Dagong International Lu Baile: Promote the healthy development of the rating industry, and actively build the international discourse rights of local rating agencies

At present, the transformation of the world's century has accelerated, and the characteristics of the world, the changes of the times, and the changes of history are more obvious. Faced with the complex and severe international environment and the arduous and heavy tasks of domestic reform and development, we need to maintain strategic determination, actively cope with risks and challenges, comprehensively implement the requirements of the epidemic, the economy must be stabilized, the development must be safe, and strive to promote the promotion High -quality development. As a state -owned holding rating agency, we must also learn to implement the spirit of the Sixth Plenary Session of the 19th Central Committee of the Party, continue to strengthen the party's leadership, based on the new stage of development, fully and accurately implement the new development concept, actively serve, and integrate into the new development pattern, strengthen ideals Belief, courage to self -revolution, continuously improve my country's right to speak and influence in the international credit rating market, and truly shoulders the mission and responsibility of local rating agencies.

Firm ideals and beliefs, the development position of the fascinating industry

Financial reform and development should meet the increasing financial needs of the people, and the financial work needs to return to the origin and obey the economic and social development. The political nature of financial work is always closely linked to the people's nature, and the rating agency, as the "watchman" of the financial bond market, should also grasp the changes in the "historical position", keep in mind the original intention of the party and the country, and actively respond to the century -old change bureau and The new situation of the Century Epidemium and the deepening of the international pattern have evolved, and the scientific, timely, and accurate risk rating and early warning systems are used to effectively prevent and resolve financial risks. Under the leadership of the party, we will maintain the healthy and stable development of the capital market. Evaluate national strategy, economic and data security.

The tenth meeting of the Central Finance and Economics Committee held in August 2021 emphasized that "deepen the construction of the credit system and give play to the basic role of credit in financial risk identification, monitoring, management, and disposal. The "Opinions on Promoting the Construction of High -quality Development of Social Credit Systems in Promoting the Construction of High -quality Development of Social Credit System" issued by the General Office of the State Council states that "strengthening market credit constraints. Give full play to the role of credit in financial risk identification, monitoring, management, disposal and other links, and establish a establishment Improve the risk prevention and resolution mechanism of 'early discovery, early warning, early disposal'. "It can be seen that the government's determination to accelerate the construction of a high -quality social credit system with Chinese characteristics and It has important guiding significance.

At present, the complexity, severeness, and uncertainty of my country's economic development environment have risen. As a national financial infrastructure, the rating industry is the main positioning of national financial security. As the value coordinates and actions of the rating industry. The publicity of credit rating services is even more prominent, rating needs and service targets have been transformed from issuer to investors. The competition in the rating industry will become more market -oriented. The competitive pattern will be further reshaped. The competitive environment will be further fair and orderly. The shift from extensive development to high -quality development has become the expectation of all parties.

Strive to promote the high -quality development of the rating industry

Standing at a new starting point for the second century -old struggle goal, the Party Central Committee has comprehensively strengthened the construction of financial infrastructure, prevents and resolves financial risks, and maintains national economic security. The rating industry has ushered in new opportunities and challenges. Looking back at the 35 -year development history of my country's rating market, it has gone through the stage of starting, exploration, growth, and rapid development. With the rapid expansion of the bond market size, rigid redemption has gradually broken, and the risk of default continued to release. In recent years, the problem of "scattered, small, weak, and poor" in the rating industry has gradually been revealed. The main manifestation is that the industry regulations are relatively decentralized, the rules are not uniform, the industry scale is small, the business structure is single, the development of the industry is shorter than the foreign abroad, the survival foundation is based on foreign countries, and the basis of survival is based on foreign countries. It is still weak, international recognition, historical issues, have caused excessive responsibility for breach of contract, and the credibility of rating needs to be enhanced. Faced with the potential problems and challenges of the brutal development period of the above industry, the rating industry is actively breaking the ice and steadily moving towards high -quality development.

2019 can be said to be the watershed of the Chinese credit rating industry. The official release of the "Interim Measures for the Management of Credit Rating Industry" marks the ultimate establishment of my country's credit rating industry, and also marks the unification of my country's rating supervision. The Party Central Committee and the State Council attach great importance to the construction of credit systems. It has fully incorporated it into the track of the rule of law with strict supervision and strong systems, and has promoted the reform period of the rating industry into a transformation period of healthy development. With the launch of the series notifications and measures, fundamental changes have occurred in terms of supervision methods, development momentum, and development paths. The rating industry has entered the era of unified supervision of "industry authority+business management department+industry self -discipline organization". Give full play to the systemic, overall, and synergistic role of supervision, unified application of BCA rating models with a more reasonable distinction, and gradually forming a rating method and technical standard system that is in line with the international conditions and conforming to China.

