On 18th July, the World Credit Rating Forum was jointly held by the Universal Credit Rating Group (UCRG) and Dagong Global Credit Rating Group (Dagong) in Beijing. The theme of the forum was “Credit Ratings and the Global Economy”. The guests attending the forum focused on 4 topics for discussion, including “the impact of credit ratings on the global economy”, “new model for linking ratings with capital flows along Belt and Road economies”, “forecast of the second global credit crisis” as well as “the importance to the world of building China’s credit system”.
Mr. Lian Weiliang, deputy-director of the National Development and Reform Commission pointed out in his opening remarks that credit rating is underpinning the establishment of China’s credit system. We need to encourage the self-improvement of credit rating agencies and modify training systems, which requires great efforts in training and introducing talents so as to maintain a sound and stable governance over the agency. Also, by strengthening the research capability in credit rating theories and techniques, we can enhance the core competence to acquire a proper position in the international rating sector, which will contribute to a standardized development of domestic rating industry.
Mr. Guan Jianzhong, chairman of UCRG and Dagong stated that global economic governance failed to reach our expectation, which is directly resulted from its deviance from the developmental laws of credit-based economy and the fact that correct ratings were not introduced to the governance system.
The forum also attracted world-wide attention and participation. Over 400 people attended the event, including Mr. Villepin, former Prime Minister of France and chairman of the International Advisory Council of the UCRG; Dr. Toledo, former President of Peru; Mr. Aziz, former Prime Minister of Pakistan, and politics, economists, representatives of domestic and overseas financial institutions, securities companies and media.