China backs new global credit rating system

Chinese Vice-Premier Zhang Gaoli (R) shakes hands with former French Prime Minister Dominique de Villepin while meeting with members of the newly founded International Advisory Council for the Universal Credit Rating Group (UCRG), who are in Beijing to attend an Asian credit system forum, China, June 23, 2014. [Photo/Xinhua]

BEIJING - China supports the development of a new international credit rating system that is objective, rational and balanced, Chinese Vice-Premier Zhang Gaoli said here on Monday.

During a meeting with international personages attending an Asian credit system forum in Beijing, Zhang said China is ready to work with all other countries to push for the perfecting of the existing credit rating system and the establishment of an Asian credit rating system and standards that suit regional characteristics.

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Present at the meeting were former French Prime Minister Dominique de Villepin, former Pakistani Prime Minister Shaukat Aziz, former Australian Prime Minister Kevin Rudd and former Russian Foreign Minister Igor Ivanov. The international guests are members of the newly founded International Advisory Council for the Universal Credit Rating Group (UCRG), a Hong Kong-based rating organization co-sponsored by China, Russia and the United States.

Zhang said during the meeting 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.

He said China is ready to make positive contributions to reform of regional and international credit systems on the basis of building its own domestic credit system.

The international guests are in Beijing to attend the Summit Forum on UCRG and Construction of Asian Credit System held on Monday.

De Villepin said the establishment of UCRG will help change the state of the international credit rating system and promote its improvement. He said the UCRG is ready to play an active role in economic development of China and the whole Asian region.

The UCRG was officially founded in Hong Kong in June 2013. It is aimed at constructing 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.