Foreign experts advise a unified regulatory approach

Foreign experts advised China to deepen financial reforms and strengthen regulation by having unified supervision across sectors during a forum of world experts on China's financial services development in Beijing on Sunday.

The forum was sponsored by the State Administration of Foreign Experts Affairs and the Development Research Center of the State Council. It discussed how China might learn from the success of the financial services sector in London after consulting with a number of foreign experts in the last two years.

Gerry Grimstone, chairman of Standard Life Assurance Co and chairman of The City UK, submitted a paper to the administration and said that the Chinese regulatory bodies have a specific sector of focus and have not been able to prevent the building up of potential systemic risk in areas they do not regulate.