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Home >> Business
UPDATED: 09:30, September 13, 2006
Financial globalization requires fair and harmonious information order, Xinhua official
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Financial globalization requires the establishment of a fair and harmonious global information order, said a senior official with China's Xinhua News Agency on Tuesday.

Lu Wei, Vice President of Xinhua, made the remarks when addressing the opening ceremony of the annual meeting of the third International Financial Forum.

Financial globalization has become a significant signal of the globalization of the world economy, but if there isn't a fair and harmonious global information system, financial globalization will lose its balance and can not realize sustainable and harmonious development, said Lu.

He said that there still exists an imbalance in the production and communication of global financial information, which is restricting the further development of financial globalization.

The unbalanced allocation of information resources still exists and the polarization of information-rich countries and information-poor countries is even getting worse, he said.

Information flowing from the developed countries to the developing countries is hundreds times of that flowing from the developing countries to the developed, which makes it hard for developing countries to obtain, transmit and share information they really need, said Lu.

The unfair information order in which the issuance of financial information is mainly controlled by developed countries makes it difficult for developing countries to release financial information, he said.

Lu said that a world news agency should take the responsibility of establishing a multiple, fair and balanced financial information order.

According to statistics, major world news agencies hold over 80 percent of the global financial information market.

Lu said the globalization of financial information also needs the participation of people from financial circles, more dialogue and cooperation between the developed and developing countries and an in-depth development, rapid transmission and effective use of information resources.

Source: Xinhua

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