Living in China and lived in the US. In general the credit systems in China aren't much different from those of the US.
* There is no one system (which is why the title is "The" Social Credit System, the scare quotes are there on purpose!), but ~70 local experiments, with the talk focusing on three of these (~19:45)
There isn't a central one. To be fair many credit systems exist for a while, for example financial credits from banks, traffic violation credit from DOT, airplane/train black-list, Dang'an system (rongcheng), etc. All of them aren't much different from their western counterparts, with one exception (Dang'an).
* Alibaba's Sesame/Zhima system is not government-accredited (~26:00) and has a lot of shopping/loyalty card features (pay with Alipay, earn points!)
Worked in Alibaba before and can confirm. Not government-accredited and not much different from a financial credit score, though much more commercial institutes are adapting it. For example, you don't need to pay deposit when opening a bike sharing account if you sesame score is above a threshold.
* The current systems have many crippling flaws, like rich people being trivially able to buy their way to good scores to paper over their sins (~35:00)
Not true for the majority but there's one exception. You can pay others to 'deduct' your traffic violation points. However it's not exactly buying way to good scores. Let me explain. In China violation is caught on traffic camera 99% of the time, while in the US most tickets are issued by a police officer. Thus the violation is issued on the vehicle since there's no way to identify who's the driver from camera footage. So people literally can claim someone else is driving the vehicle and points will be deducted from their account. Everyone has 12 points, refreshed every year. Most time that's enough to cover minor incidents.
* Some type of nationwide system is likely to be rolled out nationally at some point, but the details are still very fuzzy (~49:00)
There's proposal but I think it's both stupid and infeasible to design such a score. And various credit scores are already implemented and functioning, there's no need to get a new one.