Beijing on Wednesday announced the creation of the China Credit Rating Co. (CCRC), Reuters reported. Started with funding from the National Association of Financial Market Institutional Investors, a trade group under the wing of China’s central bank, the CCRC will be a not-for-profit entity and operate with the goal of removing what Chinese officials see as the large conflict of interest in current credit rating agencies. The semi-official rating firm will differ from other agencies, both around the world and in China, in that it will charge investors instead of issuers to assess creditworthiness. However, the CCRC gave no details yet about its charging model.