China to establish credit education union

China's rating agency Dagong and over 20 Chinese colleges announced on Tuesday a union to promote credit knowledge and rules.

Dagong's chairman Guan Jianzhong said that the lack of credit knowledge and education left common Chinese people in the control of western ratings.

Modern society and economic development created huge needs for credit education, and the union of Dagong and the colleges poses an effective solution, he said.

The main objectives of the union are to conduct research on economic rules, credit and rating practices; and compile teaching materials and train professionals.

The union will be officially established in November.