Business / Economy

China to establish credit record system

(Xinhua) Updated: 2014-08-02 09:48

BEIJING -- A Chinese authority said a social credit record system will be set up to cover citizens, corporations and other organizations in the country.

The move is to promote integrity, credibility and good faith in Chinese society, according to a document published on Friday which was issued by the Central Commission for Guiding Ethic and Cultural Progress.

The document urged to establish an uniformed social credit record system as well as a database linked to the system.

Such information will be integrated with the records regarding issues such as corporations' registration and administration, taxation, production safety, food and drug safety, environmental protection, medical care and intellectual property rights, the document said.

Moreover, the sharing system of such information will also be enhanced.

The document noted that current situation of social ethic and honesty still falls short of the people's expectation and cases of commercial fraud, contract default, fake goods, stealth pollution discharge, tax evasion and academic misconduct are still happening from time to time.

It pledged to use both ethical education and legal enforcement and punishment to correct such problems.

Ethical education will be conducted with the focus on those in corporations and schools as well as among civil servants and medical workers.

Special campaigns will also be launched to crack down on food and drug safety problems, illegal pyramid selling schemes, substandard products, frauds and spreading of online rumors.

Moreover, promotion of the idea of good faith among the public will also be intensified.

Those who have acted with honesty and good faith will be listed in a credibility list and a blacklist of discredit cases will also be formed and made available to relevant parties, it said.

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