Dagong Global Credit Rating Explained

Dagong Global Credit Rating Co.
Type:State-owned enterprise
Foundation:1994
Location City:Beijing
Location Country:China
Industry:Financial services
Owner:China Reform Holdings Corporation

Dagong Global Credit Rating is a state-owned credit rating agency based in China.

History

The company was established in 1994, following approval by the People's Bank of China and the State Economic and Trade Division of the People's Republic of China.[1]

In May 2009, an agreement of mutual cooperation was signed with Xinhua News Agency, reported as "promoting a national credit rating system".[2] The company stated that it has used "dialectical materialism" as part of its evaluative approach.[3] [4]

In June 2013, Dagong Europe Credit Rating was registered and received authorisation from the European Securities and Markets Authority as Credit Rating Agency. In the same year, it was recognised by the Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA) as External Credit Assessment Institution operating in the European Union.[5] It was led by Mauro Alfonso until February 2014.[6]

In 2018, Dagong's operations were suspended following accusations of corruption and doctored ratings in exchange for fees.[7] In 2019, Dagong was nationalized with China Reform Holdings Corporation acquiring a 58% stake as part of the rectification process.[8] [9]

See also

Notes and References

  1. Bush. Chunping. 2021-09-01. The Rise and Fall of Dagong Global Credit Rating Agency: A Geopolitical Challenge for the Rating Industry. Journal of Financial Regulation. en. 7. 2. 319–324. 10.1093/jfr/fjab007. 2053-4833. free.
  2. http://news.xinhuanet.com/politics/2009-05/21/content_11414709.htm (Chinese) 新华社与大公国际签署合作框架协议
  3. Book: Doshi, Rush. The Long Game: China's Grand Strategy to Displace American Order. 2021-09-30. Oxford University Press. 978-0-19-752791-7. 1. 257. en. 10.1093/oso/9780197527917.001.0001. 1256820870.
  4. Web site: Corporate Culture. dead. https://web.archive.org/web/20161229222932/http://en.dagongcredit.com/about/culture.html. December 29, 2016. Dagong Global. October 24, 2021.
  5. Web site: Dagong Europe :: Page_title_about_us . 2017-04-12 . 2017-04-13 . https://web.archive.org/web/20170413070944/http://www.dagongeurope.com/about_us.php . live .
  6. Web site: DAGONG EUROPE: DIRETTORE GENERALE MAURO ALFONSO ESCE DALLA SOCIETA' . 2022-04-05 . Agi . it.
  7. Web site: 2018-08-18. Credit rating agency Dagong suspended in cash-for-ratings probe. 2021-10-24. South China Morning Post. en. 2021-09-09. https://web.archive.org/web/20210909183046/https://www.scmp.com/news/china/economy/article/2160313/chinese-credit-rating-agency-dagong-suspended-after-cash-ratings. live.
  8. Web site: April 18, 2019. State Firm Takes Over Disgraced Credit Rating Agency Dagong. live. 2021-10-24. Caixin. en. 2021-10-24. https://web.archive.org/web/20211024220832/https://www.caixinglobal.com/2019-04-18/state-firm-takes-over-disgraced-credit-rating-agency-dagong-101406014.html.
  9. Web site: July 12, 2021. Top China Credit Ratings Agency Sanctioned Twice in One Month. live. 2021-10-24. Caixin. en. 2021-10-24. https://web.archive.org/web/20211024220825/https://www.caixinglobal.com/2021-07-12/top-china-credit-ratings-agency-sanctioned-twice-in-one-month-101739350.html.

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