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More transparency pushed by think tank

THE global financial crisis reminded people of the importance of government control and called for better rules to oversee world economic order, observers and officials said at the Global Think Tank Summit in Beijing yesterday.

"The market is a good thing in general, but governments have to exert some influence. I don't like to term it 'government intervention,' I prefer to say governments should create an appropriate environment for the economy," said Supachai Panitchpakdi, the former director general of the World Trade Organization.

He said governments should tighten supervision.

"Like other speakers have said, we need rules. However, what we need is not more rules, but better rules," he said.

He called for united efforts to design laws and to establish a new global financial system which stressed transparency and avoided moral risks.

Warwick Smith, chairman of the Australia-based Global Foundation, said the world financial crisis was rooted in the problem that Wall Street had been exposed to more risks than it could manage.

"The world's big banks, more or less, are controlled by their governments and the tendency has become more evident after the crisis," he said, calling for transparency.


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