(CNSPHOTO)

Guan Jianzhong, Chairman and President of Beijing-based Dagong Global Credit Rating Co. Ltd., made headlines on July 11 after his company unveiled China's own sovereign credit rating report. Dagong is the first non-Western rating agency to assess the world's sovereign credit and risks.

Dagong's report covered 50 countries whose GDP accounts for 90 percent of the world's total, and gave markedly different valuations of 27 countries compared with those given by Western rating rivals Moody's, Standard & Poors and Fitch.

Guan said at a press conference the current Western-led rating system "provides incorrect credit-rating information" and fails to reflect changing debt-repayment abilities.

"We want to make realistic and fair ratings and mark a new beginning for reforming the irrational international rating system," Guan said.

Founded in 1994, privately owned Datong provides credit rating and risk analysis research for all bond issuers in China. Guan, who took up a post as its chairman and president in 1998, developed China's first proprietary credit risk assessment system.