and social development.
Regarding information security, the NDRC stated that the construction of the social credit system adheres to the principle of safeguarding information security and individual rights while preventing excessive data collection and illegal or improper activities related to information disclosure, processing, sale or use.
Source(s): Xinhua News Agency