China is about to implement an algorithmic scoring system for corporate market actors.
The first independent study on it made by consulting firm Sinolytics on behest of the European Union Chamber of Commerce in China, describes it as -
'The Digital Hand – How China's Corporate Social Credit System Conditions Market Actors'
https://www.europeanchamber.com.cn/...a_wake_up_call_for_european_business_in_china
Meaning, that china is implementing a more direct approach on how to 'guide' the proverbial invisible hand of the market - within their capitalistic market economy.
Its only 35 pages long, looks parseable and should be an interesting read.
Short video summery:
From the pdf:
English name coined is 'Corporate Social Credit System', it's due to be implemented by the end of 2020.
'Uses realtime monitoring and processing systems to collect and interpret Big Data, which facilitates immediate detection and compliance and raises or decreases a companies 'score' (buzzwords
)
Good (according to Sinolytics):
- equal enforcement of regulations (because algos)
- European companies that use low emissions tech on "heavily polluted days" may not be shut down in the future
Bad:
- administrative overhead for SMEs.
Ugly:
Lol.
The first independent study on it made by consulting firm Sinolytics on behest of the European Union Chamber of Commerce in China, describes it as -
'The Digital Hand – How China's Corporate Social Credit System Conditions Market Actors'
https://www.europeanchamber.com.cn/...a_wake_up_call_for_european_business_in_china
Meaning, that china is implementing a more direct approach on how to 'guide' the proverbial invisible hand of the market - within their capitalistic market economy.
Its only 35 pages long, looks parseable and should be an interesting read.
Short video summery:
From the pdf:
English name coined is 'Corporate Social Credit System', it's due to be implemented by the end of 2020.
'Uses realtime monitoring and processing systems to collect and interpret Big Data, which facilitates immediate detection and compliance and raises or decreases a companies 'score' (buzzwords
Good (according to Sinolytics):
- equal enforcement of regulations (because algos)
- European companies that use low emissions tech on "heavily polluted days" may not be shut down in the future
Bad:
- administrative overhead for SMEs.
Ugly:
The level of compliance of business partners will also affect a company’s score, which will necessitate lighter monitoring of each link in the supply chain. Monitoring concerns do not end there either, as individual ratings of a company’s legal representative and high-ranking management will also impact company results. This will require European companies to consider monitoring the individual behaviour of employees, a major taboo for many
Lol.
Last edited by notimp,