In the book with the rather harmless title „Social Credit Rating“, Springer Verlag, Hrsg. Oliver Everling, all financial, societal and political issues of today can be found.
Since 2014, the KP (communist party) of PRC (China), is developing a so called, Social Credit System (SCS). The official goal is to include social (good) behavior in credit ratings for individuals as well as for companies to get more access to good (and cheaper) funding. If you follow the rules of society, you get awarded. By reading most of the contributions two things are clear, (1) this is much more than a social rating and (2) this actually gives a chance for German SME to profile themselves in China (on cost of US competitors).
China consider itself as being in the center of the world, as do the US/Western Europe. So those two blocks will evidently have a confrontation as long as none of them accept two different political models. I cannot imagine China accepting the free and liberal world of the West run by private oligopolies like Google and Facebook, as well as the US/WE accepting a communist party having access to the data, privat or corporate. The articles in this book very nicely show the total different set of attitudes between those blocks.
The Chinese (or Eastern Asian) way of integrating new models into their existing ones instead of going on confrontation like US and the „West“, actually appeals to me more today, although being taught neoliberalism at a Westerns Business School in the 90:ies and reading Fukuyama with great optimism at the end of the Cold War. Therefore I see a re-naisance of the philosophy of the „Wirtschafts-Wunder“ in both Japan and Germany to be the adequate way between Wall-Street Capitalism and One Party system in China. In this „third way“ the state played a regulatory role on the market and acted as a mediator between shareholders and stakeholders (soziale Marktwirtschaft).
Again, there is a perfect balance in this book to get an own picture of what this all means and there is no way to ignore those facts if you want to act in a global market in the future. China is there, no matter if you like it or not, and I prefer to see this as an historical chance to re-innovate our liberal/social system in a time where global capitalism has failed to solve the COVID19 crisis in regard to China.
^^^ RATING EVIDENCE GmbH 