Crackdown on those with heavy credit loss
Print Edition
PEOPLE with big credit losses will be banned entry from certain markets or industries, serving in certain positions or carrying out financial business from October 1.
The stipulation is part of the city’s new social credit regulation that has been approved by the legislature, making Shanghai the first city on the mainland to have such credit legislation.
The regulation approved by the standing committee of Shanghai People’s Congress also banned those with poor credit ratings from “enjoying certain public policies” or gaining honorary titles.
The regulation clarifies discredited behavior. These include failing to pay tax, social insurance or administrative utility fees, supplying faked materials that threaten social order or the public interest, and refusing to abide by legal orders.
Companies, with poor credit histories will become major targets for inspections.
Local banks and other financial institutions are also encouraged to increase loan and insurance rates or stop lending money to those with poor credit histories, while offering discounts and other incentives to those with good credit accounts.
The new regulation noted that some private information, such as religious belief, gene information, fingerprints, blood type, and diseases, should not be included.
The collection of income, deposits, marketable securities, commercial insurance, real-estate information and tax should be only allowed with providers’ written consent, the regulation said.
Poor records can be removed if the offenders have corrected their wrongdoing.
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