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People's Daily Online>>Opinion

Speech by Peter Grauer, Executive Chairman, Bloomberg L.P. at the China Development Forum 2012 (2)

(People's Daily Online)

15:30, March 22, 2012

From our perspective at Bloomberg, there are three pillars upon which future financial market success will be built here in China – and these three pillars align closely with the objectives 12th five-year plan.

First, the internationalization of the Renminbi – China has made strides in expanding the use of the RMB in cross-border trade and investment and in structuring and standardizing an off-shore RMB exchange market. This is helping to further integrate domestic and overseas markets and to allow international markets to better reflect China's stature in the global economy.

Second, China understands clearly the need to deepen and broaden its capital markets. In particular, we applaud efforts to give small and medium enterprises greater access to capital markets such as the opening of the chinext board for listing startups. Providing increased access to timely and accurate data, open price discovery, and a regime of established institutions and standardized instruments allow participants to make informed decisions and should also be commended. As we all know, greater access to financial information leads to better risk management, a lower cost of capital, and enhanced investor confidence.

Third, China is committed to improving risk management and regulatory oversight regimes that protect investors and market participants as well as the domestic and global economies. As we’ve learned over the past few years, thorough but thoughtful oversight is critical not only to guarding against financial catastrophe, but also to providing the market confidence needed to grow and prosper. Unlike the U.S. and Europe, which have had to re-evaluate the effectiveness of their regulatory regimes, China has been able to push ahead with new domestic innovations because it acted prudently in the past.

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