Industry Info·行业资讯 - Amazon Web Services

English Abstract· 英 文 摘 要
The unprecedented global credit crisis fully exposed the selfishness, utility and decadence of the 100-year
credit rating system, its so-called “authority” and “fairness” are widely castigated and thorough challenged; the
international community is contemplating, awakening, and strenuously exploring the theory and approach to
resolve the crisis. Meanwhile, the fact that the world economy has to continue to rely on the old rating system once
again reveals the immanent link between the world economy and the credit rating system; the reality manifests to
us that impartial credit rating is needed more desperately that ever before for human credit economic activities.
One option is to rehabilitate the current rating system to make it fair; the other option is to establish a brand
new international credit rating system. Studies indicate that it is simply impractical to think that the current
international credit rating system can be transformed into a positive force to perform the international public
responsibilities by attempting to amend it; the key rationale is as follows:
1.It is difficult for the external influence to be effective. The current international credit rating system is first of all
an important component of the U. S. economic regime, so its rise and decline concerns the core interests of the U.S.;
the international community can by no means influence a sovereign system of the state.
2.There lacks internal motivation as the U. S. government would never take initiative in reforming the current rating system.
3.It is impossible to surmount the cognitive obstacles. Even if the three credit rating agencies do wish to reshape
their market reputation, yet their perceptional approach is too deeply-rooted to change due to their position; no
valuable reform results can be expected.
The global credit crisis is a historical turning point in the great practice of mankind-developed credit economy;
it is also the starting point for human beings to perceive the development laws of the credit economic society.
The law governing the credit rating and the secure development of human society gives out a historical call that
the international community should take actions together to create a new international credit rating system that
manifests the essential requirements of the credit economy and credit rating development.
III. Only by Constructing a New International Credit Rating System Can the World
Get Rid of the Credit Crisis
The world economy based on credit relationship has its special laws governing the movement of the internal
contradictions; our capabilities to deal with the crisis are subject to our perceptional level to the laws.
(I) Credit crisis is a process to adjust the credit relationship.
The global credit crisis is a violent damage to the international credit system triggered by the credit defaults arising
from the most fragile section in the global credit chain; it is a process that virtual credit relationships are dissolved
and real credit relationships are established.
Since over half a century ago, the global credit revolution led by Western developed countries has promoted credit
socialization, credit relationship globalization as well as credit system internationalization; this process has built
the new world economic system characterized by credit economy; this system consists of two parts, namely the credit
creation system and value creation system, the essence is the relationship between production and consumption.
Briefly speaking, the former creates market consumption demand via credit relationship socialization, while the
latter is the material wealth production system, and the two systems are mutually conditional. To be more specific,
the credit creation system is comprised of three types of systems, namely, the money, credit and rating systems,
among which the credit system is the core carrier; the money system is the value comparison system for the credit
system; the rating system decides the formation and development of the credit system; the value creation system
consists of three types of systems, namely, the investment, trade and production systems. The international credit
system is a credit chain set up by every creditor and debtor, it is the sum total of global credit relationships; it
configures the credit resources for the value creation system by means of credit and debt, it is the capital flow
Dagong Credit
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