11/21/2023 0 Comments Credit score ranges 2020The term ‘social credit’ ( 社会信用体 in Chinese and shèhuì xìnyòng tǐxì in pinyin) doesn’t have a precise meaning - rather, it is an intentionally broad and vague term allowing for maximal policy flexibility. In this article, we break down the China social credit system, as it has been developed to date, and aim to separate the myth from reality. Is there any truth to such rhetoric, and what does all this mean for businesses expanding into China? Western media outlets have spoken of the “ sinister social credit system” and a system of “ total control“. In 2018, former US Vice-President, Mike Pence, sounded the alarm bells about China’s social credit system, stating “China’s rulers aim to implement an Orwellian system premised on controlling virtually every facet of human life – the so-called “social credit score.” So, what is the China social credit system? If commentary in the western media is anything to go by, it is a somewhat mysterious and scary rating system. The implementation of the system for corporations, known as the ‘corporate social credit rating’ is especially advanced: More than 33 million businesses in China have already been given a score under some version of the corporate social credit system.Īs of June 2022, it is China’s latest five-year plan for the ‘rule of law’ within China, recent guidance from the State Council, and a draft Social Credit Law, which demonstrate the direction of the social credit system. This has seen the deployment of the social credit system widely throughout China, with an estimated 80 percent of provinces, regions and cities having introduced some version of the system, or being about to do so. Up until now, development has been guided by a national policy document known as the ‘Planning Outline for the Construction of a Social Credit System (2014-2020)’. ![]() ![]() 2022 marks a new phase in the development and implementation of China’s social credit system (sometimes known as ‘SoCS’, or the ‘SCS’).
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