Chinanews, Beijing, Sept. 15 – Vice Minister of Commerce Jiang Zengwei said recently that China is now at a peak period of commercial fraud. The central government and the State Council have attached great importance to establishing a social credit system and the work has started to yield positive results. However, it is still too early to gain fruitful results at the moment. He said officials should understand and be fully prepared for the hard work involved.

 

Jiang made the statement when attending the high-level forum on encouraging business with credit, which opened in Beijing yesterday. He is the director of the National Office of Rectification and Standardization of Market Economic Order.

 

He stressed that, at this time when China is at the beginning stage in establishing a social credit system, there is still much work to do. For example, related regulations on credit management have not been set up yet and the government still has a lot of work to do to set up a credit system nationwide so that information can be provided and shared on a transparent basis. In addition, the government needs to keep the public more aware of the credit issue. At present, irregularities such as commercial fraud, tax evasion, contract violation, debt default and intellectual property right infringement are still commonly seen in society. This shows that China still has a long way to go in setting up a social credit system, he noted.