China is moving forward with its plans for a social credit rating system that will include 33 million companies, further specifying the guidelines of the system, reported the South China Morning Post.
The National Development and Reform Commission (NDRC) said the social credit rating will include court rulings, tax records, environmental protection issues, government licensing, product quality, work safety, and administrative punishments by market regulators. The social credit-based supervision will include all commercial entities from large firms to small, independently owned and operated business.
In a circular released on Monday, the NDRC said it had completed its initial assessment of the credit results, which will now be sent back to local authorities for further checks and updates. Firms will be labelled as having excellent, good, fair or poor credit rating, with the initial assessment used as “basic proof” to allow the government to conduct varying degrees of supervision. For any business deemed to have a poor credit history, the management will be called in by local officials for a detailed review, which will include plans to correct the problems.