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Chairman’s Message


Credit globalization has integrated the global economy into a whole, meanwhile debt globalization is dragging the latter into a trap whereby the amount of existing debts can never be repaid. As a result, the global economy is struggling onwards, overshadowed by the risk of an outbreak of a second credit crisis at any time. All those have presented a pragmatic question before the entirety of human society: How can we appropriately utilize credit resources and prevent a global credit crisis from undermining the sound development of human society? Looking historically, the first-ever global credit crisis was triggered by the Western developed nations’ over-indebtness exceeding their repayment capabilities. The root of the problem lies in that they obtained the highest possible credit rating levels merely through their dominant position in the international rating market. By doing so, they concealed their repayment risks and made the entirety of human society bear the credit catastrophe caused by flawed ratings. Following the crisis, however, Western developed nations, as usual, sought to elevate the amount of global debt. Moreover, flawed ratings assigned by Western credit rating agencies still led the world’s credit resources to flow into economies where debt amount surpassed wealth creation capability. In consideration of such circumstances, what is the prospect of the global economy? Our human society has never stopped reflecting upon such serious matters ever since the 2008 credit crisis. The current state of affairs is warning us that we must abandon traditional thinking and adopt a renewed perspective to think over the problem of global economic governance.


In the aftermath of global financial and credit crisis, remediation and governance of the global economy has placed onto the agenda of the world. However, the key questions, such as what to remediate, how to accomplish the remediation, what to govern and how to perform the governance, have not been clearly addressed. As result of that, we have not seen visible effects from the remediation and governance of the global economy. The unprecedented, 8-year long process of relying on massive debt issuance to build up demand for consumption and stimulate world economic growth has not met people’s good expectations. On the contrary, it has placed the global economy upon a foundation of debt which is so massive in scale, that its repayment is completely impossible. This debt based economic policy and practice has increased the probability of another financial crisis. The fundamental cause of this outcome is that the remediation and governance of the global economy has deviated from the inherent laws of the credit based economy, and has not incorporated an equitable credit rating system into the global economic governance and remediation system.


World Credit Rating Forum with the theme of “Credit Ratings and the Global Economy” was held in Beijing on July 18, 2016. This forum will discuss the following four major topics:

Theme Topic: Credit Rating and the Global Economy

1. The Impact of Credit Ratings on the Global Economy;

2. New Model for Linking Ratings with Capital Flows along Belt and Road Economies ;

3. Forecasting of the Second Global Credit Crisis;

4. The Importance to the World of Building China’s Credit System.

The global credit crisis has made the international community awaken to the fact that credit rating has a stake in the sound development of human society, the western-dominated global rating system is no longer capable of undertaking the responsibility of assigning credit ratings to entities across the world and thus a new international rating system representing the common interest of humanity must be launched. Such awareness, reflecting the mainstream mindset of the modern era, has actuated the reform of the global rating system. It is against this backdrop, UCRG was founded.


Universal Credit Rating Group (UCRG) is a new type of multi-lateral international credit rating agency, launched by domestic CRAs from China, USA and Russia, aiming at being invested by representative agencies from every jurisdiction and embodying the common interest of humanity. Its purpose is to promote the establishment of a new type international credit rating system providing an alternative rating for pervasive credit relationships while the current international rating system with sovereign-owned characteristics is running, so that a new rating architecture featuring co-existence, openness, inclusiveness, complementarity, counter-balancing will be created.  This is the optimum option for mankind to reform the global credit rating system.


The global financial crisis that broke out in 2008 has yet to come to an end. At the same time, the credit globalization hasn’t slowed down and the fact remains that mankind heavily rely on the flawed credit ratings assigned by western CRAs amid economic and social activities. In this connection, it is very likely that another credit crisis will take a grave toll on the world economy at any time. We need to perceive potential perils on the development of humanity as we move forward to acknowledge how urgent it is to reshape the international rating system and how valuable the endeavor of UCRG is to the safe development of mankind. As the makers of regulations and regimes, governments have the responsibility of preventing flawed and inadequate ratings, through a dual rating regime, from triggering crisis. In this sense, we call on all governments across the world to proactively support UCRG’s pursuit of values and gain an equal say in credit rating by encouraging local organizations and institutions to integrate themselves into the restructuring of the global credit rating governance mechanism as the governments endeavor to ensure a safe development within and beyond their borders.