Development History

Unswervingly working hard and forging ahead is the true depiction of Dagong’s development history over the past two decades, which witnessed Dagong’s growth from a little-known rating agency to an emerging rating power with international inflence. Over the past 22 years, Dagong has chosen the right path, undertaken historic responsibility, promoted an international reform through exploring laws, innovating theories, and developing competitiveness. It is this unique ascent which has enabled Dagong to write a splendid chapter in history and mark the shifting of the world’s rating center from the West to the East.

Three Stages

 

 

(1) 1994-2006 Exploration of the developmental path Major events:

a. Dagong initiated a threeyear technical cooperation with Moody’s;

b. Dagong published Rethinking China's Credit Rating Industry and determined its developmental path of developing the national brand through international expansion.

(2) 2007-2010 Dagong’s appearance on the international stage

Major events:

a. The new rating criteria were published;

b. Credit ratings were assigned to 50 countries;

c. The sovereign credit rating for the United States was downgraded.

(3) 2011-2016 Undertaking historical responsibility

Major events:

a. Dagong designed the method for building up China‘s social credit system;

b. Dagong promoted the reform of the international rating system;

c. Dagong discovered the laws governing credit-based economy, explored the laws governing credit ratings, innovated credit rating theory, and studied Western credit rating theory;

d. Dagong contributed to the building up of Asia’s credit system;

e. Dagong launched branches in Europe and Hong Kong;

f. Dagong built its core competitiveness;

g. Dagong built an early risk warning system and issued an Internet fiancé blacklist and warning list;

h. Dagong assigned Internet fiance ratings to large-scale foreign enterprises including Gazprom, Rosneft Oil, and VEB;

i. Dagong published its global infrastructure credit rating methodology;

j. The strategy of developing the national brand through international expansion grew to maturity.

For the past two decades, Dagong has adhered to the developmental path of following objective laws, complying with the needs of the times, bearing historical responsibility and growing into an emerging rating power in the global rating industry.

Milestones

    2016

  • 09

    大公设计研发的全国首个旅游行业信用查询APP上线

    2016年9月28日,大公设计研发的全国首个旅游行业信用查询APP “都江堰旅游信用查询”正式上线。

  • 09

    《中国信用体系建设蓝图》正式发布

    2016年9月26日,大公与中国金融出版社联合举办的《中国信用体系建设蓝图》出版新闻发布会在北京召开,首部揭示社会信用体系建设总目标、描绘社会信用体系建设全貌的理论专著《中国信用体系建设蓝图》正式发布。

  • 08

    August 2016

    8th August 2016, Dagong and the Credit Education Union, Yichun Municipal People’s Government jointly held the first Symposium on Credit Academics.

  • 07

    July 2016

    19th July 2016, Dagong Group hosted the Presentation on Blueprint for Building China’s Credit System in Beijing.

  • 07

    July 2016

    18th July 2016, the World Credit Rating Forum was held jointly by the Universal Credit Rating Group and Dagong Global Credit Rating Group in Beijing. Under the theme of “Credit Ratings and the Global Economy”, the forum focused on topics including the impact of credit ratings on the global economy, new model for linking ratings with capital flows along Belt and Road economies, as well as the importance to the world of building China’s credit system to contribute to building a more dynamic and steady global economy.

  • 04

    April 2016

    April 8th, Dagong and GIB jointly held the Global Infrastructure Investment and Financing Forum and released Dagong’s Global Infrastructure Credit Rating Methodology.

  • 03

    March 2015

    March 2015, Mr. Guan met Mr. Yoo Il-ho, Vice Prime Minister of South Korea in Hainan.

  • 01

    January 2016

    January 2016, the Panda Bond Forum was held jointly by Dagong and Sina Finance.

  • 01

    January 2016

    From January to May, a credit-based social system was actively implemented in Yichun, Heilongjiang Province. President Xi Jinping’s visit to Yichun also paved the way for the implementation.

    2015

  • 11

    November 2015

    November 2015, Mr. Lian Weiliang, Deputy Director of the NDRC, visited Dagong and highly approved of Dagong’s achievements.

  • 06

    June 2015

    June 2015, the World Credit Rating Forum was held in Beijing.

  • 05

    May 2015

    May 2015, Dagong published methodologies for international sovereignties, commercial banks and insurance companies.

  • 03

    March 2015

    March 2015, CCTV described Dagong as “the only credit rating agency in the third world which makes its voice heard in the international sector” during a press release for credit rating on the Gazprom Bank.

  • 01

    January 2015

    January 2015, Dagong published a warning list containing 695 Internet fiancing companies with high risks and a blacklist of 219 credit platforms.

    2014

  • 06

    June 2014

    June 23rd, Vice Premier Zhang Gaoli received members of the IAC of UCRG.

  • 05

    May 2014

    May 2014, Dagong obtained rating qualifiations from the SFC.

  • 04

    April 2014

    April 10th, a session alongside the Boao Forum witnessed the industry reaching a consensus “to promote the reform of the international rating system”.

