The 'corporate credit system' that China is launching will require businesses — foreign and local alike — to share more data than ever before.
The new database enables the government to track and monitor the activities of all businesses in China.
When completed, the full social credit system will target individual citizens, businesses and the Chinese government, according to Beijing-based research firm. It will consist of three parts: a master database, a blacklisting system and a structure for punishments and rewards. "Higher scores can mean lower tax rates, better credit conditions, easier market access and more public procurement opportunities for companies. Lower scores lead to the opposite, and can even result in blacklisting," the report said.
"It opens the opportunity to use the system in a fairly targeted way in the midst of a trade conflict," Conrad said at last week's press event.
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