社会信用代码 (shehui xinyong daima): Credit rating codes

In this year's Government Work Report, Premier Li Keqiang said the authorities will work to improve the credit rating system, put in place a national unified system of codes for rating credit, and establish a platform for sharing and exchanging information on credit. The government will also work to protect the information of enterprises and individuals in accordance with the law.

A market economy is a credit economy, which means credit is the foundation of market operations. A sound credit system will guarantee the smooth working of the market. A national unified system of credit rating codes will evaluate all enterprises, institutions and residents. It will effectively establish the creditworthiness of organizations and individuals, which will help safeguard social order and implement the rule of law. The key to establishing a sound system of credit rating codes is to break information barriers among different governmental sectors and let credit weigh in for malfeasances and lawbreaking.