In May 2020, the Central Committee of the Communist Party of China and the State Council jointly issued the "Opinions on Accelerating the Improvement of the Socialist Market Economy System in the New Era", which proposed to build a social credit system and a new type of regulatory mechanism that meets the requirements of high -quality development. Credit reporting agency and credit rating agency. The domestic credit rating industry must be brave to carry out "self -revolution", transform the traditional rating development model, actively serve investors, and actively adapt to the "market -driven" development model steering, drive business transformation, and realize the shift from a single business structure to rating digitalization and brand. The development of transformation, diversification and internationalization. The rating agencies should further develop the core competitiveness, combine differentiated competition with the diversified business structure, and accelerate the pace of digital construction, so as to withstand the test results of the inspection to establish the credibility of local rating brands, and better serve the adaptation of high -quality development Required high -level financial open pattern. The rating industry should form a combined force of quality improvement and excellent, and firmly make bigger and stronger determination to strengthen the rating industry. The rating agencies need to take the initiative to take the initiative and make long -term preparations for self -revolution, firmly establish the overall outlook, and continuously strengthen their own public attributes. They should not be fully competitive for the purpose of profit, preventing the market from being inherited due to excessive profitability of the rating industry. Prefaces must prevent excessive malignant competition from losing the foundation and development potential of the industry. The rating agencies should unswervingly follow the road of financial development with Chinese characteristics, build a rating technical system that can compete with the top international rating institutions as soon as possible, adhere to the cultivation of professional and experienced rating talents, and enhance the reliability and timeliness of rating results. , Help the evaluated subjects obtain trading opportunities, revitalize the stock capital in the current market, adhere to the innovative green development concept, will promote the formation of green development methods and lifestyle as a profound revolution in the concept of development, and effectively serve the rejuvenation and supply side of the real economy Reform promotes a virtuous cycle of the national economy.

The rating industry should strengthen the construction of its own rule of law, and play a positive role in revealing credit risks, assisting market pricing, improving market efficiency, and improving the financing environment. Here is a clear rating industry to reveal, not promoting, prediction rather than verification. Market participation subjects should fully recognize the boundaries of rating, treat the role of rational rationality, and use it as a reference and reference for risk judgment, rather than whether bonds breach contracts. The absolute basis for clarifying the responsibilities and obligations of rating agencies in the judicial judgment, responsibilities and obligations that should be assumed among different institutions, the responsibilities and obligations of participating entities such as issuers and other markets, to avoid the jurisdiction of judicial resources being crowded, degraded and abused. Of course, promoting the high -quality development of the rating industry is an inevitable demand for maintaining national financial security, maintaining the stability of the domestic capital market, reducing the cost of fundraising of enterprises, and protecting the interests of investors. This requires the joint efforts of regulatory authorities and rating agencies.

Based on the new development stage to enhance international discourse rights

At present, in the face of the complex international situation such as geopolitical turmoil, unilateralism and protectionism, and against globalization, international discourse has become an important focus of the game and competition of great powers. The status of the country is an important force to build China's international discourse and influence. Since the policy banks of the five -country Golden Brick and Five Kingdoms in 2017 have signed a multilateral cooperation document of the BRICS Bank, sharing the credit rating conclusions, and this year at the 14th meeting of the BRICS leaders this year, it has called on countries to improve the level of financial cooperation. Broaden credit rating cooperation, with the gradual construction of the new development pattern of "dual cycles", the role of credit rating in serving the transnational economy of the real economy and reasonable pricing is also increasingly prominent. In the context of the first phase of China and the United States' economic and trade agreement in China and the United States in 2020, the Chinese rating market is open to the outside world, and international rating agencies have deployed the Chinese market, and domestic rating agencies and the three major international competition are officially competed on the same stage. This requires China's rating agencies to accelerate the pace of internationalization, take the initiative to practice the overall national security concept, focus on the industry positioning of financial security services, realize the "two -wheel drive" of security and development, help China's financing entities smoothly financing, help Chinese enterprises The successful "going global" play a good role in building a more reasonable and open international economic order.

In June of this year, the "Comprehensive Promotion of the Beijing Credit System High -quality Development and Promotion Action Plan for the formation of a new development pattern action plan" issued by the Ministry of Business Management of the People's Bank of China emphasized that it is necessary to further exert the function of the risk of credit rating, encourage local government platforms and financial institutions and financial institutions And the debt -issuing enterprise uses the rating service of local rating agencies during overseas financing; in the session of the Chinese US dollar debt filing, it encourages issuers to choose at least one local rating agency to gradually increase the right to speak in the international capital market. Vigorously cultivating credit rating agencies that have the background of the state -owned assets can effectively protect important information such as development strategies, financial data, core technology, core data and core secrets involved in the corporate rating process to prevent corporate business secrets and national secret leakage. In economic globalization to defend China's interests, break the monopoly of the international rating market, prevent the Chinese economy be maliciously short due to discrimination rating, maintain the security and stability of the financial market, and reduce financing costs while protecting the security of national information and data. "Going out" for large -scale overseas investment, and make full use of foreign financial capital to develop my country's economy.

Based on the new stage of development, implement the new development concept, face the new development pattern, and actively cultivate credit rating agencies with global discourse rights.Further cultivate local credit rating institutions into pioneers who serve the national strategy, the contributor to maintain economic stability, the force of maintaining data security, and the leader of the implementation of regulatory requirements.The external development environment and conditions convey the Chinese spirit, Chinese wisdom, and Chinese solutions to the world.(Author Lu Bole Department Dagong International Credit International Credit International Credit Party Committee Secretary and Chairman of the Party Committee)

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