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Development of Social Credit System

The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council have recently distributed the Opinions on Promoting the High-quality Development of Social Credit System to Form A New Pattern for Development (the "Opinions").

The Opinions propose the following main measure: (1) smoothing domestic circulation by building a sound credit mechanism; (2) promoting domestic and international dual circulation by building a sound credit environment; (3) driving the financial sector to serve the real economy by replying on a solid credit foundation; and (4) improving social integrity by means of effective credit regulation and credit services. Among others, the Opinions call for strengthening credit building for two-way international investment and foreign cooperation; thoroughly implementing the Foreign Investment Law and its implementing regulations, improving the pre-entry national treatment plus negative list management system for foreign investment, protecting the legitimate rights and interests of foreign investors, enhancing international cooperation in intellectual property protection, and maintaining and raising the attractiveness of foreign investment. Efforts shall also be made to strengthen credit building in outbound investment and overseas contracted projects, strengthen the collection, sharing, and application of credit information, promote the application of electronic licenses, improve incentives for honest acts and punishment against dishonest acts, and regulate market order.



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