It's been 20 1 1 year. Let's talk about the current situation of credit rating agencies in China and its impact on China's financial system.

China initially had five fully licensed credit rating agencies, namely China Chengxin International, United Credit, Dagong International, Shanghai Far East Credit and Shanghai New Century Credit. The market share of Shanghai Far East and the new century is very small, accounting for less than 5% of the market, and Shanghai Far East has also withdrawn from the rating market for some reason. Now there are only four capital market rating businesses. China Chengxin, Lianhe and Dagong share more than 95% of the capital market, which is basically ignored in Shanghai in the new century and has little market influence. At present, United Credit occupies half of the rating market and is the largest rating agency in China.

Enterprises such as domestic central enterprises, local enterprises or private enterprises, including banks, city commercial banks, insurance companies and other financial institutions, must be rated by the state if they want to raise funds in the capital market, that is to say, to issue fixed-income bonds. The rating level indicates the solvency of these enterprises after the maturity of bonds. For example, the short-term financing issued by State Grid is a joint credit rating, and the subordinated debt issued by China Construction Bank is also a joint credit rating. These two companies are the highest-level AAA, indicating that they have the highest anti-risk ability and the strongest solvency, so institutions that invest in buying fixed-income bonds need not worry.

The three major international rating agencies saw that the China government did not open the market. They only enter the domestic market in a curve way and can only enter by way of equity participation. For example, Moody's holds 49% of the shares in Chengxin, Fitch holds 49% of the shares in United Credit, and only Standard & Poor's is in talks with two other companies about equity participation.

Qi Bin, director of the Research Center of China Securities Regulatory Commission, said recently that China's financial system has begun a structural transformation, from the absolute dominant position of indirect financing to the balanced direction of direct financing and indirect financing.

Qi Bin said at the "Investing in China-2007 Shanghai Securities and Futures International Forum" sponsored by Shanghai Futures Association, Shanghai Securities Trade Union and Pudong New Area People's Government, promoting the smooth transformation of the financial system and promoting the comprehensive, coordinated and sustainable development of China's economy. First, we should continue to promote infrastructure construction, accelerate the construction of capital market, promote financial innovation, strengthen financial supervision and coordination, and effectively resolve financial risks. Accelerate the development of the main board, small and medium-sized board, growth enterprise market and bonds, and improve the capital market structure. Promote listed companies and securities and futures institutions to become bigger and stronger, improve their international competitiveness, and at the same time strengthen the rapid decision-making and response mechanism to various financial risks and external shocks to ensure the stable operation of the financial market. The second is to promote the reform and construction of relevant systems and create a good foundation for the construction of the capital market. In particular, it is necessary to further improve the management mechanism of state-owned assets, promote the construction of credit system and honesty culture, and create a good environment for the sustainable development of the capital market. Third, strengthen the effectiveness of supervision, rationally define the boundaries of government functions, further build a market-oriented innovation system, and gradually build a market-oriented innovation mechanism. At the same time, give full play to the functions of exchanges and self-regulatory organizations, gradually improve the market self-regulatory mechanism, and form an efficient multi-level supervision system. Improve the legal system, strengthen law enforcement, improve the efficiency of law enforcement, constantly improve laws and regulations, promote the legal construction of the capital market, improve the rapid response mechanism, and find and stop it in time. Increase the cost of violation and establish an effective system. Fourth, actively respond to international competition, steadily open to the outside world, and enhance the international competitiveness of the China market.

Qi Bin said that in recent years, the capital market has developed rapidly, and the proportion of direct financing has steadily increased, which has effectively improved the financial structure of China and dispersed the risks of the financial system, and the financial system of China has begun a structural transformation. In 2006, capital market assets accounted for 22% of all financial assets, and by the end of September 2007, this proportion exceeded 30%.

He believes that at present, the capital market also faces some new challenges. First, the capital market structure is unbalanced, the capital market restraint mechanism is insufficient, and the market subject needs to be further cultivated. Second, changes in the macro economy and the international market have an increasing impact on the market. Thirdly, the phenomenon of bank deposit diversion is the beginning of the structural transformation of China's financial system, which has very positive significance and will become a long-term trend. But it also brings new challenges to the regulatory system and financial institutions. The fourth challenge is that with the globalization of economic development, the globalization of financial activities has become more prominent, and China's financial system is facing the inevitable trend of global competition.

