China will build a credit-based market regulation mechanism to help manage market orders and improve the business environment.

The mechanism should cover the whole life cycle of market entities as well as the regulation process, according to a guideline released by the State Council.

Market entities are encouraged to make public promises for honest operation and make use of credit reports for their businesses.

Their credit performance will be recorded in a timely, accurate and comprehensive manner, while targeted regulatory measures will be taken on market entities with different credit levels.

Credit defaulters will be held accountable in line with specific regulations and laws and urged to rectify their irregular practices.

More efforts will be made to enhance credit regulation information disclosure and improve regulation efficiency by leveraging big data and other technologies, according to the guideline.