China's emerging credit rating industry: the official foundations of private authority

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Researcher: Scott Kennedy
Publisher: China Quarterly

Although China has had difficulty improving the performance of its banks and stock markets, it has struggled  even more to develop a credit rating industry. Credit rating agencies (CRA), which provide bondratings, are vital to financial markets in advanced capitalist countries, but China’s credit rating companies are weak and have had little influence over the behaviour of those who issue or invest in bonds. Some argue that CRAs gain authority through their strong reputation in the eyes of market participants, but the experience of rating agencies in China supports evidence from elsewhere that their private authority is largely dependent on government mandate, a benefit China’s CRAs have only recently begun toenjoy. Many private actors, from trade associations to charity groups, are struggling to gain public influence in China, but credit rating agencies may be the best barometer to measure the Chinese government’s general stance towards private authority.

Credit rating industry di negara Cina: landasan resmi bagi kewenangan swasta

Meskipun Cina telah mengalami kesulitan di dalam memperbaiki kinerja bank dan pasar sahamnya, namun negara tersebut telah berjuang lebih keras lagi untuk membangun sebuah credit rating industry. Credit rating agencies (CRA), yang menyediakan 'bond ratings', berperan penting di dalam membiayai pasar uang di negara-negara kaya penganut faham kapitalis, tetapi perusahaan-perusahaan 'credit rating' di negara Cina tidak memiliki kekuatan yang memadai dan kurang berpengaruh terhadap perilaku pihak-pihak yang mengeluarkan atau menginvestasikan bond. Sejumlah pengamat berpendapat bahwa CRA mendapatkan kewenangan melalui reputasinya yang kuat di mata partisipan pasar, namun pengalaman 'rating agencies' di negara Cina memperkuat bukti dari hasil penelitian lainnya bahwa kewenangan swasta CRA sangat bergantung pada mandat pemerintah, yang sebenarnya baru saja dapat dinikmati oleh CRA. Banyak pelaku swasta, dari asosiasi perdagangan hingga kelompok nirlaba, yang berusaha untuk mendapatkan pengaruh publik di negara Cina, tetapi CRA menjadi barometer terbaik untuk mengukur sikap pemerintah Cina terhadap kewenangan swasta.

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