Event in Shenyang: Corporate Social Credit System
October 24 / 2:30 pm - 5:00 pm UTC+8RMB100 – RMB200
How Does it Affect Your Company?
Recently, China’s Social Credit System (SCS) has become one of the most discussed topics in western media. But until now, the discussion has focused primarily on the potential impact of the SCS on individuals in China, while one of the system’s original purposes is often overlooked, i.e. the creation of a comprehensive rating system for companies with its planned rollout in 2020.
It was reported that the widespread implications of the Corporate SCS might include, for example:
- Tax ratings that are based not only on tax-specific requirements, but also individual ratings of responsible personnel, and/or respective companies
- Companies’ credit scores might be impacted by the ratings of their suppliers and business partners
- Requirements for companies to regularly transfer corporate data, which will then be published and made publicly available in national databases
This is happening already – through the collection of massive amounts of company data, which will be made available to government entities and partly to the public. The ratings and subsequent possible inclusions of companies on blacklists or red-lists have the potential to significantly impact future business in China.
During this seminar organized by the German Chamber of Commerce in China (North), our Business Development Manager Mr. René Bernard will give an overview of the potential future impact of the Corporate SCS on companies, with a special focus on the tax and legal aspects of the matter. Furthermore, we will also tackle the question of what actions should foreign-invested companies consider in order to prepare for the coming implementation of the credit rating system.