China proposed the establishment of a new international rating system

Almaty. June 26th. Silkroadnews - It is necessary to establish a fair and rational international rating system, says the president of the Chinese rating agency Dagong Guan Jianzhong.
"The Western idea of ​​drawing up the credit ratings are the basis of a global crisis of confidence in 2008. Indoctrination - a key issue of Western credit ratings. The leading role played by some Western ideas lead to errors in the rating systems, which today has lost its value as a measure of economic well-being. It is therefore necessary to establish a fair and rational international rating system of a new type, which can represent the common interests of mankind",- quoted Xinhua News Agency Jianzhong on Thursday.
"Because of the mistaken ideas on the establishment of credit rating action, the international rating system may is not responsible for assigning the rating on a global scale. It is therefore necessary to establish a fair and rational new type of rating system",- he stressed.
President of the Chinese rating agency explained that "three" rating agencies Moodys, Standard & Poor's and Fitch, mainly considering the democratic system and a market economy as the standard assignment of the sovereign credit rating. These political and economic structures are considered the highest possible, and therefore the whole rating system is obtained largely ideological. This kind of rating methods are wrong and ratings assignment is highly subjective and devoid of value.
Noting that the current "three" rating agencies occupies a dominant position in the current world ranking system Jianzhong said that the situation is developed historically and due to several reasons.
"This system has now been largely institutionalized, we can not just go and eliminate it. In this situation, the world is not ready to work without a valid rating system. Without it, the commission of financial transactions around the world will be suspended. That is why the whole world now actively uses the ratings assigned to them - emphasizes Jianzhong.
According to him, the ruling status of the "three" of US rating agencies in the world system will continue for a long period of time and the process of changing the existing state of affairs will take a long time.
"The only way to solve the current problem is to create a new international rating system, which will represent the common interests of mankind, and will co-exist in parallel. We can not eliminate the effect of high international ranking system institutionalization, but also one can not hope that it would be fair by domestic reforms. We need to create a new system. It should take responsibility for rating all over the world and balance the existing one",- he stressed.