Current location:Stellar Stand news portal > business
Business social credit regulations revised
Stellar Stand news portal2024-05-09 07:06:31【business】5People have gathered around
IntroductionChina unveiled revised regulations on Friday aimed at strengthening its credit-based enterprise regu
China unveiled revised regulations on Friday aimed at strengthening its credit-based enterprise regulatory system, establishing a business social credit restoration mechanism and streamlining the exit process for inactive businesses.
The amendments follow a recent decision by the State Council, China's Cabinet, to update eight administrative regulations, including interim regulations on the disclosure of information regarding companies' practices, and abolish 13 others. The updates aim to address evolving development needs and improve regulatory practices.
Guo Qiwen, an official with the Ministry of Justice's Second Bureau of Legislation, said the revisions prioritized social credit within the regulatory framework, targeting prominent issues in information disclosure and credit oversight across various sectors.
"These changes will further regulate information disclosure practices and cultivate a market environment built on honesty and trust," Guo said.
The revised regulations promote the creation of a business social credit restoration system. They support enterprises' efforts to rebuild their creditworthiness and encourage government departments to recognize such efforts. Businesses will be given incentives to proactively rectify misconduct, mitigate negative consequences and apply for the legal removal of negative records.
To facilitate the removal of inactive "zombie enterprises" from the market, the regulations stipulate that businesses listed on the abnormal business operations registry for two consecutive years without rectification and with incorrect contact information will have their licenses revoked.
Additionally, the regulations strengthen penalties for information disclosure violations, clearly defining legal consequences for companies that conceal or falsify information in public disclosures.
Liu Min, head of the credit supervision and administration department at the State Administration for Market Regulation, highlighted the agency's ongoing efforts to promote a business social credit-based regulatory system. The system prioritizes information collection and disclosure as its foundation, while utilizing credit constraints and penalties to incentivize compliance.
She cited last year's nationwide campaign to improve social credit through commitments. The initiative resulted in over 24 million businesses obtaining licenses or restoring their credit.
The administration also collaborated with the National Development and Reform Commission to refine the credit restoration mechanism. The partnership enabled over 22 million businesses to regain their creditworthiness and remove restrictions on activities such as bidding, investment and financing, as well as the ability to receive honorary titles.
Liu also highlighted advances in the streamlining of annual reporting for companies and the establishment of coordinated supervision with 18 central government departments through the sharing of business-related social credit information. The collaboration aims to improve regulatory efficiency.
She said efforts to combat dishonest behavior have been intensified, with social credit-based punishments imposed on violators. Information regarding such violations is promptly published online on the National Enterprise Credit Information Disclosure System, which receives over 131 million visits a day.
Address of this article:http://saintpierreandmiquelon.e-directivos.com/article-50a699934.html
Very good!(74486)
Related articles
- Astroworld crowd surge: 9 of 10 wrongful death suits have been settled
- Death toll rises in Taiwan's strongest earthquake in 25 years
- UN expert visits Motueka to learn about Nelson Tenths case
- Indigenous deaths in custody haunt Australia
- Osaka plays solidly in her opening match at the Italian Open. Darderi eliminates Shapovalov
- China news: Mystery as Xi Jinping unexpectedly skips key speech
- Boeing jet loses engine cover during takeoff
- Trump ordered to end attacks on judge's family in hush money case
- Ole Miss frat boy who made shocking racist gestures towards black female pro
- Samoa citizenship bill passes first hurdle in Parliament with help of ACT and NZ First
Popular articles
Recommended
Eurovision 2024 semi
Truth Social: Trump's DJT stock plummets days after going public
Is it the right time to change careers? A consultant answers common questions
Progress in Gaza truce talks in Cairo, Egypt's Al Qahera news says
Heartbreak of MasterChef star, 21, whose older sister died with 'no warning'
'Devastated': Widow pleads for late husband’s dream to be realised
'Devil in the details' when considering biofuels
US, Japan and South Korea agree to expand security and economic ties at historic Camp David summit
Links
- Xi Leads Way in Combating Beijing, Hebei Floods
- Xi Calls for Breaking New Ground in China's High
- Tunisia implements visa
- Xi Focus: Xi Stresses Youth, Solidarity, Inclusiveness in Vision for Shared Future
- Super Bowl to host 22,000 fans
- UEFA Europa League: GNK Dinamo Zagreb and Wolfsberger AC
- China to establish coal capacity reserve system by 2027
- Chinese mainland travelers to Hong Kong airport will be exempted from entry permits
- Prehistoric reptile fossil found in China's Three Gorges area
- New railway set to bolster connectivity, development