A clearer credit system
Print Edition
SHANGHAI needs to make the city’s credit system more transparent, deputies at the annual session of the Shanghai People’s Congress said.
The city is aiming to be the first in China to have a local credit law. Deputies also called for regulations to enhance privacy protection of individuals and companies.
The government-run system records people’s misdemeanors, such as serious traffic violations, as well as their creditworthy actions, such as paying off loans on time.
People’s and businesses’s credit ratings can, in turn, influence outcomes of various financial applications, such as seeking to borrow capital.
The current information in the draft of Shanghai Social Credit Regulation was too vague, said Liu Kai, a deputy from the Shanghai Administration for Industry and Commerce.
Several deputies said various government departments, including the police, industry and commerce administration, and tax authorities, should work together to compile a “white list of information” — a list of what items should or should not be recorded on a credit record — to be collected by the credit system.
The draft of the regulation was published last month to collect feedback from the public.
It was expected to be approved by the Shanghai People’s Congress before June, making Shanghai the first city in China to have such credit legislation.
Wu Zuqiang, deputy director of the Shanghai People’s Congress’ Financial and Economic Affairs Committee, said that compiling and publishing such a white list would help in shaping the right expectations among the public for the new law.
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