China's social credit system gains momentum

China is accelerating efforts to create a national social credit system, said Tian Jinchen, head of the Department of Fiscal and Financial Affairs under the National Development and Reform Commission.

The government will increase its level of credit in areas including administration credibility, enterprise activities, social behavior and the judicial system, Tian told a conference in Beijing on Friday.

In June, the State Council announced a plan to build a national social credit system for the 2014 to 2020 period.

Industries swiftly responded to the call with the China Association of Construction Enterprise Management, representing 79,528 construction firms, announcing on Friday that it is to launch an online national credit system.

Cao Yushu, head of the association, said total investment in the website is around 600,000 yuan.

Construction firms have expanded quickly in past decades along with the country's rapid economic growth; however, fraud has occurred in many areas.

The annual financial loss caused by a lack of credit is more than 600 billion yuan ($97.52 billion), according to the Ministry of Commerce.