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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]
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]
This idea is similarly expressed with the Social Credit System in China as it acts as a tool to, [fix] moral decay" [13] and "encourage positive economic and moral behaviours". [15] The parallel between the two systems is that China's is outside of the market, while the United States' is within the market, so it goes noticed as an issue of ...
Foshan city of China’s southeastern province Guangdong launched a blockchain-based corporate social credit system with an automated credit rating function, state-backed media reported on Thursday.
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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]
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.
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