China should play bigger role in int'l credit rating system: Expert

Manfred Wiebogen (L), President of ACI Financial Markets Association, gives an exclusive interview to Xinhuanet in Beijing, capital of China, on June 29, 2015. (Source: Xinhuanet)

BEIJING, June 29– China should play a bigger role in the international credit rating system, said an expert at the World Credit Rating Forum.

Manfred Wiebogen, President of ACI Financial Markets Association, said this in an exclusive interview with Xinhuanet on Monday on the sideline of the World Credit Rating Forum in Beijing.

To beef up its stature in this system, China should do it step by step with more patience and openness, he said.

Talking of the issue of Chinese currency Renminbi internationalization, Wiebogen said, China needs to do more inter-cultural communications with western countries so as to earn more trust.

When asked about China’s new growth points, the president said e-commerce is one of them, saying he is also a regular visitor of China’s e-commerce platform Alibaba.

Great potentials are laid for China’s internet economy, Wiebogen pointed out, given that more and more consumers especially the younger buy products through mobile devices like phones and pads.

Last year witnessed the booming of China’s online business, as Alibaba Group, the giant, created a miracle on Nov. 11, with its daily sales hitting 57.1 billion yuan (9.28 billion U.S. dollars).

Since China has taken a series of measures to stabilize economic growth and facilitate economic restructuring, Wiebogen believed, the chart of China’s economy is moving up for the future.

The World Credit Rating Forum, sponsored by Universal Credit Rating Group and Xinhuanet and organized by Dagong Global Credit Rating Group, aims to promote the reforming of the international credit rating system.