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New law will consolidate China's social credit system

Wednesday, November 30, 2022

Significance

It outlines how the social credit system (SCS) will be pushed forward and become a deeply enmeshed part of China’s governance. The law is broadly conceived. It attempts to cover all topics under the social credit header as the system has developed over the past decade.

Impacts

  • Further attempts may be made to link financial creditworthiness with a broader conception of trustworthiness.
  • Greater attention will be paid to data security in the SCS.
  • Public SCS information-sharing platforms will facilitate due diligence for businesses.

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