Report on the Construction of the Social Credit System in China’s Special Economic Zones

Abstract

Credit is a production relations and social relations governed by mutual trust on the basis of transaction. It has different meanings at different levels. From the perspective of ethics and morals, it refers to an act and quality based on honesty and trustworthiness among the parties concerned. From a legal perspective, it requires the parties concerned to honor promises and abide by contracts. From an economic perspective, credit is an activity of borrowing, lending and deferred payment in economic activities, based on trust. From a social perspective, it refers to a kind of social evaluation of the ability of an individual to fulfill obligations, especially his/her debt-paying ability.