Qingdao WCNA pioneers efforts to build trustworthy business environment

In recent years, Qingdao West Coast New Area (Qingdao WCNA) in East China's Shandong province, has been at the forefront of social credit system development and is blazing a trail with innovative reforms that incentivize honesty and trustworthiness in businesses and individuals.

By expanding the use of the "Credit Easy+" initiative, strengthening honest governance, and promoting credit culture construction, the area has taken the lead in implementing 32 pioneering measures, comprising 46 key moves to accelerate the construction of a social credit system.

A vital part of this development is the newly established personal credit scoring system, which assigns credit ratings to individuals based on their behavior history. The system promotes transparency and accountability, incentivizes trustworthy behavior through a range of benefits and rewards. With over 36,500 good and bad conduct records already uploaded to the system, the initiative is helping foster a culture of trust and reliability across the area.

To establish a new financing model of cooperation among the government, banks, credit service agencies, and guarantee companies in Shandong province, big data credit service agencies have been established. Small and micro-enterprises that have been approved can obtain a credit loan of up to 10 million yuan ($1.46 million), and are eligible for receive rewards. As of now, the new area has issued 77 credit loans worth 330 million yuan.

With over 100 credit-related policies and regulations already in place, the new area is on its way to becoming a model of responsible and forward-thinking governance to boost the development of a more reliable and trustworthy business environment.