Find here the Daxue Talks episode 19. From the talk with Coster, learn what is the news in terms of the social credit system in China for foreigners.
Full transcript below:
I am Nicolas Coster, I’m a French business lawyer. I’ve been in China for 16 years and specialized in foreign direct investment. So, basically, I set up companies in China.
- What is social crediting in China for individuals and companies?
Nicolas Coster: What happened today in China is we have already
2. Compare to the past where this social credit was already existing in different administrations and now, what are the big changes that make the press and media talk more about it?
Nicolas Coster: The big changes before when you got this local social credit the impact was very limited to the administration who connected, for example, the registry of companies. All the companies for many years had social credit to say these companies are complying/not
3. What are the consequences that we can expect as an individual and as a company of this new system in management and life in China?
Nicolas Coster: I think for individuals, the big expect will be he will not be able to cause an alight anymore. When you apply for the visa, as a foreigner, in the future it is
For companies, the big impact will be that before you sign any contract or before you are employees, you will check the social credit of your suppliers and clients. Some over, it can be more transparent for you because the market will be cleaner.
4. How easy is it to get access to your own social credit as an individual or the company?
For companies, there is no clear right today to access your social credit. So, we don’t know what will be accessed in the future. This is a big question.
5. How much do we know about corporate data, private data, e-commerce data, and bank data, which are going to be taken into account with a social credit?
Nicolas Coster: We don’t know exactly how they will – I mean each local social credit has its own system of notation of marks. So, the question is – what will be the balance that will create a mark from the tax office and a mark from the company registry. We don’t know how they will make it get a final score, and that’s the issue. Today we don’t have any information.
Any questions? We will find an expert to answer them.