International Advisory Council of Universal Credit Rating Group Action Manifesto 2015-2020
Universal Credit Rating Group (UCRG) is a new type of multi-lateral international credit rating agency aiming at being sponsored by representative agencies from every jurisdiction. Its mission is to promote the establishment of a new type international credit rating system featuring openness and inclusiveness, hat can assume responsibility to assign impartial and independent ratings for entities across the world and that can provide credit rating information with consistency, comparability and mobility essential for global circulation of capital. It is the objective of UCRG to construct an international credit rating regime that allows for co-existence and balanced development of the old and new rating systems.
The International Advisory Council (IAC) of UCRG is a consultative body consisting of well-renowned international personalities from the political and economic fields that are committed to the necessity of a deeply renewed international financial architecture; it aims at reflecting closely on the impact of credit ratings on the sound advancement of humanity, promoting the establishment of a new international credit rating system that is in line with the rules governing the development of a credit-based economic society, and that safeguards the sustained development of the world economy in the context of globalization of credit relationships. l The IAC very much endorses the ideas on development, mission and objectives proposed by UCRG, and would like to make great efforts for fulfilling the objectives with people across the world.
In this time of great challenges for the world economy, deeply shaken by the crisis of 2007-2008, Asia is becoming year after year a more crucial part of the international financial architecture, due to fast growth, regional economic integration projects and efforts towards the financial internationalization of the Chinese economy. This makes it possible and to be wished for that Asia leads the way towards financial reform by establishing an Asian Credit System that would become a reference model for the world. In order to stimulate the regional growth potential and to set free the energies of the different Asian markets, experts underline how crucial it is to create the right financial environment in particular for infrastructure investments. Premier Li Keqiang has stressed in October 2013 the need to establish an Asian Credit System, in which the reform of credit rating should be an important element. The IAC of UCRG endeavors to outline and promote the establishment of such an Asian Credit System. To this end, the IAC will in the coming years continue gather high-level analysis and propositions and expose them to the public.
To change the mindsets and promote government responsibility are two critical issues that must be addressed with great efforts in the process of establishing a new international rating regime. The IAC will make its endeavor on these two dimensions. For this, we have developed our action plan 2015-2020.
The general objective of the action plan is: Promote the development of “Credit Scholar” initiative to engage more people of vision to study credit-based economy and rules of credit ratings, to innovate knowledge of credit, and to change people’s way of thinking about credit ratings; disseminate new ideas about credit ratings through various means so as to attract more people who understand, support and get involved with UCRG; communicate with and persuade governments to understand the necessity and urgency in, as well as government responsibility for constructing a new international order in credit ratings, and to make the rating regime of introducing UCRG from the perspective of creating an international credit environment favorable for the economic development of their host countries.
The action plan is divided into three phases:
In 2015-2016, promote the startup of the “Credit Scholar Initiative”, and produce 500 international credit scholars, who will turn out a considerable amount of research results; organize a session of world forum on credit rating in each of the five continents to facilitate the world to understand UCRG; strive to build up the dual rating system in 3 to 5 jurisdictions to give exemplary effect.
In 2017-2018, promote to build up a team of over 1000 international credit scholars, publish over 1000 academic papers related with credit annually, and explore the institutional model for developing a credit scholar regime; institutionalize the world forum on credit rating, enabling the forum to become the most influential platform in the world to disseminate ideas about credit rating; strive to build up the dual rating system in over 10 jurisdictions, and to bring the institutional advantage of this regime to full play through continuous improvement.
In 2019-2020, promote the full establishment of the credit scholar regime, expand the team of international credit scholars to over 2000 people, and set up the framework of credit knowledge system; new ideas about credit rating are effectively pervasive so that people’s values on credit rating start to change dramatically; strive to have the regime of dual rating system implemented in over 30 jurisdictions and build a legal framework conducive to the introduction of the regime.
All the IAC members of UCRG clearly understand the importance of undertake the historic responsibility, feel the honor of being part of this great mission for human advancement, and are proud of the choice that is in line with the call of history. We will make every endeavor for the creation of a new international rating regime that will safeguard the sound advancement of humanity.
We look forward to have full and firm support for our action from the international community.
Beijing, June 23,N 2014