Current location:world >>
Business social credit regulations revised
world8People have gathered around
IntroductionChina unveiled revised regulations on Friday aimed at strengthening its credit-based enterprise regu ...
China unveiled revised regulations on Friday aimed at strengthening its credit-based enterprise regulatory system, establishing a business social credit restoration mechanism and streamlining the exit process for inactive businesses.
The amendments follow a recent decision by the State Council, China's Cabinet, to update eight administrative regulations, including interim regulations on the disclosure of information regarding companies' practices, and abolish 13 others. The updates aim to address evolving development needs and improve regulatory practices.
Guo Qiwen, an official with the Ministry of Justice's Second Bureau of Legislation, said the revisions prioritized social credit within the regulatory framework, targeting prominent issues in information disclosure and credit oversight across various sectors.
"These changes will further regulate information disclosure practices and cultivate a market environment built on honesty and trust," Guo said.
The revised regulations promote the creation of a business social credit restoration system. They support enterprises' efforts to rebuild their creditworthiness and encourage government departments to recognize such efforts. Businesses will be given incentives to proactively rectify misconduct, mitigate negative consequences and apply for the legal removal of negative records.
To facilitate the removal of inactive "zombie enterprises" from the market, 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.
Liu Min, head of the credit supervision and administration department at the State Administration for Market Regulation, highlighted the agency's ongoing efforts to promote a business social credit-based regulatory system. The system prioritizes information collection and disclosure as its foundation, while utilizing credit constraints and penalties to incentivize compliance.
She cited last year's nationwide campaign to improve social credit through commitments. The initiative resulted in over 24 million businesses obtaining licenses or restoring their credit.
The administration also collaborated with the National Development and Reform Commission to refine the credit restoration mechanism. The partnership enabled over 22 million businesses to regain their creditworthiness and remove restrictions on activities such as bidding, investment and financing, as well as the ability to receive honorary titles.
Liu also highlighted advances in the streamlining of annual reporting for companies and the establishment of coordinated supervision with 18 central government departments through the sharing of business-related social credit information. The collaboration aims to improve regulatory efficiency.
She said 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.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Earthly Exploits news portal”。http://papuanewguinea.camilleandconfettis.com/content-94a999846.html
Related articles
Ohio judge to rule Monday on whether the state’s abortion ban stands
worldCOLUMBUS, Ohio (AP) — A county judge could rule as early as Monday on Ohio’s law banning virtually a ...
【world】
Read moreOhtani gifts Roberts a toy Porsche before breaking club mark for most HRs by a Japanese
worldLOS ANGELES (AP) — Dave Roberts recently joked that Shohei Ohtani should gift Roberts a Porsche when ...
【world】
Read morePhillies' Trea Turner to miss at least six weeks with a left hamstring injury
worldPHILADELPHIA (AP) — Trea Turner will miss at least six weeks with a left hamstring strain after bein ...
【world】
Read more
Popular articles
- Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
- Christopher Bell stops run of misfortune with pole qualifying run at Kansas Speedway
- How American protests came to be loved and loathed
- Jordan Travis has pondered someday replacing Aaron Rodgers. Health is focus now for Jets rookie QB
- Iran helicopter crash that killed President Raisi could reverberate across the Middle East
- Taylor Pendrith leads Byron Nelson as one of several seeking first PGA Tour victory
Latest articles
Everybody may love Raymond, but Ray Romano loves Peter Boyle
Rumer Willis praises mom Demi Moore's 'bangin' body after actress, 61, flaunts it in leopard
Bernardeschi scores 2 goals to help Toronto beat Dallas 3
Brooks Koepka wins LIV Golf in Singapore for his fourth victory on the circuit
Pentagon vows to keep weapons moving to Ukraine as Kyiv faces a renewed assault by Russia
Juro Kara, rebel playwright behind Japan's modern underground theater, dies at 84
LINKS
- Victory may be in sight for Starmer but the polls can be deceptive
- Kentucky Derby: What it's like at Churchill Downs for 150th Run for the Roses
- Mexican police: Thieves killed Australian and American surfers to steal truck
- Jose Ramirez's slump
- Maple Leafs star Auston Matthews is available for Game 7 with Bruins after sitting last 2 games
- Israeli strike kills 4 civilians in southern Lebanon, state media says
- Warren Buffett's company faces lawsuit over shareholder proposal
- Double delight for China with wins in both Uber and Thomas Cups
- EMILY PRESCOTT: It's a power meeting! Eco Ellie Goulding's cosy chat with Ovo energy boss
- Rays starter Ryan Pepiot departs with leg bruise after getting hit by 107.5 mph line drive