Crucial credit system

A recently drafted plan on building a comprehensive social credit system has secured preliminary approval from the State Council. Compared with previous efforts, the new plan will record people's credit histories. This is a much needed step, and a Beijing Youth Daily editorial praised the move, saying it will help restore creditability in society and in fighting corruption.

In traditional Chinese culture, creditworthiness has been cherished as both a virtue and the basis for a person surviving in society. In the market economy this has been transformed into a legal rather than a moral principle.

However, the lack of creditworthiness seems quite rampant at present, which has seriously disturbed the economic order and destroyed people's confidence in commerce. The causes are many, but the absence of national credit records must be a primary one. Without any reliable, accessible record, it is easy for those who fail to pay their debts to conceal themselves.