First, the control of China's rating market by American rating agencies will directly threaten the national financial security. By controlling the capital market, American rating agencies can directly affect China's macro-economy and even disrupt China's economic order. For a long time, American rating agencies deliberately downgraded China's credit rating, which affected the international image of our government and enterprises and increased the cost of overseas financing. For example, at the end of 2003, when China's banks sought overseas listing, Standard & Poor's of the United States announced that it would maintain China's sovereign credit rating of BBBB 10, which is the lower limit of "suitable investment", which is 10 for China's rapid economic development and steady increase of foreign exchange reserves. It also rated the credit ratings of three commercial banks in China/KLOC-0 as "junk" and had no investment value. At the same time, American rating agencies highly affirmed foreign investors' participation in China Bank, which made them lower their prices when negotiating with China Commercial Bank, and opened the door for international monopoly capital to seize China's state-owned assets. According to the latest statistics, in 2006 alone, the income of foreign investors in state-owned banks such as industry, construction, China and Bank of Communications reached 750 billion yuan. Together with the profits enjoyed by other joint-stock commercial banks in China, it is conservatively estimated that the profits earned by foreign investors from China Bank in one year exceed 1 trillion. In the China Economic Quarterly published on May 30, 2007, the World Bank clearly pointed out that the stock of Bank of China was sold cheaply, and the problem was not IPO, but the pricing of strategic investors. The low share price makes overseas strategic investors enjoy huge profits in China financial stocks. At present, domestic experts and scholars are more and more aware of the losses and harm caused by the sale of Chinese banks, but they still have not fully realized the key role played by American rating agencies. In recent years, American-funded institutions have increased their penetration and manipulation of Hong Kong's financial market, often rating Chinese-funded enterprises listed in Hong Kong, which will cause shocks in Hong Kong's stock market every time. In view of the increasing influence of American rating agencies on Hong Kong's financial market, HKEx signed a cooperation agreement with Standard & Poor's in July 2002. Some experts believe that this is Hong Kong's transfer of financial sovereignty in exchange for the "pity" of American rating agencies, which is really rare in today's world. However, American rating agencies are quietly entering China's economic hinterland and sensitive industries, trying to control China's credit rating market by participating in more and more major domestic debt financing ratings in China, infiltrating China's financial sovereignty by dominating China's financial market pricing power, and realizing its national strategic plan. Second, the control of China's rating market by American rating agencies will seriously threaten the national economic and technological information security. If American credit rating agencies infiltrate into China's rating industry, they can easily obtain China's government information, state-owned key enterprises, national defense industry and special industries, and even the country's comprehensive economic and technological information, so as to grasp China's technological development trends and major trade secrets, which will make China in a passive position in international competition and will inevitably shake the country's competitiveness fundamentally. In fact, American rating agencies are participating in more and more major debt financing ratings of China (including defense enterprises and special industries) under the signboard of so-called "authority" and "fairness", quietly entering China's economic hinterland and sensitive industries, and openly stealing China's most valuable economic and technical information and government information. The saddest thing is that we have to pay a high service fee for this. 3. The control of China's rating market by American rating agencies will make it difficult for China to gain the right to speak in the international financial service system. At present, the United States occupies an absolute dominant position in the international financial service system and has an absolute right to speak and a monopoly position in the international financial market. There is no international standard for credit rating. American rating agencies represent American ideology and national interests. They often influence and manipulate the international capital market through their absolute discourse power, assist American enterprises and governments to seize economic and political interests, and become new tools of American political and economic power. In the brewing stage of the Southeast Asian financial crisis, American rating agencies conspired to remain silent, and after the crisis broke out, they were downgraded excessively, which aggravated the market panic and successfully intercepted the financial crisis storm outside the United States, making Asia the hardest hit, while the United States itself became a "safe haven". At the 1998 APEC Summit, Malaysian Prime Minister severely criticized Moody's and S&P ratings for their lack of objectivity, which helped the victims of the Asian financial crisis. The United States has also continuously downgraded the ratings of German enterprises participating in the Iraq war and upgraded the credit rating of its supporter Australia. Facts have proved that American rating agencies often influence and manipulate the international capital market through their absolute right to speak, thus "playing a key role at a critical moment".