A Humble Opinion on the Development of the Credit Rating Industry in China
In 2007,the U.S.subprime mortgage crisis triggered the financial regulators' strengthening regulation of the rating agencies and the rating business throughout the world.At present,On the one hand,there are such problems for China's credit rating industry as an incomplete legislation,uncertain regulation,outstanding phenomenon of cut-throat competition,insufficient professional operation and lack of authorization for rating;On the other hand,there are such development opportunities as rapid development of the capital market,demand for the SME guarantee system construction,implementation of dual rating system,asset restructuring within the industry,government support,etc.Therefore,it's necessary to learn from the advanced experience of developed countries,combine with the actual situations in China,and take actions to promote the development of credit rating industry in China by commencing from legislation,government regulation,industry self-regulation,rating agencies,international cooperation and so on.