BEIJING, June 23 -- Senior economists and former politicians attending a forum here on Monday called for checks and balances in the international credit rating system, proposing the establishment of a regional credit system in Asia.

Zheng Xinli, vice chairman of the China Center for International Economic Exchange, noted that the world's current credit rating system is highly monopolistic, with the top three raters all from the United States.

Zheng said that the financial crisis had taught a lesson that it is imperative to break such a monopoly and build a multiple credit system, citing American financial firm Lehman Brothers, which was given an A+ positive rating up until its collapse during the 2008 financial crisis.

Kevin Rudd, former Prime Minister of Australia, said the world economic center of gravity is moving from the West to the East, and the credit rating system should be changing accordingly.

According to Zheng, investment and trade among Asian countries is growing fast, making it insufficient to rely only on American rating agencies. Companies in Asia are in need of an efficient and reliable rating system that will compete with the Western raters, he said.

Zheng also pointed out that China's current reform will ease access to the financial sector to invite more competition, resulting in greater demand for an objective and efficient credit system and guards against risks.

Guan Jianzhong, board chairman of Dagong Global Credit Rating Co., Ltd., a Chinese rating agency, suggested having a non-sovereign rating system side by side with the current system featuring sovereign states, to form an inclusive, complementary and balanced global rating framework.

In recent years, the international community has been actively seeking solutions to problems in the global credit rating system. Proposals include strengthening supervision, changing the charging model, or reciprocal recognition of ratings between countries.