"To say it even more bluntly, that's a way to redirect money toward projects in the West by under-emphasizing the risks of defaults in Western countries and overemphasizing them in China, in India, in Brazil, in Pakistan," de Villepin said.

The UCRG has called for a "dual rating" system, in which every credit issuer receives two ratings, a local rating that reflects domestic factors and a global rating based on global standards for cross-border investments.

"You see always better with two eyes than with one," he said, adding independence, diversity and credibility are keys to improve the Asian credit system.

Guan Jianzhong, chairman of UCRG and Dagong said: "Forged by credit relationships, the Asian credit system as a regional capital flow system is created to facilitate the transnational formation of creditor-and-debtor relationships.

"Taking the lead in putting in place the dual-rating regime in Asia, and serving the needs of an Asian credit system, mark the start point of its march toward the wider world."

When visiting Brunei in October, Premier Li Keqiang proposed a new Asian credit system, along with an Asian monetary stability system and investment and financing system.

Song Guangchao, an official with the National Development and Reform Commission, disclosed that the Research Center for Asia Credit System Construction was in preparation and would be formally approved at the end of June.

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