The 'corporate credit system' that China is launching will require businesses — foreign and local alike — to share more data than ever before.
The new database enables the government to track and monitor the activities of all businesses in China.
When completed, the full social credit system will target individual citizens, businesses and the Chinese government, according to Beijing-based research firm. It will consist of three parts: a master database, a blacklisting system and a structure for punishments and rewards. "Higher scores can mean lower tax rates, better credit conditions, easier market access and more public procurement opportunities for companies. Lower scores lead to the opposite, and can even result in blacklisting," the report said.
"It opens the opportunity to use the system in a fairly targeted way in the midst of a trade conflict," Conrad said at last week's press event.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China may have used a recent massive iPhone hack to target Uighur MuslimsGoogle's initial report said the hack was an indiscriminate attack that used a handful of malicious websites to infect people's phones.
Read more »
U.S.-China Trade War Takes Toll on South Korea and JapanThe economies of China’s neighbors are suffering from China’s trade war with the U.S., starting with manufacturers of high-tech equipment
Read more »
Asian stocks mixed after US, China impose new tariff hikesMost Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in.
Read more »
Solomon Islands eyes shift in diplomatic ties to China from TaiwanThe Solomon Islands, one of Taiwan's few remaining diplomatic allies, has f...
Read more »
China aims to rev up shale gas drive, wean itself off imports amid U.S. trade rowChina aims to slash its growing dependence on gas imports by boosting domestic p...
Read more »
Stocks shiver as new U.S.-China tariffs add to global gloomGlobal stock prices fell on Monday after the United States and China imposed new...
Read more »