On June 27, China released an outline for building a government-led system to assess credit worthiness in four categories, including administrative affairs, commercial activities, social behavior and the judicial system.
The State Council, China's cabinet, pledged in the document to establish a set of laws and regulations regarding social credit, a credit reference system that covers the whole of society, and a related reward and punishment mechanism by 2020.
According to the outline, individuals and organizations will be coded based on identity card or organizational numbers to allow different sectors to share credit information.
Credit records will include information on financial, industrial and commercial registration, taxes and social security payments, as well as traffic violations. |