Its huge social experiment. Beijing probably thinks there is no risk for them, you can just modify the system until it works or end it if it goes bad. But messing with social order can have unforeseen consequences.
I can see at least three scenarios:
1. It eventually works well and cements the power structures. Those in power can't get low scores. Wast majority of population aligns their behaviour with the incentives provided by the credit. Effective caste system emerges.
2. It somewhat works but people eventually hack around it and corrupt it. Social credit becomes the new center of corruption that weakens Beijing. Shady people get ahead faster than before.
3. There is a sudden blowback that is too fast to counter and is spreads trough the whole nation. For example: Too many people are forbidden from traveling during the new year to their families. They and their families protest and that lowers their credit even more. Angry people start to push back and Bejing loses control...