Sina Finance: Lian Weiliang: the domestic credit rating sector needs to be developed in a standardized manner

发布时间:2016-07-18 11:16:00    点击:
       Lian Weiliang, Vice Director of the National Development and Reform Commission, said today that the credit system as the core of the new regulatory system played an increasingly important role in the current economic transformation and upgrading of China’s economy. The domestic rating sector requires standardization and expansion. To expedite this sector’s growth, the self-improvement of rating agencies is necessary. These agencies need to improve their talent fostering systems and 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.
 
        The statement above was made by Mr. Lian at the World Credit Rating Forum, which was jointly held by the Universal Credit Rating Group and the Dagong Global Credit Rating Group. The Forum focuses on 4 topics: ‘the Impact of Credit Ratings on the Global Economy’, ‘New Model for Linking Ratings with Capital Flows along Belt and Road Economies’, ‘Forecasting of the Second Global Credit Crisis’, and ‘the Importance to the World of Building China’s Credit System’. The Forum promoted the idea that credit rating should be absorbed in the global economic management system.
 
        He emphasized that it was 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, pointed out that the key to incorporating equitable credit ratings into the global economic governance system was to, 1) apply the research methodology which is able to reveal the inherent laws of the credit-based economy, and focused on the 2 pairs of contradictions in a unity of opposites, i.e., production and credit, credit and credit rating; 2) review the accomplishments and failures of global economic governance and draw lessons learned; 3) formulate new ways of thinking about global economic governance, and 4) answer the fundamental questions concerning what to govern and remediate, how to perform the governance, and how to accomplish the remediation. The ultimate goal for the global economic governance is to establish and leverage an equitable credit rating system, allocate credit resources in an equitable manner, encourage and motivate wealth creation, achieve balance between debt scale and wealth creation. In order to prevent the imbalance of this important relationship from occurring and affecting the global economy, it is necessary to manage credit relationships effectively between debtors and creditors, a task in which an equitable credit rating system and process are critical and indispensable.