BEIJING - China has expedited efforts to improve its social credit system and build a creditworthy society as part of the country's broader push to advance a market-oriented economy.

The country has made progress in areas such as credit information sharing and the enforcement of penalties against bad-faith actions, as part of efforts to strengthen the social credit system, Li Chunlin, deputy director of the National Development and Reform Commission, told a press conference on Wednesday.

The credit system is the bedrock of the market economy, according to experts. Credit plays a key role in optimizing the business environment, improving financial services, and enhancing governance and service efficiency of the government.

To boost credit information sharing, China has established a national-level credit information sharing platform, which aggregated over 80.7 billion credit records from 180 million business entities, according to Li.

The country has also set up a nationwide financing and credit service platform that compiles key enterprise-related credit data, including business registration and tax payment. Li said that the platform is designated to help financial institutions access comprehensive credit information of small firms, enabling them to provide targeted financial support to those in real need.

As of February 2025, financial institutions across the country have issued a total of 37.3 trillion yuan ($5.2 trillion) in loans through the platform, including 9.4 trillion yuan in credit loans. This has significantly alleviated the capital constraints facing small private enterprises, according to the official.

Regarding information security, the country is working to minimize the risk of information leakage by making data available but not visible. It also plans to incorporate blockchain technology to ensure traceability and enhance security during data processing.

The press conference came days after the release of a new guideline on further improving the social credit system. The guideline includes 23 measures and aims to create a unified national market while ensuring a fair and orderly competitive market environment.

The guideline calls for the establishment of a unified social credit system covering all types of entities, in order to promote the deep integration of social credit system into all aspects of social and economic development.

Highlighting the significance of the guideline, experts noted that these measures are expected to address challenges such as fragmented regulatory rules and data silos.

"The guideline marks a new historical starting point for China's social credit system, and it will undoubtedly propel the system to reach a higher level of development," said Wang Wei, a professor with the Party School of the Communist Party of China Central Committee (National Academy of Governance).

China will support domestic credit service institutions in establishing independent and impartial third-party credit service partnerships with Belt and Road Initiative partner countries and BRICS nations, and will also promote the internationalization of domestic credit rating agencies, according to the guideline.

Looking ahead, Li said China will increase efforts in data governance, facilitate the flow of data, effectively cultivate the credit market, and expand the credit economy.