China to set up social credit system

0 Comment(s)Print E-mail Xinhua, October 20, 2011
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China will strive to establish a social credit system nationwide to ensure sound and healthy social and economic development, China's State Council, or Cabinet, said Wednesday.

China needs to create an honest and faithful society through system improvement and enhanced education, as lack of credibility remains a prominent problem, according to a statement released after a State Council executive meeting chaired by Premier Wen Jiabao.

The statement mentioned some of the behaviors featuring lack of credibility, such as business fraud, manufacture and sale of fake products, fraudulent applications and claims, and improper academic behavior.

China will comprehensively push forward the establishment of a nationwide social credit system in the next five years, or the 12th Five-Year Plan period (2011-2015) by establishing a system to keep record of all citizens' credit history, it said.

The country will accelerate legislation and regulation improvement concerning the credit system and push forward the construction of credit systems within industries and government departments, and at local levels, it said.

The government will also work to make the credit information be shared across the nation, develop credit rating agencies and promote use of credit products in an orderly way.

Meanwhile, the government should enhance its own credibility by increasing transparency, and strengthen education on social honesty, it said.

The meeting has also approved a guideline for the country's mine exploration in the next 10 years, which aims to build reserves for major mineral resources to support economic development, by enhancing basic geological research, strengthening mineral exploration and encouraging mineral resource recycling.

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