May 24, 2011

May 24 China established rating agency playing cop to developed countries



Champa, Frangipani, Plumeria Rubra. Chameli or Gulechin in Hindi



The higher the temperature, the brighter the flowers. Even 44 degress can't make it shrivel up.


CCTV reported today that China has founded the first rating agency, Dagong, in the developing world. It's an independent private entity. Standard & Poor, Moody and Fitch Ratings could no longer fool the world as they wish. What Dagong did the other day was to downgrade Britain from AA- to A+. Because its debt is too high. In 2010 UK deficit accounts for 9.8% of GDP while its debt for 78.7%. Its economy grew only 1.3% which is below world average last year.

In the Chinese language, Dagong means Big(Da) Fairness(gong). Dagong is also the first two characters of a Chinese idiom(da gong wu si)which means unselfishness.