In mid-November, China’s top government agencies published a draft law to establish the country’s social credit system, envisioned as a giant, fully integrated mechanism to assess every legal entity in the country.
Beijing’s vision revolves around “creditworthiness,” a concept extended from the financial sector to measure reliability. A centralized database could, in theory, give relevant parties access to a rolling review of an individual or company’s trustworthiness in the form of a social credit score.
The rules would extend to the civil service and judiciary, too, with a view to increasing fairness and reducing corruption across departments. To encourage more self-discipline in the public and self-regulation in business, a system of reward and punishment could help the government fill a trust deficit in society. Source: NewsWeek (Read More)…