United Credit Wan Huawei: China's Rating Industry Accelerates Digital and Intelligent Transformation by 2025

How can the AI transformation of the rating industry achieve collaborative operations among intelligent agents?

Recently, Wan Huawen, President of United Ratings, stated at the “2026 China Bond Market Credit Risk Outlook Forum” that the global economic landscape is undergoing deep adjustments, the resilience of China’s economic development continues to emerge, the strategy of expanding domestic demand is being advanced, and emerging industries along with green and technological financial sectors are accelerating their development, while credit resources are continuously gathering in key areas. By 2025, the global economy will be struggling to recover, China’s economy will develop steadily, the bond market will maintain its second largest scale globally, and the China bond market’s “Technology Board” will be grandly launched; at the same time, regulatory authorities will continue to strengthen oversight of the rating industry, further solidifying the legal responsibilities of rating agencies. In the face of multiple challenges from both internal and external environments, China’s rating industry is accelerating its iterative upgrade, presenting new development characteristics.

In terms of digital transformation, by 2025, the global economic wave of digital intelligence will surge, prompting rating agencies to accelerate AI research and development, actively exploring a collaborative operation system based on artificial intelligence large models. Through the advancement of intelligent agents for element extraction, report writing, report verification, and other areas, the industry is gradually achieving collaborative operations among intelligent agents, jointly promoting the transition of rating work from traditional manual models to a new paradigm of human-machine collaboration.

In serving the real economy, with the launch of the bond market’s “Technology Board,” the rating industry is actively constructing a new service paradigm that aligns with it. Rating agencies have successively introduced credit rating methods for technology innovation enterprises and technology innovation bonds, accurately reflecting the credit characteristics of technology innovation firms, marking that the rating industry is deeply integrating into the national innovation-driven development strategy, guiding financial resources towards the field of technological innovation through professional services.

In terms of internationalization, Chinese rating agencies continue to take to the international stage through the “Belt and Road” initiative and the BRICS mechanism. By 2025, Chinese institutions will actively voice in offshore RMB bonds, panda bonds, and emerging market ratings, moving from simply “going out” in business to “bringing out” rating concepts and standards, better maintaining national financial sovereignty in complex financial games.

Data shows that in 2025, United Ratings has cumulatively handled 1,938 domestic commissioned rating bonds, achieving a market share of 33.45%; of which, the private placement market share is 36.34%, with both the structured and financial sectors ranking first in the industry. In terms of overseas business, United International’s market share in the Chinese offshore bond issuer market surpasses the three major international rating agencies, with its bond item market share ranking first among Chinese institutions.