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ECNS Wire

China encourages social credit incentives

1
2019-06-04 14:43:13Ecns.cn Editor : Mo Hong'e ECNS App Download

(ECNS) -- China's top economic planner has issued guidelines over introducing incentives to reward role models in the evolving social credit system.

The new guidelines by National Development and Reform Commission have specified the standards by which to evaluate if a person should be considered a role model in regards to creditworthiness.

They include 15 preferential policies to be enjoyed by those who make the role-model list.

Outstanding individuals in the system can freely acquire personal credit reports a number of times in a year, and freely search information in the national credit information online platform, according to the regulation.

They will also enjoy fast-tracked services when applying for administrative approval, qualification reviews, credit cards or personal loans, patents or copyright registration, and quick refunds from financial institutions or platform companies.

The guideline also states role models will gain priority in having access to public elderly care services and applying for civil service positions.

Cities are also encouraged to introduce coordinated incentives to those outstanding individuals in Hukou (household registration permit) registration, education, housing, employment, medicare and administrative approval offered by local government. 

China started to build a social credit system in 2014 and an open national credit information online platform is already in place where reliable people and enterprises are honored while poor credit performers like defaulting debtors and taxpayers are blacklisted. The system is supported with punishment measures like restrictions on enjoying certain services.

 

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