Chinese Bankers Support GlobalizationChinese bankers attending the 2000 Conference of "21st Century Forum" here have voiced their support for globalization in the financial sector.Speaking at a seminar in Beijing Thursday, the bankers urged to improve the country's financial system and accelerate financial reform to meet the challenges of globalization. Yi Gang, a deputy secretary-general of the Monetary Policy Committee of the People's Bank of China, said that opening-up in the banking industry has helped China attract huge foreign investment. Yi said that China's role in becoming increasingly part of the global financial system will be beneficial to China and help speed up the reform and development of the country's banking industry. Opening-up should bring local financial businesses into increasingly fierce international competition and lead to greater challenges to China's macro-control and supervision in the financial sector. Wang Xuebing, president of the China Construction Bank, said that China's financial industry must "keep in touch" with the rest of the world. China should opening up its banking markets and play a part in the restructuring of the international monetary system, he said. He said China must step up bank reform focusing on the reforms of property and personnel systems, while reducing government interference in the banking system and easing control over the industry. He also called for strengthening the rule of law in the industry. |
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