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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. [110] China's Social Credit System has been implicated in a number of controversies.
Social credit is a distributive philosophy of political economy developed in the 1920s and 1930s by C. H. Douglas. Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them.
Social credit may refer to: Social credit, a distributive philosophy of political economy Canadian social credit movement; Social Credit System, a Chinese national credit rating and blacklist system; Social Credit Board (1937–1948), a committee in Alberta, Canada
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The party responded by committing more resources to internal security forces and intelligence agencies, engaging in the systematic enforced disappearance of dozens of human rights lawyers and bloggers, and enhancing controls over online social media. [210] Jiang Tianyong is the latest lawyer known for defending jailed critics of the government.
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By 2011 China's local government debts was already under scrutiny from national regulators. There were concerns even that the "massive, shady trade" [3] in over-the-counter credit could place China's financial security and social stability, at risk. [3] By 2011 half of the loans in China were in shadow banking with no regulatory scrutiny.
The urban system is the largest component of China's social security, and it includes both a social pooling account and mandatory individual accounts. In the less developed rural program, old farmers receive a small pension financed by general fiscal revenue and young farmers make small contributions to their individual social security accounts.