  • 03

    March 2014

    On March 25th, 2014, the innovative Guiding Principles of Credit Rating was offiially published. 25th, 2014, the innovative Guiding Principles of Credit Rating was offiially published.

     

    2013

  • 06

    June 2013

    On June 25th, the inaugural Reforming the International Rating System Forum was held by the UCRG. Additionally, Dagong Europe was granted rating qualifiation, which marked Dagong’s offiial entry into the European market.

  • 01

    January 2013

    January 21 st, 2013, Dagong published the fist non-sovereign Local Government Credit Rating Methodology.

    2012

  • 10

    October 2012

    On October 24th, Dagong, Egan-Jones and RusRating jointly published the Beijing Statement and announced the founding of the Universal Credit Rating Group (UCRG), which is to be a great achievement in the reform of the international credit rating system.

  • 07

    July 2012

    Several articles by Mr. Guan were published in journals or newspapers including China Daily, Xinhua News and People’s Daily.

    2011

  • 12

    December 2011

    On December 12th, Mr. Guan was nominated as the 2011 CCTV Chinese Economic Figure of the Year.

  • 11

    November 2011

    On November 8th, Dagong was assigned by Belarus to conduct a sovereign credit rating.

  • 02

    February 2011

    February 16th, 2011, Mr. Guan made a speech entitled "It Takes Innovative Thinking to Reform the International Credit Rating System" at the 3rd ASEAN 10+3 Bond Market Forum in Kuala Lumpur.

    2010

  • 11

    November 2010

    November 9, 2010, Dagong issued a surveillance report for sovereign credit rating of the USA against its QE2 monetary policy, and downgraded the local and foreign currency long term sovereign credit rating from “AA”to “A+” with negative outlook.

  • 07

    July 2010

    On July 11 th, 2010, Dagong issued 2010’s sovereign credit rating reports for 50 countries. It was for the fist time that a non-Western country released national credit risk information to the world.

    2009

  • 05

    May 2009

    May 2009, Dagong published its Sovereign Credit Rating Methodology and Chinese Industry Credit Rating Methodology, which contributed to the establishment of a new international rating system.

  • 04

    April 2009

    April 2009, Mr. Guan gave a speech entitled "Building a New Global Credit Rating System" at the Boao Forum, which drew extensive attention from China and abroad.

  • 03

    March 2009

    March 2009, CPPCC Journal published the article entitled China’s Ascent Needs Powerful National Credit Rating Institution by Mr. Guan Jianzhong.

  • 01

    January 2009

    January 2009, the Status and Function of Credit Rating after Financial Crisis Forum was successfully held in Beijing Diaoyutai State Guesthouse.

    2008

  • 02

    February 2008

    February 26th, Dagong obtained the Securities Market Credit Rating Business Permit of the PRC issued by the China Securities Regulatory Commission.

  • 01

    January 2008

    January 23rd, Dagong completed the separation of trading convertible bonds totaling 41.2 billion RMB for Ping An Insurance.

  • 01

    January 2008

    17th January 2008, Tongyuan 2008 phase I individual auto mortgage securitization trust senior tranches asset-backed securities were successfully issued. It is China’s first auto mortgage securitization project, which was completed by Dagong with its independently innovated credit rating technologies.

  • 01

    January 2008

    4th January 2008, leaders from the Central Leading Group for Financial and Economic Affairs, the Financial and Economic Committee of National People’s Congress and the SASAC attended the meeting of Report on International Development of the National Brand hosted by Dagong. At the meeting, attendant leaders delivered speeches and spoke highly of Dagong’s strategy of developing the national brand through international expansion.

    2007

  • 12

    December 2007

    On the 24th of December, the establishment ceremony of the Dagong Credit Management College of Tianjin University of Finance and Economics was held. It is the fist college to train professionals in credit rating and risk management sectors.

  • 11

    November 2007

    27th November 2007, Dagong received the approval from China Security Regulatory Commission for carrying out credit rating business in the security market.

  • 09

    September 2007

    On the 14th of September, the ChinaJapan-South Korea Credit Rating Forum organized by Dagong was held in Beijing.

    2006

  • 12

    December 2006

    December 2006, Dagong announced the rating results on ‘Dongyuan 2006-1 senior tranches reorganization asset-backed securities’ of China Orient Asset Management Corporation, the first non-performing asset-backed securities in China.

  • 06

    June 2006

    On June 19, 2006, Dagong was determined to establish a national brand through international expansion. Mr. Guan published several articles to illustrate this decision and its inflence upon fiancial security in China.

    2005

  • 07

    December 2005

    December 2005, Dagong became China’s first professional agency to assign credit ratings on hybrid capital bonds of commercial banks and announced credit ratings on the hybrid capital bonds, the first in China, issued by China Minsheng Bank.

  • 12

    July 2005

    July 2005, Dagong completed the bidding project for value measuring the Industrial and Commercial Bank of China’s 450 billion RMB doubtful loans, the largest fiancial assets trade in China. 

  • 07

    July 2005

    July 2005,Dagong also won the bid for becoming the China Development Bank’s consulting and reviewing agency for industry risks research projects and bank consumers’ credit assessment reports.

