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Morgan Stanley Asia chief: China needs its own Nasdaq
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11:19, September 11, 2009

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Stephen S. Roach, chairman of Morgan Stanley Asia expressed on September 10 that the pending growth enterprise board (GEB) will help Chinese start-ups take off.

China's A-share market has become the second largest capital market in the world. But many Chinese start-ups need direct financing to accelerate development. "China need its own Nasdaq," he said.

Roach stated that he was always optimistic about China's economy despite the impact of the global financial crisis.

He noted that the imbalance of structure was the key problem for China's economy, which was excessively relying on external demand. After financial crisis, China should accelerate its economic and industrial restructuring, improve social security system such as medicare and stimulate domestic consumption.

In addition, Roach expressed that China need to pay more attention to the quality of economic development rather than the quantity. "The next booster for Chinese economy will be the great consumption of 1.3 billion population of China, which is very exciting," he said.

"As long as the Chinese government carries out the correct economic policy continuously, Chinese economy will have a significant influnce on world economy," said Roach.

By People's Daily Online

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