Media Coverage

The UCRG International Advisory Council Launched - Endeavoring to Promote the Construction of an International Dual Rating System

Sep 19, 2014 02:42 PM Author Rt.com Font:TTT

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).

Chaired by Mr. Dominique de Villepin, Former Prime Minister of France, the IAC includea group of well-known figures: Mr. Kevin Rudd, Former Prime Minister of Australia, Mr. Shaukat Aziz, Former Prime Minister of Pakistan, and Mr. Igor Ivanov, Former Minister of Foreign Affairs of Russia. More members will join UCRG International Advisory Council.

The fact that a group of internationally famous politicians have joinedthe IAC of Universal Credit Rating Group on the first anniversary of the founding of UCRG indicates high recognition of the valuesin constructing a new international rating order and active engagement inthe reform of international credit rating system advocated by UCRG. This marks the beginning of a process that more internationally famous political and economic leaders will be committed to this great cause of reform.

The IAC of Universal Credit Rating Grouphas released its Action Manifesto 2015-2020. As the Action Manifesto points out, the IAC will address two critical issues with great efforts in the process of establishing a new international rating regime: to change the mindsets and promote government responsibility. According to the Action Manifesto, a team of over 2,N000 international credit scholars will be built up by 2020through promotion in three phrasesto set up the framework of credit knowledge system; new ideas about credit rating will be effectively pervasive so that people’s values on credit rating change dramatically; and the dual rating regime will be implemented in over 30 jurisdictions and a legal framework conducive to the introduction of such regime will be in place.