China’s Social Credit System Plan is released

On June 14, 2014 the “Planning Outline for the Construction of a Social Credit System (2014-2020)” was released to the public, as guidelines for the construction of a social credit system.  It sets out the digital dictatorship plan for China. [1]  [A model for the future world?]

“As early as in 2003, the Chinese government expressed interest in creating a comprehensive means of assigning citizens credit scores that would be an improvement over the country’s credit rating system.

The State Council recently approved the “Outline of Regulations for Building a Social Credit System (2014-2020)” and at present eight companies have been granted the central bank’s permission to conduct pilot testing of their own social credit systems, akin to the Fair, Isaac and Company (FICO) consumer credit ratings.

Part of what makes such an endeavor unique in China is the vagueness and in some cases complete absence of regulations regarding big data collection for credit scoring purposes, potential third party uses of such scores, and privacy protections of the user data that factors into credit score calculations. The new cybersecurity law released on November 7, 2016 contains language regarding privacy protections, yet will not be implemented until June 2017.”
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