The Chinese central government has outlined three key areas for the development of the country’s recently launched social credit system.
The latest data indicates that as of the end of April Chinese authorities had imposed individual social credit reductions on10.542 million occasions, while a total of 11.141 million air ticket purchases had been restricted due to poor social credit, as well as 4.25 million high-speed train ticket purchases.
Speaking at a press conference held by the National Development and Reform Commission on 16 May concerning China’s macro-economic performance, Meng Wei (孟玮), vice-chair and media spokesperson for NDRC’s policy department, said that the development of China’s social credit system would primarily encompass three areas.
i) Ongoing expansion of the implementation and effectiveness of joint reward and punishment mechanism.
A total of 36 joint award and punishment memorandums have already been executed, with the ongoing update of “Red and Black Lists” in the areas of legal enforcement, taxation and safe production.
The relevant red and black lists have already been made public via the “Credit China” (信用中国) website, and will be used during tendering and government procurements.
NDRC has also incorporated social credit information into its government services administrative approvals system, while a total of 123 blacklisted companies have been subjected to joint punitive measures included no recommendations for projects, no filing or registration of offshore corporate bond applications, and cancellation of grain or cotton import levy quotas.
ii) Growth in the total volume of credit information gathered and shared.
The National Credit Information Sharing Platform (全国信用信息共享平台) has gathered a total of 16.66 billion items of credit information, while the Credit China website has issued a total of 80.42 items of information on administrative approvals and penalties.
iii) Social credit legislation process will accelerate.
“In order to establish a healthy social credit system legal framework, we will accelerate the pace of credit legislation,” said Meng.
“At present, drafts have already been prepared for a credit law, public credit information administrative regulations and unified social credit code administrative measures, and we are currently soliciting opinions on relevant areas.”