|
|
NPC & CPPCC Annual Sessions > Biz & Economy > Deputies
|
China urged to revamp rating, credit guarantee systemsBy (Agencies)
Updated: 2009-03-03 11:49 China needs new rules to strengthen its supervision of the country's rating and credit guarantee systems, said a top Chinese banker, describing the current situation as "disorderly and messy".
Investors are losing confidence in rating results as credibility of rating firms is now in doubt, said Ma, a delegate of China's top political advisory body, in a proposal he plans to submit during the body's annual meeting in Beijing this week. "Through uniform standard and supervision, rating and credit guarantee firms that cannot meet regulatory requirement should be forced to exit the business," Ma said in his proposal on Monday. "To those rating and credit guarantee companies whose operations and services breach laws, they should be punished as a warning example to other firms," Ma said. Ratings agencies assess the credit worthiness of companies, assigning ratings which can affect their cost of borrowing and ability to attract equity investment. As of 2007, China had around 100 rating agencies, which often worked closely with banks and credit guarantee firms, according to local media reports. The global credit ratings industry is dominated by Moody's Corp, Standard & Poor's and Fimalac SA's Fitch Ratings. The agencies have been criticized for not doing enough due diligence before assigning top ratings to securities that later deteriorated in value. Credit guarantee firms often provide loan guarantees and advisory services to small and mid-sized enterprises and sometimes individual customers. China has 3,366 credit guarantee companies with registered capital of less than 30 million yuan ($4.39 million) each on average at the end of 2006, Ma said in his proposal. In late 2008, Chinese media widely reported an accounting fraud at China Orienwise Ltd, a once-highflying credit guarantee firm. China Orienwise's foreign investors include Carlyle Group, Citigroup Inc, Asian Development Bank and an investment arm of General Electric Co. Ma cited China Orienwise as "a typical bad example" in the country's credit guarantee firms in his proposal. Ma blamed industry problems similar to China Orienwise's fraud on a lack of industry standards and greed for business benefits, which led some credit guarantee firms to make illegal high-yield private lending and risky investments in speculative sectors such as secondary stock markets and properties. Ma urged the government to set up a new committee to regulate the rating business, which he regards as a key contributor to the global financial crisis, and China also needs new and uniform rules to strengthen control of its credit guarantee services. Currently, at least five government agencies including the central bank, finance ministry, banking, securities and insurance regulators all have power to supervise rating and credit guarantee firms. But a lack of clarity and coordination makes supervision inefficient and limited, said Ma.
|
||||||
       |
主站蜘蛛池模板： 深夜视频国产在线观看| √天堂中文www官网在线| 成全高清在线播放电视剧| 少妇人妻av毛片在线看| 伊人久久精品一区二区三区| 日韩蜜桃AV无码中文字幕不卡高清一区二区 | 国产乱人伦AV在线麻豆A| 无码专区AAAAAA免费视频| 国内精品久久人妻无码不卡| 少妇被黑人到高潮喷出白浆| 激情久久av一区二区三区| 国产精品va无码一区二区| 无码av永久免费专区麻豆| 国产av一区二区午夜福利| ww污污污网站在线看com| 综合激情亚洲丁香社区| 精品无码av无码专区| 久久蜜臀av一区三区| 人妻无码第一区二区三区| 国产精品久久蜜臀av| 成人影院免费观看在线播放视频| 国产剧情视频一区二区麻豆| 国产色无码专区在线观看| 久99久热这里只有精品| 一本色道国产在线观看二区| 国产亚洲精品久久久久婷婷图片| www欧美在线观看| 日韩有码中文字幕国产| 国产亚洲tv在线观看| 亚洲综合精品中文字幕| 无码内射中文字幕岛国片| a毛片在线看片免费看| 久久97人人超人人超碰超国产| 在线观看欧美精品二区| 亚洲精品一区二区制服| 国内精品久久久久久影院中文字幕| 东方四虎在线观看av| 日韩亚洲AV无码一区二区不卡 | 女同另类激情在线三区| 欧美 亚洲 日韩 在线综合| 精品在免费线中文字幕久久|
