So Moody's is partnering up locally to do ratings on Chinese companies. I wish them good luck and hope that they, and everyone who relies upon their initial data, have a lot of patience. This sort of thing is sorely needed over here, but it will be a big project that will take some time before the kind of accuracy that everyone is used to in developed markets is possible.

As this FT article points out, Moody's is rightly tempering their PR: "Raymond McDaniel, Moody's global chairman, told reporters in Beijing he expects the new venture to be a 'long-term project.' You got that right.

China has the chance right now to finally make a go of its domestic stock market, after years of disappointment amidst structural problems. Many problems remain, including the headaches associated with non-tradeable State shares, but at least Moody's involvement should help with the dearth of reliable information.

Let's hope that these ratings are better than the official bond ratings - eeek.