HAIKOU, September 3. /TASS/. China's Hainan will significantly expand the coverage of the social rating system, which is currently operating on the island in a pilot mode in 2021, reported www.hinews.cn.
According to the newspaper, the new format of state regulation is being actively implemented in the customs sphere, in the field of taxation and in exercising control over the market, in transport, in tourism, as well as in the construction industry. In this regard, the relevant Hainan's government bodies when registering and at other key stages of registration of companies' activities, introduce mechanisms for monitoring the fulfillment of obligations, explaining to business the criteria for assessing the reliability and the scope of delineation of responsibility.
Earlier, the Hainan authorities issued a document establishing new credit rating rules for utilities and patent-related organizations. It is expected that a further series of steps will subsequently be implemented which are aimed at creating a system for assessing individuals and organizations, which over time will cover most of the spheres of the region's social and economic activity.
As the local authorities clarified, Hainan's Free Trade Port's openness can only be enhanced "on the basis of effective control." The new mechanism is assumed to minimize risks and eliminate negative factors hindering economic growth.
The social rating system introduced in China provides for a number of measures against violators of public order and legislation. It is being actively implemented on Hainan as well. For example, the southernmost Chinese province has already more than 600,000 times prevented people from boarding a plane and some other types of transport who have been officially discredited by inappropriate and dangerous behavior while traveling. The local authorities also rejected the attempts of over 700 market entities to register their businesses on the island's stock exchanges, as these companies had previously committed serious violations or demonstrated their unwillingness to nurture honest business partnerships.