The Law of the People’s Republic of China on the Construction of the Social Credit System (Draft for public comment) is the leading law and Basic law for the construction of the social credit system, and bears an important function and mission in promoting the development of social credit. By improving the unified legal rules for social credit, building a mechanism for collaborative governance between the basic law and special laws, and based on a unified mechanism for credit information transmission, information disclosure, punishment for dishonesty, and incentive for trustworthiness, we will promote the honesty and trustworthiness of members of society, punish dishonesty, encourage market players to operate in good faith, and create an effective social governance mechanism. It has effectively promoted the normative construction of the commercial credit system and made the business credit report more compliant.
Under the correct leadership of the Party Central Committee and The State Council, the construction of China’s social credit system has achieved obvious results and entered a new stage of development, and commercial credit laws and regulations are constantly changing from scattered to standardized, from the local level to the national level, and gradually forming a pattern of “one law and more regulations”.
In the future, the construction of China’s social credit system will be actively guided by the government, coordinated by the market and jointly built by the society, promote the construction of government affairs integrity, business integrity, social integrity and judicial public trust, improve the credit information system, standardize credit information processing, and strengthen credit supervision. Give full play to the synergy and professional advantages of diversified market players, traditional financial institutions, non-financial institutions, third-party credit service agencies, industry associations and chambers of commerce, form a strong synergy to mobilize the whole society, promote deep, wide penetration, full coverage of co-governance and joint construction, and further help form a social credit system compatible with the socialist market economy system with Chinese characteristics. Create a good faith atmosphere that praises honesty and punishes dishonesty, and realize a new development pattern for the construction of a social credit system.
Post time: Dec-04-2023