|
Guan Jianzhong, the Chairman of Universal Credit Rating Group, takes exclusive interview with Xinhuanet at the World Credit Rating Forum in Beijing. (Xinhuanet/Guo Xiaotian)
BEIJING, July 3 (Xinhuanet) - The international community’s general consensus of constructing a new credit rating system is in urgent need, said Guan Jianzhong, Chairman of the Universal Credit Rating Group (UCRG), in an exclusive interview with Xinhuanet lately.
Guan said the denouncing voice of the faulty western credit rating system has not turned into consensus, and even less concrete action.
He pointed out that there are major problems existing in the current western credit rating.
The system has lost its impartiality and become a commodity for profit since it defends the interests of the largest debtor countries. This kind of practice is not assuming the rating responsibility and is also the leading cause in the faulty rating system.
Thus, the current system has been proved not completely capable of handling complex global credit rating issues, according to Guan, the international credit rating system needs to reform.
Talking about Asian countries, Guan continued that Asia enjoys the most rapid economic growth in the world; however, without much say in the credit rating. As a result, he maintained that its surplus value still flows to the developed economies like the Unite States and the European countries.
The problem has been noticed but has not yet been solved because of the lack of a credit rating system which is commonly recognized by all the countries, he said.
Therefore, Guan emphasized that it is an urgent need for the international community to achieve a consensus on reconstruction of the world credit rating pattern.
