|
|
G20 London Summit > Commentary
|
Western financial oversight system unfit for emerging economies(Xinhua)
Updated: 2009-03-23 23:46 BEIJING - China regards the financial oversight system in developed countries as unfit for emerging economies, vice governor of China's central bank said here Monday. Hu Xiaolian from the People's Bank of China said it is necessary for the Financial Security Forum to develop a new assessment system to fit the special conditions of emerging economies. Hu made the remarks at a news briefing about Chinese President Hu Jintao's attendance at the G20 Summit to be held in London on April 2. Reform of the global financial oversight system is expected to be a highly contended topic at the summit. "Taking into consideration the special conditions of the markets and financial sectors in emerging economies, we think it is not suitable to directly apply or copy the practice of financial oversight in developed countries and mature economies to emerging economies," Hu said. Hu said a reformed global oversight system should put all stakeholders in the financial market, especially those major players with systematic influence, under supervision. "It is necessary to pay attention to the universality of oversight rules so as to avoid regulatory arbitrage," Hu said. He called for financial institutions to scale back reliance on ratings by outsiders and develop a capacity of interior rating. He also called for an adjustment to the application of accounting principles and development of new policy tools to ease the current crisis. Hu said China supports the development of universal principles or best practice guidance on the bankruptcy and clearance of multinational financial institutions so as to give equal treatment to all investors. |
       |
主站蜘蛛池模板： 本溪| 上栗县| 青岛市| 南华县| 尼木县| 晋城| 天峨县| 林甸县| 乐清市| 镇江市| 瑞金市| 太湖县| 嘉善县| 牡丹江市| 历史| 香港| 昭平县| 太湖县| 门头沟区| 富宁县| 屯昌县| 增城市| 呼玛县| 合水县| 禹州市| 满洲里市| 新竹县| 资阳市| 郑州市| 河曲县| 临洮县| 乌拉特中旗| 迭部县| 新郑市| 名山县| 大安市| 仁怀市| 敦化市| 吴堡县| 太仓市| 株洲市|
