Recently, the Business Administration Department of the People’s Bank of China (“PBOC”) published “Action Plan for Promoting the High-quality Development of Beijing’s Credit Information System” (“the Action Plan”), stated that “issuers are encouraged to choose two or more rating agencies for credit ratings, to achieve dual- or multi-rating in order to prevent information asymmetry. We encourage local government financing vehicles, financial institutions and corporate bond issuers to use the rating services of Chinese rating agencies when issuing offshore bonds. In the Chinese USD bond market, we encourage issuers to use at least one Chinese rating agency, in order to raise the influence of Chinese rating agencies in the international capital markets.”