Summit on Construction of Asian Credit System Held in Beijing
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.
As an economic powerhouse of the world economy, Asia desperately needs to build a credit rating system necessary for cross-border capital circulation in a bid to inject new vigor and vitality into regional economic growth.At the 16th ASEAN-China (10+1) Summit on October 9th, 2013, Premier Li Keqiang of the State Council of PRC put forward a visionof establishing an Asian Credit System that conforms to the demand of our time. It is to act upon this idea that the Summit was organized.
Mr. Dominique de Villepin, former Prime Minister of France and Chairman of UCRG International Advisory Council (IAC), Mr. Guan Jianzhong, Chairman of UCRG and other distinguished guests delivered key-note speeches. 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 among others attended the panel discussion. Participants shared their insights on various subjects, like “What does Asian Credit System mean to Regional Economies”, “UCRG and Construction of Asian CreditSystem” and “How to Roll Out a Dual Rating System in Asia.”
Forged by credit relationships, Asian Credit System as a regional capital flow system is created to facilitate transnational combination of creditor-and-debtor relationships.The overall objective of creating Asian Credit System is to achieve sufficient cross-border flow of Asian capital in the region by building Asian Credit Rating System and Credit Information Service Platform in a bid to transform Asian Credit System into a brand new dynamo driving economic integration in Asia.
Constructing Asian credit rating system, materializing the integration of credit rating in Asia and catering to the demand of cross-border capital flow for consistent, comparable and flowable rating information are the fundamental prerequisites to attaining the goal of forging Asian Credit System, To this end, after more than a decade of exploration, Asian countries have proposed three solutions: to realize mutual-recognition of ratings among countries; to shape a regional CRA in Asia; and to ride the tide of the globalization of credit and build up a universal multi-lateral CRA based in Asia which provides rating service to facilitate Asian capital going global on the basis of achieving connectivity and interworking. It has been proven by practice that the former two solutions are impractical while the dual-rating model put forward by UCRG suits the very demand of the third solution.
The momentous consensus reached at the forum is as follows: UCRG, a supplier of credit information, has made a historic convergence with Asian Credit System, a demander of such information against the background of the world economic recovery. To follow this historic rule will significantly accelerate the process of construction of Asian Credit System.
Additionally, the forum proclaimed the establishment of the International Advisory Council (IAC) of UCRG. Chaired by Mr. Dominiquede Villepin,Former Prime Minister of France, first members of the IAC includes Mr. Rudd,Former Prime Minister of Australia,Mr. Shaukat Aziz,Former Prime Minister of Pakistan,andMr. Igor Ivanov,N Former Minister of Foreign Affairs of Russia. The IAC also announced itsAction Manifesto 2015-2020.