Supervision Challenge and Institutional Countermeasures of Credit Rating in Financial Opening-up

（Wuhan University，Wuhan，Hubei430072，China）

Abstract：Credit rating agencies originated in the United States and spread around world in the tide of financial market globalization. In order to build an international financial market，the European Union paid little attention to regulating international credit rating agencies. However，the lack of regulation resulted in heavy losses，forced the United Union to choose stricter regulatory framework，and reform its credit rating agency industrial access system so as to strengthen competition. With the economic globalization and continuous internationalization of China's bond market，China's credit rating industry has the demand to open actively and suffers from the pressure to open passively simultaneously. At current stage，China's credit rating agency regulatory framework is facing the acute challenges. From one perspective，it’s necessary to promote a comprehensive planning of credit rating agency industry，establish a market-oriented restraint mechanism，and promote international regulatory cooperation to enhance the international competitiveness of native rating agencies. From the other perspective，it is necessary to control the special influence attached to rating agency’s role of risk revealer，prevent the risk of sovereign rating in the context of increasing cross-border capital flow，and standardize the development of unsolicited rating business.

Key words：credit rating；financial opening-up；internationalization；market access system；credit risk