The “Credit plus Offshore Trade” project that is being developed in SIP was recently recognized by the Office of Leading Group for Building of Social Credit System of Jiangsu Province as one of 39 “Innovative Projects for the Building of Jiangsu’s Social Credit System in 2021”. This shows that SIP has made a remarkable achievement in exploring ways to facilitate offshore trade based on an integrated credit system.
It is reported that the government of Jiangsu carries out an evaluation on a yearly basis to accredit projects with significant contributions to the building of a province-wide social credit system with comprehensive credit data that can be used as basis for awarding good behaviors and punishing bad ones in such aspects as public services, social governance, business and trade.
The “Credit plus Offshore Trade” project is one of four from Suzhou on the list. Linking with SIP’s public credit information platform, it allows banks to acquire comprehensive data such as those about customs-related operations, bills of lading and logistics of an offshore trade enterprise and thereby accelerate foreign currency settlement for it. Meanwhile, the online data enables better supervision over enterprises’ credit.
According to SIP authorities, SIP will continue making innovations in the future to promote credit management and supervision with the aim of becoming a good example for the building of the social credit system at provincial and even national level.
