The first "World Credit Rating Forum" is to be held in Beijing on June 29-30.

"Choice of model for a new international rating system will be discussed in the Forum, " the organizer committee stressed.

The 2008 global credit crisis which first broke out in the U.S. proved that credit rating is crucial to a sound global economic development, and indicated that flawed credit ratings are the perpetrator of the crunch, the organizers said.

Since the outbreak of the credit crisis, the three most influential credit rating agencies (CRAs), namely S&P, Moody’s and Fitch, have been widely questioned and criticized for short of foresight, the organizers expressed, adding that it is an imperative to make a difference in the international credit rating system.

The other aspects to be discussed in the forum include: The relationship between credit rating and the world economic development; How to develop regulation concepts and a regulatory system for credit ratings that are in line with the law governing the development of credit rating; The importance of rating theory in the fulfillment of rating responsibility.

Rating regulators from different countries, renowned economists, credit scholars, credit rating agencies, credit application organizations and other relevant entities will be invited to this forum.

Joint hosts include the Universal Credit Rating Group (UCRG), Xinhua News Agency and Dagong Global Credit Rating Group.

On the forum's agenda also include annual meeting of International Advisory Council of UCRG and Certificate-awarding Ceremony for International Credit Scholars.