Date
18 December 2017
Chinese Vice Premier Zhang Gaoli has outlined Beijing's backing for a new global credit rating system.
Chinese Vice Premier Zhang Gaoli has outlined Beijing's backing for a new global credit rating system.

China to support new global credit rating system

China will support the development of a new international credit rating system that is objective, just, rational and balanced, Vice Premier Zhang Gaoli said.

At a meeting Monday with international officials attending an Asian credit system forum in Beijing, Zhang said China is ready to work with other countries to push for the perfecting the existing credit rating system and establishing an Asian credit rating system and standards that suit the region, according to state news agency Xinhua.

Zhang also said that China is accelerating the development of its social credit system, pushing forward sharing of government information and promoting credit in the administrative, business and social sectors.

The country is ready to make positive contributions to reform of regional and international credit systems on the basis of building its own domestic credit system, he said.

He was talking to members of the International Advisory Council for the Universal Credit Rating Group (UCRG), a Hong Kong-based rating organization co-sponsored by China, Russia and the US.

The UCRG, officially founded in Hong Kong in June 2013, aims to build a “dual rating” system in parallel with the current one dominated by the Western “Big Three,” namely Standard and Poor’s, Moody’s and Fitch Ratings.

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RC

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