On Monday, the Chinese mainland unveiled a comprehensive new guideline aimed at enhancing its social credit system, setting the stage for high-quality development across various sectors.
The guideline, issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, outlines 23 measures designed to establish a unified national market through standardized credit practices, fair competition, and shared benefits for diverse entities.
The National Development and Reform Commission (NDRC) emphasized that a robust credit system is essential for optimizing the business environment, improving financial services for the real economy, and enhancing government governance. At the same time, challenges remain, such as inconsistent regulatory frameworks and limited credit information sharing.
With a strong focus on information security and the safeguarding of individual rights, the new framework sets clear boundaries to prevent excessive data collection and restrict any improper handling or misuse of credit information. These measures are expected to provide foundational support for sustainable economic and social development.
As global markets evolve and digital innovation continues to drive change, this initiative reflects a forward-thinking approach that not only modernizes economic structures but also fosters transparency and trust, resonating with policymakers, entrepreneurs, and citizens around the world.
Reference(s):
cgtn.com
