BEIJING (AP) — Guan Jianzhong is waging a one-man crusade to change the global credit rating industry.
His argument: China and other cash-rich developing nations shouldn’t have to rely on ratings agencies in the deeply indebted United States — especially after they helped fuel the global crisis that plunged the U.S. and then Europe into economic turmoil.
The credit rating company that Guan leads, Dagong Global Credit Rating Co., is little known abroad and only issued its first ratings of government debt in 2010, declaring the United States a worse risk than China. Its announcement caused barely a ripple. Months later Standard Poor’s cut America’s prized AAA rating in the first such downgrade of U.S. government debt in history.
Now, the Chinese upstart is trying to attract foreign customers, promoting its own system that Guan says might serve emerging economies better
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