The guideline for strengthening commercial credibility for the 12th Five-Year period has been completed by the Ministry of Commerce and will be released soon, the Economic Information Daily reported Tuesday, citing an authoritative source.

It will be China's first guideline for constructing commercial credibility and the first time that the government has officially voiced its attitude towards the issue, a source from the ministry disclosed to the newspaper.

According to statistics from industry researchers, the annual direct and indirect economic loss caused by lack of credibility totaled 600 billion yuan ($92.76 billion).

The source told the paper that the guideline addresses three areas: the value, the system and the operation of commercial credibility.

The ministry will also push industry associations to build a database of enterprise credit records. The database will record the credit information of enterprises in business deals.

(Source:www.chinadaily.com.cn)