China's economic regulator says the country will hasten the building of a national social credit system and raise the level of social credit.
Tian Jinchen is an official of the National Development and Reform Commission.
He says the building of a social credit system has greatly lagged behind China's economic development.
"Commercial fraud, selling fake goods, tax evasion, misconduct in the academic field, and food safety incidents have occurred often. These behaviour not only have a very bad influence on the whole society, but also affect China's image internationally. According to official statistics, the annual economic loss due to lack of credibility is more than 600 billion yuan. The impact is huge."
China released an outline for building a government-led national social credit system last month, part of an effort to assess individuals and government agencies.
The outline focuses on credit in four areas, including administrative affairs, commercial activities, social behavior, and the judicial system.
The authority pledged to establish a set of laws and regulations regarding social credit, a credit reference system that covers the whole of society, and a related reward and punishment mechanism by 2020.