  • 06

    June 2005

    June 2005, Dagong was appointed as the inter-bank bond market credit rating agency by the People’s Bank of China.

    2004

  • 11

    November 2004

    November 2004, Dagong Post-Doctoral Center was initiated and Mr. Mundell, the Father of the Euro, participated in the opening ceremony.

  • 07

    July 2004

    July 2004, Dagong announced the credit rating result for subordinated bonds worth of RMB 15 billion that the Bank of China planned to issue, which is the first time that a domestic bank issues subordinated bonds in China.

  • 06

    June 2004

    June 2004, Dagong announced the credit rating results for 50 index component listed companies on the Shanghai Stock Exchange, initiating the practices of credit rating agencies to systematically assess index companies listed on the stock exchanges.

  • 04

    April 2004

    April 2004, Dagong released a credit rating on the beneficiary right of non-performing loans of Ningbo Branch of ICBC, the first asset securitization project of China.

    2003

  • 12

    December 2003

    December 2003, the Ministry of Personnel approved the Dagong Post-doctoral Research Center, the fist one in the credit rating industry nationwide.

  • 10

    October 2003

    October 2003, the National Development and Reform Commission determined Dagong as the trial credit rating agency to conduct credit ratings on SMEs.

  • 08

    August 2003

    August 2003, the Ministry of Finance of the PRC recommended Dagong to be involved in the Asian Bond Market.

  • 05

    May 2003

    May 2003, Dagong was among the fist group of credit rating agencies approved by the China Insurance Regulatory Commission (Document No. 74 CIRC.

  • 02

    February 2003

    February 2003, Dagong announced the credit rating result for the convertible bonds, worth of RMB 4 billion, issued by China Minsheng Bank, which is the first time for a listed bank to issue convertible bonds in China.

    2002

  • 11

    November 2002

    November 2002, Dagong independently developed the China Corporate Credit System Manual which illustrates its ideas, theories, methods, technical standards and applications. It is the first choice of credit system establishment for governments, and widely recognized by enterprises and academic institutions.

  • 08

    August 2002

    August 2002, Dagong developed the China Corporate Credit System Implementation Solution to promote the credit mark system with the government’s requirements.

    2001

  • 11

    November 2001

    November 2001, Dagong was appointed by the Agricultural Bank of China as the sole redit rating agency to conduct credit ratings on its borrowers with over 35 billion RMB n annual line of credit.

    2000

  • 01

    January 2000

    January 2000, Dagong issued The Guiding Principles of Credit Rating, which is the fist methodology with independent IP rights to meet international standards, while being suitable for the conditions in China. It provides techniques and skills for evaluating the credit risks amongst China’s capital market.

    1999

  • 07

    July 1999

    On July 30th, 1999, Dagong signed a three-year technical cooperation agreement with Moody’s Investors Services. This collaboration enabled Dagong to systematically learn advanced techniques and develop a rating criteria suited for China. It also lays a solid foundation for evaluating domestic credit risks.

    1998

  • 07

    July 1998

    July 1998, Securities Knowledge, entitled and instructed by comrade Jiang Zemin, was published, which mentioned “the credit rating system has just started in China, the national rating agencies that are approved by the headquarters of People’s Bank of China includes….Dagong Global Credit Rating Co., Ltd”, which marked Dagong’s status in the market was further recognized.

  • 06

    June 1998

    June 1998, Dagong and the Securities Association of China co-published The Comprehensive Assessment on China’s A-Share Listed Companies.

  • 05

    May 1998

    May 1998, Mr. Guan Jianzhong succeeded Mr. Liu as the President of Dagong.

  • 03

    March 1998

    March 1998, Shandong Yanzhou Coal Mining Co., Ltd included Dagong’s credit rating in its prospectus before it was listed in the USA, which is the first time that a Chinese credit rating agency appeared on the global capital market.

    1997

  • 12

    December 1997

    December 1997, the People’s Bank of China issued document No. 547 PBC [1997] and granted Dagong with a certifiate for conducting credit ratings on corporate bonds.

  • 02

    February 1997

    February 1997, Dagong opened a branch at Rm 5275, Tower One, World Trade Center, New York, USA, and embarked on the path of international expansion.

    1996

  • 01

    January 1996

    January 1996, Dagong released a credit rating on the corporate bond issued by Beijing Pharmaceutical Co., Ltd., the fist corporate bond rating accomplished by the company.

    1995

  • 05

    January 1995

    January 1995, issued a credit rating of AA- for the Qingdao Soda Industry Corporation, based on a comprehensive analysis and evaluation of the company’s capability, management, credibility, operations, fiance, profiability and perspectives.

    1994

  • 05

    May 1994

    May 1994, Dagong Global Credit Rating Co., Ltd was founded.

  • 02

    February 1994

    February 1994, the People’s Bank of China (PBC) issued the Approval to Establish Dagong Global Credit Rating Co., Ltd.

    1993

  • 07

    July 1993

    July 1993, the State Economic and Trade Commission issued the Approval to Establish Dagong Global Credit Rating Co., Ltd.