A sound social credit system is the basis for building a unified large market throughout China, an important part of creating a good business environment in society, and plays an indispensable role in promoting the national economic cycle, the construction of a business credit environment, and the construction of a new development pattern. In April 2022, the Central Committee of the Communist Party of China and The State Council proposed to improve the unified social credit system, compile and introduce the basic directory of common credit information across China, establish a new credit-based supervision mechanism, and improve the trustworthy incentive and punishment mechanism for business credit reporting companies. It is an important means to improve the socialist market economic system, strengthen and innovate social governance, and is of great significance to improving the operational efficiency of the whole society, enhancing citizens’ awareness of integrity, creating a good credit environment and business environment, improving the overall competitiveness of the country, and promoting Chinese-style modernization.
The realization of credit value depends on the collection, sharing, disclosure and application of credit information. This requires strengthening the mechanism for sharing and integrating public credit information and financial information, formulating unified credit information collection standards and classified management methods covering all fields, regions and aspects, promoting the interconnection of credit information in all industries and regions, and forming a sharing network covering all credit entities and comprehensive credit information. So that credit information to be comprehensive, scientific, standardized unified management and application.
In the past two years, the National Development and Reform Commission and the People’s Bank of China have defined the types of punishment measures for dishonesty and their applicable objects, limited the scope of the main subjects of dishonest enterprises to reduce their rights and interests or increase their obligations, and took the law as the criterion to realize the construction of a social credit system. They are the embodiment of the latest achievements of the construction of China’s social credit system under the rule of law, and have great practical significance for regulating the power operation of public power subjects and protecting the legitimate rights and interests of private rights subjects.
Post time: Nov-28-2023