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In Depth: China’s Scandal-Hit Credit Ratings Industry Seeks a New Beginning

By Ding Feng, Wang Juanjuan, Zhang Yuzhe, and Qing Na
2025年08月07日 18:03
The free lunch may be over for bond investors as credit ratings companies explore a new business model that includes a paywall for in-depth reports on the creditworthiness of issuers
Experts say there needs to be stricter regulatory oversight focused on disclosure and fair pricing, higher penalties for misconduct, and a functional mechanism for kicking bad actors out of the credit ratings industry. Photo: AI generated

For weeks, investment managers across China have been receiving polite but pointed suggestions from the country’s top credit rating agencies — firms that assess the likelihood of default for trillions of yuan of corporate debt in the world’s second-largest bond market.

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