The Corporate Social Credit System (SCS) will be the most comprehensive system created by any government to regulate a marketplace and will have implications on all companies doing business in or with China. It is no understatement to say, it will fundamentally change the regulatory environment in China.
Set to take full effect at the end of 2020, the Corporate SCS will utilize Big Data, compiling, and centralizing data from government authorities at all levels, nationwide, to produce a real-time credit, or trustworthiness, rating for each company. These ratings will be used to 'reward' or 'punish' companies.
This far-reaching policy will have an enormous impact on companies who run afoul of the scoring metrics, but it may also help those with good scores access certain advantages. To ensure that your company is not negatively impacted by the introduction of the Corporate SCS, it is imperative to prepare for its implementation.
Are your businesses prepared for this? What are the key business challenges and opportunities for companies in China? What are the specific implications and what developments are expected in 2020?
To address this, Marco Förster, International Business Advisory of Dezan Shira & Associates, will give a presentation that details the acute disruption that companies in China will face, and what they must do to ensure compliance as well as how your companies in China can prepare for this new policy in 2020.
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