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People's Daily Online>>Opinion

Speech by Peter Grauer, Executive Chairman, Bloomberg L.P. at the China Development Forum 2012 (3)

(People's Daily Online)

15:30, March 22, 2012

All of these pieces fit together, financial markets are complex and this is magnified when considering the world’s second largest economy. While we all eagerly look forward to an even more vibrant Chinese financial market, we must temper that enthusiasm with patience. We must recognize that progress takes time. Bloomberg’s experience around the world is that each country has its own path and timetable for developing its markets. A thoughtful approach has stood China well, particularly when you look at what happened in the rest of the world during 2008 and 2009. This period did not discredit financial markets, but highlighted how well-planned, integrated and managed markets can be resilient in the face of shocks, even huge ones. The progress made to date demonstrates the Chinese government's commitment to deepening and securing the reform success achieved so far.

CONCLUSION

I’m proud to say that Bloomberg is already PLAYING A PART TO SUPPORT China IN THIS AREA. WE HELPED develop an offshore Renminbi market and we’ve worked with Chinese authorities ON DEVELOPING more MATURE markets in bonds and certain derivative products. More generally, we’ve served a role in bringing information about China’s economy to potential investors and opinion-shapers around the world.

THAT SAID, THE CONTINUED DEVELOPMENT of China’s financial sector transcends the business interests of my – or, indeed any – individual firm. The creation of deep, liquid and well-regulated financial markets in China will be critical in ensuring sustained and broad-based growth FOR the Chinese people. It will also be crucial in meeting China’s longer-term internationalization goals.

This is key: getting it right here at home – in China -- will help get it right globally. Whatever your political or economic perspective, one thing is clear: China and the rest of the world have a symbiotic relationship. China needs the world – and, certainly, the world needs an economically strong China.

INDEED, China stands poised on the threshold of what can only be called a period of truly historic opportunity. Everything I know about China and its citizens tell me that this extraordinary country will seize those opportunities in ways that will shape China and the world for years and decades to come. And we, at Bloomberg, stand ready to BE A PARTNER WITH CHINA in this immensely IMPORTANT transformation.

Thank you again for having me here and for your kind attention. I look forward to the Q&A session with my fellow panelists.

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