No, that's not quite how Sesame Credits work in China.[1][2] The system computes a social score for each citizen. But it's not run by the Government or a bank. It's run by Tencent and Alibaba. It tracks what you say online, what you buy, and who your friends are. Having a low-scoring friend brings your score down. New feature: Baihe, China's largest dating service, now uses Sesame Credit scores in matching. It's voluntary now, but will become mandatory in 2020.

This is the successor to the Dang'an, a permanent record kept for each citizen of China since it went Communist. The record was typically maintained in a book by the employer, in conjunction with the Public Security Organization. The Dang'an system became less relevant as more non-state employers appeared. Now it's getting an upgrade.

[1] https://www.youtube.com/watch?v=lHcTKWiZ8sI [2] http://www.bbc.com/news/world-asia-china-34592186