BEIJING — China will adopt policy steps to optimize the mechanism against dishonest practices and refine the social credit system to underpin the development of the socialist market economy, according to a State Council's executive meeting.

The meeting, chaired by Premier Li Keqiang on Nov 25, decided on measures to refine the bad-faith deterrent mechanism to promote the orderly and healthy development of the social credit system.

The principles include adhering to laws and regulations, protecting rights and interests, taking a prudent and appropriate approach and implementing list-based management.

The scope and procedures of credit information shall be formulated in a science-based way, while those for sharing credit information shall be standardized, the meeting said.

Identification of list of entities with serious acts of bad faith will be better regulated. Punishment against dishonesty shall be enforced in accordance with laws and regulations. A credit repair mechanism, which is conducive to self-correction, will be established.

The meeting underlined the need to strengthen information security and privacy protection.

The meeting also passed a draft amendment to the Law on Workplace Safety, and decided to submit it to the Standing Committee of the National People's Congress for review.