新型信用監管機制 (xīnxíng xìnyòng jiānguǎn jīzhì): New type of credit supervision mechanism

The General Office of the State Council, China's Cabinet, has issued a guidance document on building a new type of credit based supervision system in order to further regulate the market order and improve the business environment.

According to Lian Weiliang, deputy head of the National Development and Reform Commission, the new type of supervision mechanism is focused on enhancing the sense of integrity, and the behavior of market participants will be recorded in a timely, accurate and comprehensive manner, with any untrustworthy behavior punished with restrictions on market access.

According to Lian, one of the innovative measures in the guidance is to explore the establishment of a credit repair mechanism, and in the next stage relevant laws and regulations will be implemented.

The guideline also states that more efforts will be made to enhance credit regulation information disclosure and improve the regulation efficiency by leveraging big data and other technologies.