Su Ning: Determined to develop China's rating agencies

But in spite of the financial crisis that has revealed many problems for the international rating agencies, there is no big change in the pattern of the current rating market monopolies.　　Because of this, Su Ning, deputy governor of the People's Bank of China, has said that it must make up its mind to develop its own authoritative rating agencies, not only to ensure the healthy development of our financial market, but also to strive to match our economic strength with the right to speak in the international capital market. Su Ning is in the grand public country sovereignty and industry credit rating Method press conference to make the above expression. The same day, the grand public international issued China's first national sovereign credit rating method.　　Su Ning believes that this indicates that China has made great progress in the basic research of rating. Zhu, assistant Minister of Finance at the meeting, said the three international rating agencies had been blamed for the financial crisis, whose ratings were largely impersonal and driven by interest.　　In addition, the excessive monopoly of the rating agencies has some damage to the infrastructure of financial markets. Zhu believes that since the London financial Summit reached an important consensus, the financial markets have positive signals, but in the restoration of market function still need to improve, a key point is the rating agencies to guide the role of capital markets.　　Therefore, reform the existing international rating agencies to improve the voice of rating agencies in developing countries. The financial crisis has proved that a country's rating agencies monopolize the international rating system and are prone to double standards when it comes to national interests, the major public and international sources said.　　Therefore, reflecting the national sovereign credit risk must be based on the study of the particularity of its credit risk formation, and establish the correct rating methods and standards. According to the introduction, the sovereign credit rating of the grand public is based on certain methods and procedures, the central Government in accordance with the contractual provisions in the future repayment of its commercial financial debt will and ability of the assessment, the rating results reflect the debtor as the central government of the relative possibility of default on its debts.