Better social credit system to boost business environment

With a slew of ongoing and planned measures, Chinese authorities are determined to build a more comprehensive social credit system to improve the business environment and facilitate market economy development.

Till date, the Ministry of Commerce has guided the establishment of seven business credit service platforms to enhance the credit performance of market entities. More than 10 million market entities have been covered with more than 300 million pieces of credit information data shared on the platforms.

According to a recent State Council meeting, China is planning to establish a credit-centered regulatory system to improve the business environment, a blacklisting mechanism for credit defaulters, and resolutely deal with law violations including infringement, counterfeiting and cheating in the marketplace and fraudulent advertising, as well as safeguard information safety, trade secrets and individual privacy.