XINHUA—IFF Discussion on the Reform of New World Financial Order
2014-11-08 12:18:00    source:    click:

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BEIJING, Nov. 2 (Xinhua)— The world economy is at a new turning point and new financial forces are changing the world, in which China will play a bigger role in it. In the 2014 International Finance Forum (IFF) Annual Conference, experts call for stronger dialogues and cooperation in world’s financial sector and reform of new world financial order.
 
“We are now standing at the turning point of world economy and financial system”, said Trichet, IFF Co-chairman and former President of the European Central Bank. Kevin Rudd, also IFF Co-chairman and former Prime Minister of Australia said, in face of the complicated challenges in world economy and financial sector, we should drawn upon each others’ wisdom to tackle.
 
Zhu Guangyao, China's Vice Minister of Finance, said with increasingly unbalanced development in regions and countries including the Europe, Japan, US, and China, and respective monetary policies in their own interest, a world coordination mechanism is needed to respond to the financial and economic crisis.
 
Experts point out that China is playing a bigger role in the world’s new financial pattern.
 
“The global financial world is changing profoundly," said Yukio Hatoyama, former Prime Minister of Japan and Chairman of IFF Advisory Committee. "China's role became more important.”
 
“The world has gone through the global financial crisis, and we have set out new rules, institutions and supervision stipulations in the world. New rules have been discussed not only inside the advanced economies, but with all emerging economies, including the most important emerging economies, namely, China." Trichet said.
 
Talking about the cooperation between China and the world, IFF Chairman—Cheng Siwei said, “the increasing status of China’s economy and financial sector makes it imperative for us to explain to the international community the progress of China’s financial reform and development, and vice versa.”
 
“The UN is well-prepared to strengthen cooperation with multilateral institutions and governments to promote inclusive and sustainable economic growth”, addressed UN Secretary General Ban Ki-Moon via a video link, he also commends IFF’s contribution to the world’s policy dialogues.
 
On the three-day annual conference themed “Reform the New World Financial Order”, nearly 100 Chinese and foreign financial experts conduct intensive and extensive discussions on three spheres including international trend, China’s development strategy and global collaboration.
 
Topics in the conference involved issues like international financial framework, international monetary system, transition and upgrade of Chinese economy and the impact of financial reform, multi-layered capital market and RMB internationalization, and thus it is regarded as the “highest-level feast for thought in Chinese financial sector”.
 
The International Finance Forum (IFF) is an independent, non-profit and non-governmental international organization and a regular platform for global high-level dialogue and academic research in financial field. It was founded in Beijing in October 2003 under the initiation of over 20 countries and regions such as China, U.S. and E. U., important international organizations such as the U.N., and a large number of financial institutions and financial leaders.

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