Phoenix Business - World Credit Rating Forum was held in Beijing

发布时间:2016-07-18 11:15:00    点击:
      CRI online (by Li Zheya): The World Credit Rating Forum was jointly held by the Universal Credit Rating Group and Dagong Global Credit Rating Group on July 18th in Beijing. The Forum in this year choose    Credit Rating and the Global Economy as the main theme, and the Forum guests discussed mainly on 4 topics: Impact of Credit Ratings on the Global EconomyNew Model for Linking Ratings with Capital Flows along Belt and Road EconomiesForecasting of the Second Global Credit Crisis and Importance to the World of Building China’s Credit System.

       Lian Weiliang, the Vice Chairman of the National Development and Reform Commission (NDRC), made a speech at the opening ceremony and pointed out that credit ratings are becoming an important factor in the establishment of China’s credit system. The domestic rating sector requires standardization and expansion. To expedite this sector or requires standard improvement of rating agencies is necessary. These agencies need to improve their talent fostering systems, by stepping up efforts in talent training and introduction. Additionally, domestic rating agencies need to enhance internal control and corporate governance, as well as raise their capacity in theoretical and technical credit research. In this manner, they can raise their core competitiveness and gain recognition in the international arena. He also pointed out that it is necessary to closely follow the Going Global strategy and the Belt and Road Initiative to expedite the development of China’s credit rating sector. Specifically, international cooperation and exchanges need to be expanded to share resources, complement the advantages of counterparts, and expand the utilization of credit ratings in foreign investments, international trade, production capacity cooperation, and other fields, in order to boost the sector’s service capacity. Mr. Guan Jianzhong, Chairman of the Universal Credit Rating Group and the Dagong Global Credit Rating Group, pointed out that the reason why global economic management did not reach its expected effect is that the global economic management violates the law of credit economic development and the correct credit rating was not absorbed in the global economic management system. The world economic management is to use correct credit rating to distribute credit resources properly, stimulate wealth creation, and realize the balance between debit size and wealth creation capability. To prevent the imbalance of this important relationship, it is critical to manage credit relationships effectively between debtors and creditors, and to make the credit relations a driving force of the global economic development.

       Mr. Ivanov, member of the International Advisory Council (IAC) of the Universal Credit Rating Group and former Foreign Minister of Russia, stated that Europe's instability, Greece debt crisis, Ukraine conflicts, and terrorist attacks were all related with the fact that the world credit rating institutions cannot correctly appraise the risks. Because of the monopoly of the world’s big three credit rating institutions and the lack of forward-looking ability, the world economy has been in recession for too long. He believes that the world needs to restart, and this is also true in Russia. Each country should adopt a more comprehensive and safer economic management system to appraise the credit resources in the world.

       The Forum in this year also acquired extensive international attention from and participation by over 400 people including Mr. Villepin (Chairman of the IAC and former French Prime Minister), Mr. Toledo (former President of Peru), and Mr. Aziz (former Prime Minister of Pakistan) and other high-ranking officials, economists, and representatives of financial institutions and media in China and abroad.