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People's Daily Online>>Opinion

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

(People's Daily Online)

15:27, March 22, 2012

I’m delighted to be here today and to be part of this most distinguished panel of experts. I’ve been coming to China for more than a decade and this is, by far, the most impressive gathering of luminaries with whom I’ve had the honor of congregating.

I have spent the last 10 years as Executive Chairman of Bloomberg, the world’s leading source of financial news, data and analytics. I imagine most of you are familiar with the Bloomberg name and many of you with our core product, the Bloomberg professional service – better known as the “Bloomberg Terminal.” We interact with in excess of 350,000 Bloomberg terminal users in 174 countries around the world. To put this in perspective, we make more than one million points of contact with our customers each year and in 2011, I personally met with more than 600 industry leaders from government and the private sector globally. These relationships with our customers and stakeholders provide us with unique perspective on the opportunities and challenges presented by the global economy and capital markets. At Bloomberg, We really do have the ability to “connect the dots” and transfer best practices from one market to the next.

Bloomberg is a firm with a history in China, a host of current activities here, and plans for future expansion. So the brief perspective I plan to offer today is both that of an external player with a finger on the pulse of how financial markets operate around the world and that of the chairman of a company committed to China’s continued development.

The pillars of reform and the five-year plan

China’s 12th five-year plan coincides with a critical tipping point in a long-term global economic rebalancing. Emerging markets are shifting from reacting to global economic events to setting their own agendas. They are moving from supplying low cost goods to providing capital, talent and innovation. Meanwhile, the global economy is still stumbling after years of volatility and recession. The 12th five year plan reflects the evolving challenges China faces in this rebalancing process. I wish those of us in Western economies were as strategic and thoughtful over the medium-term as China has been in developing this plan.

From my perspective, what is most important in the 12th five-year plan is the attention paid to the continued development of Chinese financial markets. I applaud this approach not because of where I work, but because of my view that China must continue to play a vital and leading role in the global economy. A successful China with robust financial markets produces a winning outcome for everyone.

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