WB President: Sound Financial System Fundamental to Growth

Home>>Business

Last updated at: (Beijing Time) Monday, May 27, 2002

WB President: Sound Financial System Fundamental to Growth

President of the World Bank Group James Wolfensohn said Sunday that a sound and robust financial system is fundamental to growth and poverty alleviation, employment creation and economic stability.

DISCUSSION

CHINESE

SEND TO FRIEND

President of the World Bank Group James Wolfensohn said Sunday in Beijing that a sound and robust financial system is fundamental to growth and poverty alleviation, employment creation and economic stability.

Wolfensohn made the remarks when addressing the Asia-Pacific Economic Cooperation (APEC) Finance and Development Program 2002 Annual Forum, held here Sunday.

The president said that "much progress has been made in addressing the principal causes of the Asian crises -- over- leveraging, excessive foreign currency debt, weak corporate and financial sector governance and ineffective official supervision of financial systems," adding that rebound from the Asian financial crisis "exceeded most expectations."

He pointed out the urgency to "build the regional financial systems into dependable network" and "know that each economy is dependent on the others."

One economy should not be content with having stabilized national financial system, he said. "The debilitating effects of possible contagion on regional economies following any financial fall-out by any country, makes this meeting even more important and crucial," he added.

He urged the financial sector to "go beyond seeing the financial sector challenge as developing sound banks, and focus more on building capital markets which provide new means for companies to strengthen and diversify their financing structure, reduce financing costs and better manage financial and other risks. "

The program, initiated and funded by the Chinese government, was officially launched in 2001 during the APEC Economic Leaders' Meeting.

During the current annual forum, delegates will exchange views on capital market development, finance for small- and medium-sized firms and cross-border finance and economic development.

Questions?Comments? Click here

WB President: Urgent to Improve Corporate Governance in Post-WTO China

Chinese Vice Premier Meets World Bank President

World Bank Pledges Long-term Cooperation With W. China

UNDP Starts Research on Chinese Women in WTO ( 79 Messages)

Foreign Carmakers Seek More Presence in China ( 26 Messages)

Many Hurdles for Free Trade between Mainland and HK ( 22 Messages)

China Sets to Land on Moon by 2010 ( 49 Messages)

China Announces World Cup Squad ( 4 Messages)

Clinton Reaps US$250,000 in 30-Minute Speech in Shenzhen ( 4 Messages)