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People's Daily Online>>China Business

China to support domestic rating agencies

By Tu Lufang (Beijing Daily)

15:07, December 26, 2011

Edited and Translated by Han Shasha, People's Daily Online

Zhou Xiaochun, governor of China's central bank said on Sunday that China should cut its reliance on international rating agencies and support the development of home-grown rating agencies.

He said that China should adopt a "double rating model" to assess risks in China's financial markets and financial products, which means that China may ask international and Chinese domestic rating agencies to jointly make the assessment when it is necessary.

Recently, the European Union showed that it will set up new European rating agencies because the three major international rating agencies — Standard & Poor's, Moody's and Fitch Ratings — are not the optimal ones. Some governmental research institutions should play a more crucial role in providing rating services.

To some large financial institutions that have strong information gathering and researching capabilities, they should use instead their own judgments and analysis when investing rather than relying on the rating agencies, said Zhou.

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