How does China's financial system get out of the predicament?

According to the investment report of China, in 2004, under the macro-control situation, the national economy maintained a sustained and rapid development trend, but the trend of the securities market showed serious deviation. There are many problems in the financial system dominated by banks and capital markets, such as low efficiency, serious waste of financial resources, unbalanced internal mechanism of direct financing, and backward development of multi-level markets. In particular, the long-term serious imbalance between direct financing and indirect financing leads to unreasonable capital structure of enterprises and high proportion of non-performing assets of banks, which intensifies the accumulation of risks in the financial system.

What role should banks and capital markets play in the process of rebuilding the financial system? Should China's financial system strategy be dominated by banks or capital markets? In order to establish a management system that matches the capital market, should the banking industry choose separate operation or mixed operation? On June 5438+1October 65438+May, 2005, at the "China Capital Market Forum" sponsored by the Institute of Financial Securities of China Renmin University, many well-known domestic experts put forward ideas to solve the puzzles of the financial system.

Bank-led or Market-led: The Strategic Choice of China's Financial System

Judging from the course of world financial development, the choice of financial system and the development degree of financial industry have played a vital role in economic growth. Finance and modern science and technology together constitute the core driving force of modern economy and become a new trend of international competition. The financial systems of various countries can be roughly divided into two categories: one is dominated by commercial banks, and its typical countries are Germany and Japan; The other is the financial system dominated by the capital market, and the typical countries are the United States and Britain.

Theoretically, it is difficult to draw a conclusion about which financial system is better. Therefore, the key issue is to establish a financial system suitable for China's national conditions. For China, how to build a financial system that can not only promote economic growth, effectively allocate resources, but also smooth economic fluctuations and rationally spread risks, and at the same time allow residents to share the wealth effect of economic growth is not only related to whether China can maintain sustained economic growth and realize the grand goal of building a well-off society in an all-round way in the future, but also to whether China can maintain its competitive advantage in the future international competition.

Xie Ping, who has just been transferred to the general manager of Central Huijin Company, thinks that it is not important who is the core of the financial system, and that bank-led and market-led are absolutely complementary. Only when a country's income level reaches a certain stage can it gradually develop a market-oriented financial system, which is also the reason why developed countries in Britain and the United States have been dominated by banks for a long time. It was not until the 1950s and 1960s that a market-oriented financial system was established. For investors, only when their wealth reaches a certain level will they think about how much of their wealth is put into the stock market and the other part into the bank; If personal wealth is small, he only needs to deposit money in the bank. However, the current data is not enough to prove which financial system is more conducive to economic growth, bank-led or market-led.

Zhao Ruian, deputy governor of Bank of Beijing, firmly believes that "commercial banks will still occupy an important position in China's financial system for a long time to come".

From the perspective of capital market, China's capital market started late and exposed many problems. Its development needs the support of the commercial banking system. In this case, the role of commercial banks is objective and inevitable. Banks have gathered a large amount of social funds and have the ability and strength to promote economic development. From the perspective of social capital demand, financial institutions have convenient and effective financing methods, which can inject funds into economic development. Judging from the financial habits of consumers, the Chinese nation has a tradition of thrift, so it is objective and inevitable that a large amount of funds will be gathered in banks.

However, commercial banks are currently facing the problems of imperfect governance structure, low capital adequacy ratio and large scale of non-performing assets, and the best place to solve these three problems is the capital market. It has become a strategic choice for many commercial banks to reform the shareholding system and promote its public offering and listing in the capital market. In addition, the capital market also provides the most effective channel for commercial banks to replenish capital-by issuing long-term subordinated debts and stocks, commercial banks can replenish huge amounts of capital in a short time. The capital market is an important platform for the reform and future business innovation of commercial banks, and the intervention of banks in the capital market also plays a very important role in ensuring the stable development of the capital market. Commercial banks with implicit government guarantees will first bring huge confidence support to investors when they enter the capital market.

The three major domestic rating agencies are China Chengxin International, United Credit and Dagong International, which are the three major domestic rating agencies.