Reuters reports that China has issued guidelines on developing its social credit system, which is aimed at promoting trust in companies and individuals, amid public concerns over data management and invasion of privacy.

The cabinet issued guidelines on Thursday saying the government will promote high-quality development of its social credit system and build a long-term mechanism to deter dishonest behaviours to help create a "fair and honest market environment".

According to the guidelines, data and information on any dishonest behaviour among firms or individuals and related punishments will be handled according to law, the guidelines said.

In the guidelines, the cabinet said China will learn from global experience in building its credit system and follow international standards, treading cautiously in areas where there are significant public concerns.