介绍:
A Summit on creating an Asian Credit System has kicks off in Beijing Financial experts say the idea is crucial in terms of developing Asian economies to their fullest potentials.
CRI's Luo Yu has more.
Summit on Construction of Asian Credit System Held in Beijing
An advisory council of Universal Credit Rating Group, or UCRG, has been founded during the Summit Forum on Construction of Asian Credit System.
Dominique de Villepin, Former Prime Minister of France, has been elected as Chair of the Advisory Council.
He says the construction of a new international rating order and reform of the current rating system is vital to inject vigor and vitality into regional economic growth.
"Asia is already the first economic region in the world. It's the fastest growth region in the world with 7.9% a year in 2012. Asia is also the creditor of the world. It's a region with the highest currency reserves. With country like China, we saw almost $4,000 billion in reserves. And Asia has a widely different economic environment that needs to be taken into account."
In order to counter the influence of the Big Three global credit agencies, UCRG will, in the near future, be launching a team of over 2,000 credit scholars to set up the framework of a credit knowledge system.
Meanwhile, a dual rating regime will be implemented in over 30 jurisdictions.
Guan Jianzhong, is chairman of UCRG and Dagong Global Credit Rating Co., Ltd.
"UCRG is co-sponsored by China, USA and Russia and it represents agencies from every jurisdiction and embodies the common interest of humanity. It is aimed at promoting an alternative rating of credit relations that differs from the current one – the one with sovereign-owned characteristics. So a new rating architecture featuring co-existence, openness, inclusiveness, complementarity, and counter-balancing will be created."
Rating agencies were given a large amount of the blame for the US mortgage crisis that kicked off the latest round of financial crisis.
Also, the Big Three have been accused by the Europeans of showing preferential treatment to the United States.
Here is advisory council member Kevin Rudd, Former Prime Minister of Australia.
"As of today 2014, I do not believe the major credit rating agencies have learned the lesson. It is for that reason that I believe that we need analyze and systematically respond to the credit rating system."
The Summit is organized by Beijing-based Dagong Global Credit Rating and supported by Ministry of Foreign Affairs and China Center for International Economic Exchanges.
For CRI, I'm Luo Yu.
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