China's leadership is pushing ahead with the expansion of the social credit system by introducing new guidelines. While there is still no comprehensive social score, there is also no better protection of citizens from state control. The new international focus of Chinese financial and credit rating agencies has raised eyebrows.
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The Social Credit System Establishment Draft Law reiterates the focus of the Social Credit System on companies and their compliance performance. Nonetheless, the System also covers several other legal persons, most significantly individuals and government organs. The level of impact on individuals strongly depends on their profession.
By Experts Table.Briefings
The draft of the “Social Credit System Establishment Law” confirms the key purpose of the Social Credit System: To achieve integrity and trustworthiness of market players. Across all players, companies are by far most affected. It is likely that significant time will pass until the Social Credit System Law itself will come into effect. However, all areas outlined by the draft law are already covered by legally effective rules and regulations. and impact companies with registered entities in China.
By Experts Table.Briefings
A new law is to bring together China's various social points systems. It should be noted that many authorities with different goals have contributed to the draft. But it already points the way to a future with even closer-meshed monitoring.
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Two years after its gradual introduction, the social credit system for companies in China continues to pose a long list of concerns and inconsistencies for German companies. This was the verdict of an event on Thursday morning in the Global China Conversations series of the Kiel Institute for the World Economy (IfW).
By Marcel Grzanna
The impact of the social credit system for companies is often underestimated. Yet, it provides concrete data on the potential reliability of business partners. By also covering local German companies, it increasingly has an impact beyond the country's borders.
By Redaktion Table
"China Strategy 2022: Who is still allowed to operate freely on the Chinese market? And at what price? Beijing is currently not only cracking down on the tech sector with more regulation. European companies are facing various hurdles as a result.
By Amelie Richter
China's social credit system poses major challenges for companies. Anyone who makes mistakes can end up on a "blacklist". Stigmatization and punishments could follow. But German companies are proving to be model students.
By Redaktion Table
