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英文摘要 ·English Abstract 4. International Regulatory Principle Use the consistent international rating regulatory criteria to supervise all of the rating behaviors of rating agencies, international supervision cannot be replaced by national oversight. (III) The general objective and three stages of reforming the international rating system. 1. The general objective of reforming the international rating system is: to build a rating system and mechanism which can impartially reveal credit risks of each credit-debt relationship across the globe to lay a solid foundation for reconstructing the international credit system in order to promote the world economic recovery; to prevent the reoccurrence of global credit crisis through the powerful warning function of the rating system. 2. It will probably take six years in the three stages to realize the objective: In the first stage of two years, the main task is to initially shape a framework of the new international rating system with basic operational conditions. In the second stage of another two years, the main task is to test and improve the new system during the operational process to basically enable it to provide rating information services for the whole world. In the third stage of yet another two years, the major task is to materialize the coordinated development mechanism for the rating system with the credit system on the macro level; to fully build the new international credit system with support from the new international rating system and to realize the economic recovery by using the double systems to push the world’s economy step out of the crisis. (IV) It involves the joint efforts of the international community to reform the international rating system. Reforming the international rating system is the mission and responsibility proposed to the human society by the global credit crisis; it is an epoch-making change to the world economic governance regime. As it concerns the safe development of the human economic society it cannot be successful unless the international community pools their efforts together. 1. Publicity should go first The world's media resources should fully report and communicate the international rating system reform to make the international community understand, support and participate in the reform in breadth and depth. 2. Governments should support Governments should recognize from the crisis that reforming the international rating system is consistent with their economic and social management responsibilities, supporting the reform is promoting social advancement. 3. Creditor countries are a major force driving the reform. The creditor countries are more concerned about the safety of their creditor assets and naturally want to promote the reform should take lead in reforming and participate in the reform with debtor countries. 4. Credit rating agencies are the subject to implement the rating reform Rating agencies of the whole world should join hands to undertake the historic mission to achieve the objective of the reform. The proposition of reforming the international rating system to promote the world economic recovery is a practical question; it is even more a theoretical question. It would be impossible for us to find the correct approach and method to rescue the crisis if we could not scientifically explain the process of movement of the credit crisis from the theoretical perspective and discover its movement law. The realistic significance of exploring the law is to spark people’s meditations on the objective of and approach for recovering the world economy, and its historic significance is to innovate the theory on credit economics, lighting the way forward for the world economy with the torch of credit thought; it calls for human wisdom, consensus and action to fulfill this great mission that complies with the historical needs. 48 Dagong Credit
English Abstract· 英文摘要 Dagong Credit 49
Page 1: Industry Info· 行业资讯 Dag
Page 4 and 5: 目录 Contents 特别报道 Sp
Page 6 and 7: 特别报道 Special Coverage
Page 14 and 15: 特别报道 Special Coverage 3
Page 20 and 21: 国际评级观察 ·Internati
Page 28 and 29: 主权评级 ·Sovereign Credit
Page 30 and 31: 全球债市观察 · Global B
Page 32 and 33: 信用论坛 ·Credit Forum 矛
Page 34 and 35: 大公视线 Dagong Horizon 关
Page 36 and 37: 英文摘要 ·English Abstract

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