The Chinese government's stated aim is to enhance trust in society with the system and regulate businesses in areas such as food safety, intellectual property theft and financial fraud.
Managed by the National Development and Reform Commission (NDRC), the People's Bank of China (PBOC) and Supreme People's Court (SPC), the system was intended to standardize the credit rating function and perform financial and social assessment for businesses, government institutions, individuals and non-government organizations. The Social Credit System is an extension to the existing legal and financial credit rating system in China. It was first introduced formally by then Chinese Premier Wen Jiabao on 20 October 2011, during one of the State Council Meetings. The program initiated regional trials in 2009, before launching a national pilot with eight credit scoring firms in 2014. The program first emerged in the early 2000s, inspired by the credit scoring systems in other countries. The origin of the system can be traced back to the 1980s when the Chinese government attempted to develop a personal banking and financial credit rating system, especially for rural individuals and small businesses who lacked documented records. However such a concept is not rooted in reality as the program is instead mainly focused on businesses and is very fragmented. There is a popular misconception that the Social Credit System involves China giving every citizen a “score" based on what they did right and wrong, and then punishing those who have low scores. There are multiple, different forms of the social credit system being experimented with, while the national regulatory method is based on blacklisting and whitelisting. The social credit initiative calls for the establishment of a record system so that businesses, individuals and government institutions can be tracked and evaluated for trustworthiness.
The Social Credit System ( Chinese: 社会信用体系 pinyin: shèhuì xìnyòng tǐxì) is a national credit rating and blacklist being developed by the government of the People's Republic of China.
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