China said it is speeding up the establishment of a credit-scoring system for market entities, vowing to stringently protect commercial secrets and personal privacy, according to a State Council announcement, said the Wall Street Journal.

The Chinese cabinet agreed at the meeting that the country will establish, in accordance with the law, authoritative, unified and accessible credit records of all market players based on their unified social credit codes. Government departments are required to share the information as permitted by law to break the information monopoly and information storing. No government agencies should repeatedly ask market players to provide the same information that can be shared.

The Chinese cabinet said it is also working on a blacklist of dishonest market entities and will punish them accordingly until they are forced out of the market. The system will also be powered by the internet and big-data technologies, it said.

Separately, the State Council pledged to sign free trade agreements with more countries and regions. It also plans to expand a cross-border e-commerce pilot program as part of an effort to boost exports.