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English Abstract· 英 文 摘 要
IV. The Blueprint for the Construction of New International Credit Rating System
(I) Now is the best time to reform the existing international rating system.
First, the evolvement of the crisis and failure of the bail-out action further raise awareness of reform of the
international community. The reform ideas are brought together and become the mainstream thoughts and actions.
Second, the theoretical and roadmap preparation of the international rating system reform has been completed. The
international leaders of thought have figured out the essential law from the human practice in developing credit
economy, established the historic position of rating system in the development stage of credit economic society,
found out inherent connection between rating system and modern economic activities, offering scientific guidance
in determining correct direction of the reform. Third, Rating agencies from creditor countries have commenced on
working with institutions of various countries to build a new international rating agency, which indicates the major
force of the reform is stepping onto the arena of history.
The new international credit rating system mode should be made up of three major parts - international credit
rating regulatory organization, international credit rating agency and international credit rating criteria:
1. International credit rating regulatory organization
The non-sovereign agency consists of the rating regulatory bodies of various countries and its responsibilities
include: planning development of the international rating system, formulating the international rating regulatory
rules, guiding various countries to build their own rating systems, regulating rating agencies' behaviors and
promoting credit rating criteria to upgrade.
2. International credit rating agency
The non-sovereign organization is a professional credit information service institution consisting of private
institutions from various countries. Its responsibilities include: developing a unified international rating standard,
getting involved in the rating business in each country, forming the dual-rating mechanism for all debtors for
exercising check and balance and preventing rating risks.
3. International credit rating criteria
The international credit rating regulatory organization can formulate rating criteria development plan and
encourage rating agencies to carry out and keep improving the criteria. The international credit rating agency
should focus on development and enhancement of the criteria and ensure its objectivity through mechanisms.
(II) Four cardinal principles for constructing the international credit rating system.
Experiences and lessons should be drawn from the global credit crisis while reforming the international credit
rating system; the development laws of credit economy and credit rating should be complied with; four cardinal
principles should be upheld while taking the overall interests of the human society into consideration:
1. Global Principle
Ensuring from designing of the regime and mechanism, unified criteria are applied in conducting a rating for every
economy across the globe and following up its risks, to make each rating comparable.
2. Independent Principle
The following points should be incorporated into the three components of the international credit rating system:
non-national, non- political, zero interest-related, non-competitive and impartial.
3. Consistent Principle
Use the consistent rating criteria to measure the credit risks of different economic entities to ensure the objectivity
of ratings.
Dagong Credit
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