Laws and Justice

China Strengthens Credit-Based Enterprise Regulatory System

Main image to the post China Strengthens Credit-Based Enterprise Regulatory System

China has implemented revised regulations to enhance its credit-based enterprise regulatory system. These amendments aim to address evolving development needs and improve regulatory practices. The revisions prioritize social credit within the regulatory framework, targeting issues in information disclosure and credit oversight.

The revised regulations establish a business social credit restoration mechanism. This mechanism supports enterprises' efforts to rebuild their creditworthiness and encourages government departments to recognize such efforts. Businesses are incentivized to rectify misconduct, mitigate negative consequences, and apply for the legal removal of negative records.

To facilitate the removal of inactive businesses, the regulations stipulate that businesses listed on the abnormal business operations registry for two consecutive years without rectification and with incorrect contact information will have their licenses revoked. Additionally, the regulations strengthen penalties for information disclosure violations, clearly defining legal consequences for companies that conceal or falsify information in public disclosures.

The State Administration for Market Regulation emphasizes the importance of promoting a business social credit-based regulatory system. This system prioritizes information collection and disclosure as its foundation, while utilizing credit constraints and penalties to incentivize compliance. The administration has collaborated with other government departments to refine the credit restoration mechanism and streamline annual reporting for companies.

Efforts to combat dishonest behavior have been intensified, with social credit-based punishments imposed on violators. Information regarding such violations is promptly published online on the National Enterprise Credit Information Disclosure System, which receives over 131 million visits a day.

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May 21, 2023 | 05:09