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Opportunities for sustained growth and restructuring
March 17, 2009, Tuesday
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Print Edition
Print Edition
INTERVIEW with Fang Xinghai:
Q: Shanghai is building its financial center. What are some of the challenges during the global downturn?
A: The construction of a financial center hinges on China's economy and financial market, which are both promising.
The presence of the financial market in the whole economy is still relatively low, suggesting huge potentials.
In a certain sense, the crisis brings about some opportunities. In time of crisis, people become more keen on financial innovations. It's easier to build consensus.
Q: The Shanghai government has been wooing Chinese financial talent studying and working in the West.
Since this crisis has exposed flaws in Western economic theory and practice, how can we utilize the talent without introducing the flaws?
A: It's always a matter of China-West integration. After returning home, they must spend time studying Chinese conditions.
As these talents have experienced both the successes and failures of the market, this preparation will help them better grasp the role of the market in China's economy.
Q: What are some of the structural adjustments China's economy will undertake in the futue?
A: China's exports should not be allowed to be at about 40 percent of the GDP as it was in recent years.
Many developed countries will rethink their policies of satisfying their domestic consumption through imports, suggesting China will need new engines for growth.
When China taps domestic consumption, it must first come to grips with the task of narrowing the income gap.
Q: Shanghai is building its financial center. What are some of the challenges during the global downturn?
A: The construction of a financial center hinges on China's economy and financial market, which are both promising.
The presence of the financial market in the whole economy is still relatively low, suggesting huge potentials.
In a certain sense, the crisis brings about some opportunities. In time of crisis, people become more keen on financial innovations. It's easier to build consensus.
Q: The Shanghai government has been wooing Chinese financial talent studying and working in the West.
Since this crisis has exposed flaws in Western economic theory and practice, how can we utilize the talent without introducing the flaws?
A: It's always a matter of China-West integration. After returning home, they must spend time studying Chinese conditions.
As these talents have experienced both the successes and failures of the market, this preparation will help them better grasp the role of the market in China's economy.
Q: What are some of the structural adjustments China's economy will undertake in the futue?
A: China's exports should not be allowed to be at about 40 percent of the GDP as it was in recent years.
Many developed countries will rethink their policies of satisfying their domestic consumption through imports, suggesting China will need new engines for growth.
When China taps domestic consumption, it must first come to grips with the task of narrowing the income gap.
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