Summit on Construction of Asian Credit System, sponsored by Universal Credit Rating Group (UCRG) and organized by Dagong Global Credit Rating Co., Ltd. was held under the support of the Ministry of Foreign Affairs and China Center for International Economic Exchanges (CCIEE) on 23rdJune, 2014, in Beijing.
The Universal Credit Rating Group (UCRG) announced the founding of its International Advisory Council (IAC) on June 23 in Beijing and released Action Manifesto of UCRG International Advisory Council (2015-2020).
After the global financial credit crisis of 2008, the international community called for commitment to reform the existing international credit rating system and establish a new international credit rating system that represents the common interest of mankind and undertake the responsibility of assigning ratings to entities across the world. It is against this backdrop Universal Credit Rating Group (UCRG) was founded. UCRG is a new type of multi-lateral international credit rating agency aimed at being sponsored by representative agencies from every jurisdiction.
UCRG's purpose is to promote the establishment of a new type of international credit rating system providing an alternative rating for the pervasiveness of credit relationships while the current international rating system with sovereign-owned characteristics is running, so that a new rating architecture featuring co-existence of two rating systems, openness, inclusiveness, inter-complementary and counter-balancing will be created.
Universal Credit Rating Group
The global credit crisis has made the international community awaken to the fact that credit rating has a stake in the sound development of human society, the western-dominated global rating system is no longer capable of undertaking the responsibility of assigning credit ratings to entities across the world and thus a new international rating system representing the common interest of humanity must be launched. Such awareness, reflecting the mainstream mindset of the modern era, has actuated the reform of the global rating system. It is against this backdrop, UCRG was founded.
The global credit crisis has highlighted the importance of credit ratings on human society, and has demonstrated that flaws in the current international credit rating system jeopardize human prosperity and development. The current system will no longer meet the credit rating needs of the world. >
Dual rating system is the business model of UCRG. This unique model will be put into practice by the approach that governments of the jurisdictions where UCRG operates grant UCRG a license to conduct credit rating business in the local rating markets, for UCRG represents the common interests of mankind. >