City of London hoists sails amid rough seas

Stuart Fraser, chairman of the policy and resources committee with the City of London, has been in his new post since September as Europe's biggest financial center comes to terms with the global financial crisis. During his first trip to China, Fraser shared his views on the current financial turmoil with China Daily reporter Bi Xiaoning.

Q: Can you give us some figures to illustrate how serious the situation is for the City of London in the current financial crisis? What's the biggest challenge for you as a policymaker in this difficult time?

A: I have been in the market of the City of London for about 45 years, and this is the most difficult time I have ever seen since the stock market crash in 1974. The recession will maybe last for two to three years and about 50,000 jobs will be lost in the financial service industry. In 1974, the number of job losses was 30,000.