Similar systems exist in the Western world - e.g in Germany where credit rating companies have an impact on nearly every business transaction not involving cash between consumers and businesses.
Some differences exist: the Chinese system is one sponsored and maintained by the state, while the credit rating companies in Germany are privately owned. And the Chinese court system is much more arbitrary and rule of law exists to a much smaller degree then in Germany making it very difficult to challenge the scores. However the fact that German credit rating companies are private makes legal regress against them pretty difficult as well.
In addition, no fly lists exist in many Western countries listing. So all in all: pretty awful but by no means much worse then what exists in the West.
In my mind the real difference remains the rule of law - and it seems quite obvious that this has been losing ground in Western societies recently.