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BEIJING, June 12 -- China plans to speed up establishing a social record-keeping system, according to a recent guideline published by the State Council.

The "social credibility rating" will contain information on wrongdoing or breaches of laws and government rules and regulations by individuals or market entities. Such information will be recorded and shared across agencies and localities in a more effective manner. A universal mechanism for punishing recurrent transgressions and rewarding those who stick to the rules will help maintain market order and a sound social environment, said the document.

Preferences will be provided to honest market entities, while behavior that sabotages smooth market or social order, or endangers national and personal interests, will be dealt with in accordance with the law, it said.