LINE

Text:AAAPrint
Economy

China plans Credit Law to end fraud, consolidate tracking systems

1
2016-04-21 16:06chinadaily.com.cn Editor: Feng Shuang

China is pushing forward the legislation of a Credit Law that aims to strengthen the individual and corporates' credit tracking system and consolidate parallel tracking systems, according to a high-profile official.

Lian Weiliang, vice-chairman of the National Development and Reform Commission, the top economic planner, said on Wednesday that the Credit Law is in the making, and the current parallel credit report systems will be unified.

"Fraud has become ever more common in the society. Companies and individuals have been the victim of fake products, business fraudulence and scams, loan swindle and debts escaping, academic cheating. Swindlers have to pay a price," he told the Inaugural Social Credit Construction Forum, organized by China Chengxin Credit Rating Group.

Currently various credit report systems exist, such as those set up by State Administration for Industry & Commerce, People's Bank of China, Ministry of Commerce and so on. Swindlers have been able to take advantages of the cracks between different systems.

Lian said China is considering unifying these systems and roll out a single "credit code" for individuals and companies. The work should be completed before end-2017, he said.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.