China on Monday published a standard to enhance the social credit system as part of efforts to promote top quality development.Issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, the guideline describes 23 procedures targeted at building a unified national market while guaranteeing fair and orderly competition.According to the standard, a social credit system covering all kinds of entities &-- with unified guidelines and regulations and a framework for joint development and shared advantages &-- should be established to incorporate credit mechanisms into all aspects of social and economic development.The National Development and Reform Commission (NDRC) kept in mind that credit has played a key role in enhancing business environment, improving financial services for the genuine economy, and boosting federal government governance and service efficiency.However, challenges stay, consisting of inconsistent regulatory structures and restricted sharing and openness of credit info.
The NDRC stressed that additional improvements to the social credit system are needed to supply fundamental support for premium economic and social development.Regarding info security, the NDRC stated that the building of the social credit system adheres to the concept of protecting details security and specific rights while avoiding extreme information collection and unlawful or inappropriate activities associated with info disclosure, processing, sale or use.