On November 19, the “Beijing City Action Plan (2018-2020) for Further Optimization of the Business Environment” was released. It includes 22 major tasks and 298 action items. The Action Plan made it clear that the Beijing Municipal Social Credit Regulations will be completed by the end of 2020. By that time, the “Individual Credit Score” project covering all permanent residents will also be established. This means that Beijing will then truly launch the personal credit system. Everyone’s credit score will then impact his entire life.
According to the Action Plan, the city will promote the wide application of personal credit information in the fields of market access, public services, tourism travel, entrepreneurship and job hunting, and will provide convenience and a “green channel” for “trustworthy” individuals. In addition, it will improve the credit blacklist system and regularly publicize the bad records of companies and individuals. The purpose is to create a situation that “when a person’s credit is damaged somewhere, he will not be able to move a single step anywhere.” Those who violate the law and fail to be “trustworthy” will pay a hefty price.
Source: People’s Daily Online, November 20, 2018
http://finance.people.com.cn/n1/2018/1120/c1004-30410110.html