Credit System for Beijing Residents to be Finished by 2020

vidual scores for Beijing residents will be based off a list of metrics collected including behavior and other measures. If a person has above-average credit in the new scoring system, they will be eligible to receive "green channel" benefits while others with a less desirable score will ‘pay the price.’

At a press conference in Beijing, Tan Xuxiang, head of the Beijing Municipal Commission of Development and Reform, said, “It’s one of the measures to create a fair market for businesses in the city.” The credit system aims to improve Beijing’s current business environment by holding people and businesses more accountable.

It’s important to note that Beijing’s social credit system is not to be confused with other credit reporting systems the People's Bank of China has granted eight businesses to trial. By the end of 2020,  Beijing expects to have the regulations for the social credit system completed and integrated with other credit reporting systems to create a comprehensive citywide public credit system platform.

READ MORE: How to Check Your Financial Credit Score on Alipay

[Cover image via @Puk_khantho/Unsplash]

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