Giving credit where it's due in the debt market

Changes are in the works for borrowing by the country's local governments, including a modern rating system, reports Zheng Yangpeng

The national government will introduce a credit rating system for provinces, cities and counties as it seeks to establish a foundation for a well-regulated municipal debt market.

Sources said the Ministry of Finance conducted a nationwide study last year on the feasibility of a credit rating system. The Economic Observer has reported that the results of the study will yield a special regulation on credit ratings.