On May 14, the Business Management Department of the People's Bank of China made a public announcement to file Fitch Ratings' sole proprietorship company in China, Fitch Bohua Credit Rating Co., Ltd. (hereinafter referred to as Fitch Bohua). On the same day, the China Inter-Bank Market Dealers Association accepted Fitch Bohua's registration, enabling it to enter the inter-bank market to carry out certain bond variety rating businesses. This shows that Fitch Ratings is the second foreign credit rating agency to enter the Chinese market after S & P Global in 2019.

The opening-up of credit rating industry to the outside world is an important part of China's financial industry opening, which is conductive to promoting the high-level and international development of China's credit rating industry and financial market. Fitch's entry into China's credit rating market is another step taken by China to expand the financial sector's opening-up to the outside world. It is also concrete implementation of the first stage of China-US economic and trade agreement.

Next, the People's Bank of China will continue to promote the high-level opening of China's credit rating industry, enhance the high-quality development of China's credit rating industry, and encourage credit agencies to play a greater role in preventing and mitigating financial risks and improving the financing environment for private companies, micro, small, and medium enterprises.

(Note: Content source is from The People's Bank of China.)