IIF in Beijing, discusses new global financial order

All eyes were one China at an international finance association this week in Beijing. The International Institute of Finance held its Spring meeting in the capital where global financial powers gathered to discuss how to reshape the global financial system and define what a new one would look like. Lui Mingkang, China Banking Regulatory Commission Chairman, highlighted the key to China’s development will be the “scientific development” of capital markets. In response to several members’ comments that the financial system has simply detoured at the moment but will return to the old financial blueprint, Lui was blunt: the response to the crisis is not enough, a new road map has to be drawn up. The IIF predicted a more optimistic 7.5 percent GDP growth for China this year, as compared with the World Bank forecast of 6.5 percent.

China’s GDP will grow 7.5 % this year, finance association forecasts, The Wall Street Journal

China a new architect for global finance?, Beijing Briefs