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In May 2020, Chinese investigative media group Caixin reported that business social credit systems in China were insufficient in deterring problematic business activities and that the social credit system was easy to game in favour of businesses. [117] China's Social Credit System has been implicated in a number of controversies.
Chinese people are being introduced to a program that monitors their behavior, scores them, and doles out punishments and rewards. ...
Other countries have expressed concern over the possible impact on their companies of China's plan to give "social credit" scores to reward or punish individuals and corporations using technology ...
China has a much lower rate of credit use than developed markets. [4]: 67 As a result, it lacks the associated credit reports. [4]: 67 Zhima Credit was introduced on 28 January 2015. It was the first credit agency in China to use a score system for individual users, using both online and offline information. [5]
A Unified Social Credit Identifier is issued to registered companies and other types of organization by the Chinese government. It is "unified" in the sense that it is used both as the business registration number with the State Administration for Market Regulation (SAMR) and as the taxpayer identifier with the State Taxation Administration (STA).
In the United States, your credit score is a crucial piece of your financial life, affecting whether you can get the best credit cards, finance a new car, rent an apartment or even get a job. If ...
In 2019, the South China Morning Post reported that the Beijing Subway would also begin sorting passengers using facial recognition based on information pulled from the social credit system and criminal offending databases. Commuters who exhibited anti-social behavior or had previous bad credit scores would also be penalized under the system. [127]
Credibility scores, social influence scores and other comprehensive evaluations of people are not rare in other countries. However, China's "social-credit system" remains to be controversial as this single score can be a reflection of a person's every aspect. [27] Indeed, "much about the social-credit system remains unclear". [26]