Moody's Moody China.

Moody's set up a representative office in Beijing in July, 20001to develop its business in China. Moody's established a wholly-owned subsidiary-Beijing Moody's Investor Service Co., Ltd. in February 2003, with Ye Min, Managing Director of Moody's in charge of China's financial market, as the director.

Moody's has recruited a large number of local people and is now applying for a domestic rating license in China. Moody's gave China a national rating and provided investors in China's debt capital market with opinions on the credit quality of China issuers and debt instruments.

Moody's also provides credit risk information and management services. Other non-rating businesses in China include credit training and credit risk management consulting, software tools and system development and services.

Based on the market's appreciation of Moody's unique rating, the value of Moody's proprietary analytical technology, and Moody's ability to build deeper relationships with customers and foresee market development, Moody's has always been interested in developing business in China.