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China to Be Among World's 3 Largest Capital Markets
At a recent conference of International Institute of Finance (IIF), several world-famous international bankers unanimously agreed that China will possibly become one of three largest capital markets in the world within 15 years, but at present, it is first necessary to tackle problems, such as financial regulations, banking structures, foreign exchange control and enterprise management.
Jin Liqun, Chinese Vice-minister of Finance, noted at the conference that China's strengthening cooperation with other countries and regions will facilitate its entry into the WTO and economic globalization. He also stressed the importance of mutual economic aid among Asian countries.
Chairman of First Eastern Investment Group pointed out that since China has absorbed a large quantity of investment from abroad and accumulated a huge amount of capital savings in the past 11 years, plus the help of Hong Kong's superiority and the use as reference of Hong Kong's rules for supervision over the capital market, China can develop itself into the fourth largest capital market of the world within 10 years, and rank among the three largest within 15 years.
In the opinion of the president of Merrill Lynch, the American economy is in a stage of recovery, it is experiencing a slowdown, not recession. The economic growth rate is expected to reach 2.5 percent in the fourth quarter of this year and will jump to 4.3 percent next year.
By PD Online Staff Deng Gang
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