Do you have a source so I could read more about it?
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Joined 2 years ago
Cake day: June 18th, 2023
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What happened in 1984?
The social credit score stuff is basically a Western myth. There was some local level rumblings and plans, but most of it has been unpopular or axed. The only thing that exists at a national level for individuals is the equivalent of a credit score in the US and western countries. I believed this narrative at one point, but then I delved deeper. https://www.technologyreview.com/2022/11/22/1063605/china-announced-a-new-social-credit-law-what-does-it-mean/
1 out of 3 is not most, and this data comes from 2022. I’ve read elsewhere that this number might be around 40-42% now, which is still not most.
In China, you own the house, you just don’t own the land. Technically, the land is leased to you. For residential purposes though, you get about the same rights to the land as you do in the US though, but in most cases it’s a lot cheaper because you pay a fee every 70 or so years vs. every year that we pay property taxes. That also means that the government has fewer opportunities to take your land away from you than they do in the US (if you don’t pay your property taxes in the US, your land will be sold in a tax sale after a couple years). Your heirs still inherit your lease and have the right to renew when that 70 year mark comes back around. It’s a contributing factor towards the insanely high homeownership rate in China, which is around like 96 or 97 percent I think?