Regulatory authorities have convened rating agencies twice this month to tackle the phenomenon of exaggerated ratings and other irregularities in the industry.

Since April, regulators have closely monitored the operation of the rating business, and have convened meetings with major rating agencies on the 7th and 15th of this month. Regulators have required all rating agencies to improve the quality of their ratings and conduct self-examinations. It is reported that by the end of April, rating agencies may hold a self-discipline conference for the rating industry, during which the industry will jointly release a self-discipline initiative. According to informed sources, key issues of concern for regulators include inflated ratings, malicious low-price competition, and other industry irregularities, and multiple typical cases were reported during the meetings.