China unveils guideline to improve social credit system

China on Monday published a guideline to improve the social credit system amid efforts to promote its high-quality development.

The guideline, issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, includes 23 measures and aims to build a unified national market while maintaining a fair and orderly competitive market environment.

Under the guideline, a social credit system covering all types of entities, featuring unified rules and regulations, and being jointly built and with shared benefits, should be established to promote deep integration of the social credit system into all aspects of social and economic development.

Credit has played a key role in optimizing the business environment, promoting financial services for the real economy, and enhancing government governance and service efficiency, according to the National Development and Reform Commission (NDRC).

However, challenges remain in the social credit system, such as inconsistent regulatory frameworks and insufficient sharing and openness of credit information. Therefore, further improvements to the social credit system are necessary to provide foundational support for high-quality economic and social development, it said.

Regarding information security, the NDRC said construction of the social credit system adheres to the fundamental principle of defending information security and individual rights, while guarding against excessive information collection and any illegal or irregular activities on disclosure, processing, sale or use of information.