I am Chinese and I can see how this can be exploited by both vigilente groups and the government to target individuals using the "spreading false information" clause alone. There are so many ways to trick people into spreading false information. More importantly, people are not the one to decide what is considered "false", the government is.

It might be ok to make people with bad credit harder to purchase non life-essential stuff such as cars (you heard it, cars are not essentials in many countries), but they shouldn't be treated as criminals.