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Universal Credit Rating Group to establish Asian rating system

UCRG announces to establish a brand new Asian credit rating system at the Summit of Construction of Asian Credit System on June 23, 2014. Photo: Ding Yi/

Universal Credit Rating Group (UCRG) on Monday released an action manifesto in a move to establish a brand new Asian credit rating system to challenge the "big three" rating firms.

According to the action manifesto, UCRG will establish an Asian credit rating system, which will coexist with the current Western credit rating system dominated by Standard & Poor's, Moody's and Fitch, in an effort to avoid the recurrence of the global credit crisis in 2008.

By 2020, UCRG will have an academic team consisting of 2,000 international credit experts, who will help establish a new framework of credit knowledge system, and will promote more than 30 countries to accept the dual-credit rating model that will contribute to the reasonable allocation and use of international credit resources, said the action manifesto.

"Our major goal is to achieve sufficient cross-border capital flows in Asia by creating an Asian credit rating system and building a credit information service platform, which will contribute to the economic integrity in the region," said Guan Jianzhong, chairman of UCRG, a joint venture jointly established in 2013 by Beijing-based Dagong Global Credit Rating, Russia's RusRating and US-based agency Egan-Jones Ratings.

Mr. Guan said that the global credit crisis has made the international community aware that the Western-dominated global rating system cannot work well currently and that a new credit rating system should be set up.

"We all need an Asian credit rating system. It must be a fair credit system, based on principles and not on domination. Premier Li Keqiang has strongly advocated for this new Asian credit system, making it one of the top priorities for Asian and global economy in the coming years," said Dominique de Villepin, chairman of the International Advisory Council of UCRG and former prime minister of France.

Members of the International Advisory Council include Kevin Rudd, former prime minister of Australia, Shaukat Aziz, former prime minister of Pakistan, and Igor Ivanov, former foreign minister of Russia.

Made up of world-famous statesmen and economists, the International Advisory Council of UCRG is an international non-profit think tank committed to realizing the development strategy of the credit rating agency.

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