OREANDA-NEWS. The summit, which took place in Beijing on 23 June 2014, was devoted to the development of an Asian system of credit ratings. It was organised by the Universal Credit Rating Group (UCRG), of which RusRating is a founding member, and was also supported by Dagong Global Credit Rating, the Chinese government and the Chinese Centre for International Economic Exchanges.

Speaking at the Summit, China's First Vice-Premier Zhang Gaoli noted his country's support for the development of a new international credit rating system, as well as its readiness to work with all other countries in order to promote further development of the existing credit rating system alongside the creation of an Asian rating system and rating standards that take the region's distinctive features into account.

UCRG's Supervisory Board took on its final form during the Summit. Its members are former Prime Minister of Pakistan Shaukat Aziz, former Australian Prime Minister Kevin Rudd and former Russian Minister of International Affairs Igor Ivanov.

The Board will be chaired by former French Prime Minister Dominique de Villepin, who recalled in his speech that “the Asian region is leading the world on economic indicators. This is the region with the fastest-growing economy - an increase of 7.9% in 2012. And Asia, with its substantial currency reserves, is the world's top creditor."

Summit participants shared ideas and held discussions on three topics: “The role of an Asian credit rating system in regional economies", “The development of an Asian credit rating system and Universal Credit Rating Group" and “Applying the 'dual rating' system in Asia".

In parallel with the summit RusRating and Dagong continued their negotiations over the future of the Universal Credit Rating Group project.

As RusRating General Director Alexander Zaitsev noted, “We have had a very positive and fruitful discussion with Dagong about UCRG's lines of strategy, as well as approaches to further development. Complete consensus was reached in all areas."