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Global Economy Systemic Risk Reduce
Author : Weihua
Submitted : 2011-11-25 16:56:43 Word Count : 655 Popularity: 8
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World Economic Forum New Champions in Tianjin will be opened on the 13th. Officials and economists from around the world generally believe that the world has been greatly reduced systemic risk, the future reform of the international economic system should be strengthened to increase the voice of emerging nations, to play the role of G20 summit boost the development of the global economic balance.
Reduce systemic risk
Zhu Min, the Special Adviser to the International Monetary Fund noted that, compared with two years ago, the global systemic risk has been greatly reduced. Now the global capital and capital structure has been much better than before, and liquidity returned to the normal situation. Even the existence of European sovereign debt crises, but the overall risk has declined.
Chinese Vice Foreign Minister Cui said the global economic center of gravity is shifting to Asia. If you look at the composition of G20 and emerging market countries, developing countries accounted for 50 of the members, more balanced, more balanced, more equitable and representative global governance institutions are playing an active role.
During the discussion, participants said, should strengthen the international financial regulatory cooperation, in particular the framework of the proposed G20 summit to play a role, to promote balanced growth of the global economy. Indonesian Trade Minister Mary Panggesitu said, looking forward to the upcoming G20 summit in Seoul, Toronto summit to honor commitments to promote the discussion of development issues and trade issues, the Doha Round negotiations.
She also said he hoped the summit in Seoul to discuss the IMF reform, hoping for more participation of emerging economies to international affairs, but also to explore the issue of macroeconomic policy coordination, as well as in the G20 framework to achieve balanced development and sustainable development, as well as relevant economic, financial sector reform.
Panggesitu expressed the hope that the summit in Seoul to discuss development issues and trade, continue to push the Doha Round negotiations. She suggested that the summit in Seoul in the latest round of trade negotiations on making the report, and in 2011 to complete the trade negotiations. In addition, the G20 should also be established under the framework of development cooperation based on the infrastructure, the social security system were discussed, these are an important part of crisis.
IMF is changing
Cui pointed out, IMF representation of developing countries, must be considered. He believed that the rise of developing countries is a historic changes need to be more balanced, more equitable and representative institutions of global governance.
The reform of international financial institutions, the quota is one of the most concern. Zhu Min said, G20 is a requirement of 5 of IMF quota from the original over represented in these countries turned to those who represent less than the number of countries, IMF now also have to work, hoping to G20 meeting in Seoul early achievement of objectives.
He also said, IMF reform, the reform of the right to speak is also important topics. Balance the diversity of staff, to establish a more effective voice mechanism, developed countries not only reflects the sound, but also can reflect the voices of emerging markets. In addition, in ensuring that IMF borrowing mechanism from the crisis, and afterwards into a preventive mechanism is also very important issue. Zhu Min said, IMF is changing in many ways, it needs to know G20, IMF also needs the support of all the G20 members.
Has just adopted for Basel III, Zhu Min, said it would affect the financial sector, business model, business model. In Asia, the financial industry a capital adequacy ratio to be higher than the rest of the world market, but Duiyu bank practitioners who Laishui, implementation of the Basel III is not so easy Basel agreements leave Yiding space, Rang all the banks time to prepare.
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