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The MERICS report states that China is currently implementing a highly innovative approach to monitoring, rating, and regulating the behavior of market participants, including individuals, companies, and other institutions, such as NGOs, which will fall under the Social Credit System.
As for the fear of IT authoritarianism and China’s poor track record in keeping its citizens’ data private, this question may be more connected with the love of secrecy for which the Chinese state is known for.
Some data needs to private; some data needs to be transparent.” This article was updated on August 23rd to correct the statement that users with low scores on Sesame Credit may affect receiving loans or refunds for online purchases.
Sesame Credit currently does not have any punitive measures for users with low scores, nor does the Sesame Credit score affect receiving loans.
While many reports have focused on how social scoring will affect individuals, a more interesting aspect might be its implications for doing business in China, including foreign companies.
According to an analysis published by Mercator Insititute for China Studies (MERICS), China’s Social Credit System has the potential to become the most globally sophisticated and fine-tuned model for IT-backed and big data-enabled market regulation.