[Suggestion story of 100 bills] He Jinbi: incorporate credit rating into the regulatory track

Increase credit rating into the regulatory track

——He Jinbi represents suggestions on regulating the development of my country's credit rating industry

△ He Jinbi's representative spoke during the meeting.

Credit rating originated in the United States. S & P, Moody's, and Fitch are the world's three most influential credit rating agencies. Its business covers medium and long -term bond rating, corporate subject rating, national sovereign rating, structured financing and derivative rating. With the help of the US capital and influence, the business is opened to various countries.

Compared with the United States or other domestic financial industries, the scale of my country's credit rating industry is very small. The United States issues 2.28 million credit rating within a year, about 20 times that of my country, and the total operating income of the US credit rating industry is 6 billion US dollars. About 16 times that of our country. The total operating income of all credit rating institutions in my country is equivalent to the level of a small and medium -sized bank. The total number of full -time credit rating personnel is only 5,000.

He Jinbi, a representative of the 13th National People's Congress, is the chairman and chief executive officer of Xi'an Meto Metal International Group Co., Ltd., president and chairman of the board of directors of Micco Investment Holding Group. Industry development.

He found that after 30 years of development, the construction of my country's credit system still faces the differences in internal and external rating standards and rating methods. The rating results between rating agencies lack comparableness and authority. In the case of irregular competition, the migration rate of credit rating is high, and the independence of rating agencies is poor.

If there is a lack of unified regulatory subjects and long -term dispersion management, the standards and entry thresholds of different departments recognize the qualifications are different, so that rating agencies are different and high in terms of corporate background, management level, and business quality.

Multi -head supervision and multi -certification can easily lead to overlapping and supervisory arbitrage of credit rating agencies, which can easily cause disorderly vicious competition and affect the credibility of the credit rating industry.

Lack of credit rating laws, the standard system is not sound, there are more than 60 regulations involving credit rating. However, most of the specifications or requirements used for rating results are used for regulatory documents specifically for credit rating agencies and their rating behaviors. It is required to be rough, poor overall, not operability, and lack of rating standards at the national level.

The strength of the rating agency is weak, and the overall authority is not enough. Because there is no formation of a rating system and evaluation method that can be widely adopted, there are large differences in rating technology, and the lack of effective inspection of the rating results, resulting in the insufficient authority of rating agencies in society, and the core competitiveness is generally low. The rating technology is relatively lagging, the rating business starts late, and the rating talents are relatively lacking. Most of the rating technologies adopted by each rating institution are directly drawn from abroad. It is not enough to combine with my country's national conditions and economic and social development. Excessive rating markets are open to form financial risks.

Representative He Jinbi made further comparative research. In Japan and South Korea, the market share of US rating agencies has not exceeded 20 %; in India, the S & P rating agency CRISIL only owns 9.57 % of the shares. Since 2006, the US rating agencies have purchased my country's credit rating agencies on a large scale, which has indirectly occupied most of my country's rating markets. The current international credit rating system is led by the United States. Only by obtaining the rating of US credit rating agencies to enter the international financial market financing.

With the in -depth development of my country's financial markets, especially the booming of the bond market, the credit rating industry has entered a period of rapid development, and international rating institutions have entered our market by joint venture or cooperation with my country's credit rating agencies.

During the Second Session of the 13th National People's Congress, He Jinbi put forward the "Suggestions on Regulating the Development of my country's Credit Rating Industry". In order to better improve the quality of intermediary services of my country's credit rating agency, promote the healthy and orderly development of my country's financial markets, and ensure that national financial security should be used, it should be targeted at my country's credit rating industry. Existing problems take corresponding measures to improve their supervision as soon as possible. Strengthen social attention from the national level, rationalize and change the original multi -headed supervision situation as soon as possible, improve the efficiency of supervision, and comprehensively promote the credit rating industry to become an independent development industry and change the original marginal position.

It is recommended to introduce legislation specifically for credit rating and supervision as soon as possible, establish a status of credit rating from law, and establish a systematic, multi -level rating supervision legal framework. Laws and regulations, standardize the conditions and procedures of the admission and exit of rating agencies, and industry standards to achieve the objectivity, justice and scientificity of the rating results.

This proposal has received great attention from relevant departments such as the People's Bank of China, the Development and Reform Commission, and the CSRC, and agreed that He Jinbi represents the "Suggestions on Regulating the Development of the Credit Rating Industry in my country" based on the special investigation. , Analyzed the main problems in my country's credit rating industry, and proposed specific suggestions to solve problems.

The proposal has a comprehensive and accurate analysis of the problem, the policy and measures are highly targeted, and the reference value of credit rating supervision is high. The People's Bank of China, together with the Development Reform Commission, the Ministry of Finance, the Securities and Futures Commission, drafted the "Interim Measures for the Management of Credit Rating Industry", intending to regulate the behavior of credit rating agencies and employees, strengthen supervision collaboration between regulatory authorities, establish cross -market credit Rating a unified regulatory framework. Relying on the company's credit bond coordination mechanism, the three departments of the People's Bank of China, the Development and Reform Commission, and the Securities and Futures Commission have maintained close contact and reached a number of consensus around the development of the credit rating industry.

In 2018, the People's Bank of China and the Securities Regulatory Commission jointly issued Announcement No. 14 to strengthen the interconnection and qualification recognition of the inter -bank bond market and the exchange bond market, and formed a joint inspection team to conduct rating of bond rating business in the two markets Institutions carry out joint inspections and joint disciplinary.

In 2019, the China Securities Industry Association and the interbank market dealer association established a joint notification mechanism for credit rating agencies for the bond market, and regularly issued the business operation and compliance notification of credit rating agencies in the bond market.

In order to further improve the coordination and unity of the supervision of the credit rating industry, the People's Bank of China jointly issued the "Interim Measures for the Management of Credit Rating Industry" at the end of 2019 in conjunction with the Development and Reform Commission, the Ministry of Finance, and the Securities Regulatory Commission. The collaborative supervision model between the supervision and management departments has established a unified credit rating unified supervision framework for cross -market; the requirements of credit rating agencies and their personnel management, business procedures, independence, and information disclosure are clarified. The behavior of personnel; the establishment of a credit file for credit rating agencies and senior management personnel, sharing and public credit rating agencies and senior management personnel credit file information, rating business information, inspection and administrative punishment in accordance with relevant regulations, and strengthen the regulatory authorities Regulatory collaboration; effective deterrents that maliciously disrupt the financial market order and destroy financial stability by increasing the punishment agencies, and promote the standardized development of domestic rating institutions. The "Interim Measures for the Management of Credit Rating Industry" responded in a timely manner and adopted the opinions of He Jinbi's representatives, and was fully affirmed by the representative.

This article is selected from the book "I am a representative of the People's Congress -The Proposal Story of the People's Congress"

Editor: Shi Lin

Responsible editor: Zhang Yuzhen

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