China develops youth credit system for building high-trust society
China is developing a "youth credit system" to encourage young people to take an active part in building a high-trust society, officials said Thursday.
The project is based on a five-year guideline to build a database and develop credit-rating criteria, incentives, and services for young people by 2020. The efforts have been led by the Central Committee of the Communist Youth League of China (CYLC), National Development and Reform Commission (NDRC), and the People's Bank of China.
A campaign to communicate policies on the credit system was launched Thursday. Lectures, contests and other events will be held in 300 universities and colleges in 100 cities across the country, according to officials attending the launch.
"The youth credit system is a comprehensive project," said Chen Hongwan, an NDRC official. "Dossiers will be created to carry good credit records of trustworthy young individuals, who will be favored or receive incentives when applying for student or startup loans or when looking for a job."
Chen said the system encourages people who have committed dishonest acts to correct themselves to retain good credit records.
Wang Hongyan, a senior CYLC official, said by developing the credit system, more will be done to improve services for the youth in education, employment and entrepreneurship, while education needs to be strengthened to guide young people to be trustworthy.
Wang said the credit system was also part of a long-term guideline (2016-2025) on youth development.