According this article it's basically just the normal credit rating system, but with a few more variables.
Congrats, this same system already exists throughout the world.
The way in which it goes about determining what your credit rating should be is in itself needlessly invasive. Seriously, in order to take into account all these variables they'd need a massive amount of data on every single citizen, who they associate with, their political standings, their computer activity (this should be ringing some serious alarm bells in your head), etc. and put together represents a massively abusable platform for social engineering of their citizens.
What makes this all the more suspicious to me on top of all that is the fact that they weren't allowed to give details because they feared the chinese government wouldn't do business with them if they talked to foreign media. More alarm bells. Why are these companies trying to be secretive of this system? Why does the chinese government not want them talking to foreign media?