Memorandum of Understanding on the Joint Punishment of Subjects of Liability of Listed Companies Who Engage in Misconduct or Breaches of Trust
In order to comprehensively implement the spirit of the 18th Party Congress, and of the 3rd, 4th, 5th, 6th, Plenums, to implement the requests of praising integrity and punishing breaches of trust, posed by such documents as the “State Council Opinions on Promoting Safe Competition and Safeguarding the Normal Order of the Market” (State Council Document no. 20 ), the “State Council Notice Issuing the Planning Outline on the Construction of a Social Credit System (2014-2020)” (State Council Document no. 21 , the “State Council General Office Notice on Further Strengthening the Protecton of the Rights and Interests of Small and Medium-Sized Investors in Capital Markets (State Council Document no. 110 ), the Development and Reform Commission, the SFC, the People’s Bank, the Central Spiritual Civilization Office, the Supreme People’s Court, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Finance, the Ministry of Environmental Protection, the Ministry of Transport, the Ministry of Commerce, SASAC, the General Administration of Customs, the General Administration of Taxation, the General Administration of Industry and Commerce, AQSIQ, the China Food and Drug Administration, the Central Leading Group for Cyberspace Affairs, CBRC, the Banking and Insurance Regulatory Commission, the Foreign Exchange Bureau, the National Federation of Trade Unions, on the basis of relevant laws and regulations, rules and normative documents, have reached the following unanimous opinion on the joint punishment of listed companies and related institutions and their personnel who engage in misconduct or breaches of trust.
As a special feature of the China Social Credit System Blog, this week leading scholars and experts from PennState, the Foundation for Law and International Affairs, and the Coalition for Peace and Ethics present their comments on the most pressing issues about social credit. These are questions of global relevance that deserve to be examined within a context beyond China, and the more limited field of area studies. An initial reflection on issues surrounding social credit in general, and the Chinese project on social credit, can be found on the ‘Law at the End of the Day’ Blog. This post elaborates and expands upon the views expressed therein.
Authored by Zhang Zheng, the Director of the Director of the China Credit Research Centre at Beijing University, the following article is part of a series of official articles and commentaries published in 2014, immediately after the the adoption of the Planning Outline on the Construction of a Social Credit System (2014 – 2020).
It is worth noting how – as the question of whether China is a market economy is still part of the global “querelle” about China – already three years ago domestic commentators began moving away from the concept of ‘market economy’ towards a concept of ‘credit economy’.
Milestones from the Market System to the Credit System
Central Government Portal www.gov.cn, 15 July 2014, 12:29. Source: Economic Daily
This is the full text translation of an article originally published on the Xinhua website, with the title ‘Deepen Financial Reform, Promote the Healthy Development of an Economic and Financial Virtuous Circle’ (here) immediately after the July 14-15 National Financial Work Conference, and reposted on the Hubei Credit website with a slightly different title. The article is useful to get a sense of the reform measures China intends to adopt in the financial sector, and of their rationale.
National Financial Work Conference Sends an Important Signal
The Construction of a Social Credit System Must Be Strengthened
On July 8, the State Council of the People’s Republic of China issued the Development Plan on a New Generation of Artificial Intelligence. This is a lengthy document, divided in six sections and several paragraphs. A translation produced by the fantastically efficient interns of the Foundation for Law and International Affairs is 27 pages in length. I have taken the time to go through the document in its Chinese and its English versions, to learn more about its contents, and to summarize it for my readers.
This is an extremely important document, outlining the blueprint for the development of China’s AI in the next thirteen years. As it is already clear to those in the know, the Plan has significant implications for the development of social credit, as well as the fields and the policies related to it.
The following article appeared on the theory column of the People’s Daily two years ago. It provides an official policy interpretation of the unified social credit number system – the 18-digits code attributed to enterprises, and social organizations. This official intepretation of an existing policy prevails on any other possible policy interpretation by Western interpreters. The reasons why official Chinese policy interpretations of any given policy document are weightier than Western policy interpretations of the same document have been amply explained in a presentation I delivered at the 2016 edition of the European China Law Studies Association Conference. The paper can be accessed free of charge here.
The General Principles of Civil Law, Party Groups, and the Belt and Road Initiative
Originally published in Chinese on the Forgotten Archipelagoes Blog, this short, 3,000 words web essay presents some thoughts about how China’s General Principles of Civil Law may contribute to more firmly entrenching the authority of Party groups in State-owned enterprises, in private companies, and in Chinese and foreign non-governmental organizations. This process is relevant both to the construction of a social credit system, and to the OBOR. The essay explores the nature of Party groups in Party and state legislation, and it has been researched using publicly available sources only.
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