Business credit guarantee mechanism efforts to be strengthened

Officials from the Ministry of Commerce said moves to promote a business credit guarantee mechanism and the crackdown on wrongdoing will help maintain the country's ongoing efforts to upgrade consumption and establish a new nationwide regulatory system with credit as the core this year.

Their remarks came after the Ministry of Commerce issued a guideline to promote the development of business credit in December, in response to the central government's call to improve social credit systems nationwide in an integrated manner.

Zong Changqing, director-general at the ministry's department of market supervision, said the government will build a new type of regulatory mechanism based on credit supervision, and actively build an information traceability system covering e-commerce platforms, foreign trade, rural markets and modern supply chains this year.