Beijing moves to give residents credit scores

Source:Global Times Published: 2018/11/19 18:48:40

The Beijing municipal government is establishing an "individual credit score" system that would give credit scores to all its residents, as part of the city's efforts to improve business conditions, officials announced on Monday.

According to an action plan aimed at improving the city's business environment, Beijing will finish establishing social credit regulations and building the "individual credit score" project by 2020, the China Securities Journal reported.

The announcement signals that Beijing will officially start to provide credit scores to individuals, which could affect residents' lives, the report noted.

The move comes as China has been scrambling to build a national social credit system that would give credit scores on entities as well as individuals. Entities or individuals who have bad credit scores could face a series of punishments, including being barred from taking trains or airplanes.

At a news conference on Monday, Beijing officials announced nearly two dozen separate measures they will take to create a better environment for businesses, including streamlining administrative procedures for businesses and setting up platforms to facilitate new companies.

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