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According to Jiang, so far, only 10 of some 200 credit rating organizations around the world have been registered as an NRSRO, among which seven are U.S. domestic companies, two Japanese agencies and one Canadian rater.
However, the latter three have never actually operated businesses after entering the U.S. market, Jiang said.
"The United States keeps its 'fence' even tighter against foreign credit rating agencies, especially after the outbreak of the global financial crisis, as the world has seen an increasing significance of credit rating in ensuring and protecting a nation's financial stability and core interests," said Jiang.
On the other hand however, the Big Three, two of which are now America-funded, are now penetrating deeper and deeper into the Chinese market through large scale stock acquisition, Jiang said.
"Over the recent three years, the 'Big Three' ratings agencies have penetrated very deeply into China's domestic credit raters, enterprises, and even the government bodies," he said.
"Through such means as buyout, they've built a massive database, the scale of which is far bigger than that of the government," said Jiang, who himself was shocked by the fact.
The expert warned that the Big Three set rating standards that serve the interests of their own countries, posing a serious threat to China's financial sovereignty and national economic security.
"Credit rating has already become a tool of the United States to strengthen its economic and political supremacy and contain the development of China," said Wu Hong, who is from China's Office of the Central Leading Group on Financial and Economic Affairs.