BEIJING — China issued an interim regulation for the credit rating industry on Nov 29 to improve the financing environment and prevent financial risks.

The measures will help create a competitive market in the credit rating industry while strengthening the supervision of credit rating agencies.

To standardize the industry, the amount of penalties for violations was increased, according to the measures issued by the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance and the China Securities Regulatory Commission.

The authorities said the regulation will promote the high-level opening-up of China's credit rating industry.