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China 'needs to take active role'
By Fu Jing (China Daily)
Updated: 2008-10-29 09:30 A top economist and leading bankers said yesterday that China should be an active player in rebuilding the battered international financial system in order to ensure a stable and mutually beneficial global economic order.  "We should be an active in the coming international negotiations and try our best to play a role," said Guo Shuqing, chairman of China Construction Bank, one of country's four largest lenders.
The experts even suggested the Chinese authorities should set up taskforces to conduct research on the role China will play in the new international financial regime. Former Asian Development Bank senior economist Tang Min suggested that China should "embrace the opportunity" and fulfill its international responsibilities. "The international financial system should become more diversified and demands from developing countries should be recognized," said Tang, who is now deputy secretary-general of the Beijing-based China Development Research Foundation. "More currencies, especially China's renminbi, should be put into the basket of global reserve currencies." Guo and Tang made the remarks in interview with China Daily on the sidelines of a seminar on China's reform organized by the China Development Research Foundation. Most of the economists attending the seminar agreed that China should play a role in tackling the current turmoil and rebuilding the international financial order prior to the G20 summit in Washington on Nov 15. Tang said Chinese authorities should organize several expert taskforces to conduct intensive research on the international currency system and cross-border credit flow. "And we should also play a role in establishing an effective mechanism to conduct international negotiations to establish a new financial order," Tang said. |
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