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The origin of the Social Credit System can be traced back to the early 1990s as part of attempts to develop personal banking and financial credit rating systems in China, and was inspired by Western commercial credit systems like FICO, Equifax, and TransUnion. [17]
Chinese people are being introduced to a program that monitors their behavior, scores them, and doles out punishments and rewards. Chinese people are being introduced to a program that monitors ...
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]
[15]: 73 The NDRC is also one of the main government agencies responsible for data collection for the Chinese Social Credit System. [16] The NDRC's Social Development Division has a planning role in cultural industries including sports, tourism, and mass media. [17]: 100
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
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.
Fitch forecast China's economic growth would slow to 4.5% in 2024 from 5.2% last year, in contrast to Citi and the International Monetary Fund, which both revised up their China forecasts.
Other forms of a rating agency include environmental, social and corporate governance (ESG) rating agencies and the Chinese Social Credit System. The debt instruments rated by CRAs include government bonds , corporate bonds , CDs , municipal bonds , preferred stock , and collateralized securities, such as mortgage-backed securities and ...