1. Text: | Print|

      Bank execs urge interest rate reform

      2013-09-12 08:22 Global Times Web Editor: qindexing
      1

      Top executives at China's leading joint-stock commercial banks said Wednesday that interest rate liberalization is essential for the country's economic development and financial reform.

      Hong Qi, president and CEO of China Minsheng Banking Corporation, said that China should liberalize its interest rates in a bold way.

      "The way we liberalize interest rates will be fundamentally different from the method in Western countries. We should liberalize interest rates first, work out what the obstacles are, and then remove the obstacles," Hong said at a panel discussing the country's financial outlook at the World Economic Forum in Dalian, Northeast China's Liaoning Province.

      China has had tight controls over its interest rates in order to avoid financial risks such as vicious competition among commercial banks. The country removed the floor for lending interest rates in July, but kept the cap for deposit rates.

      Hong said that China is now gradually pushing forward with interest rate reform, and hopes to minimize the negative effects that the change will have on the market.

      Li Mingxian, president of China Guangfa Bank, said that China's financial market and most commercial banks are prepared for the country to remove the ceiling deposit rate, which currently stands at 110 percent of the benchmark rate set by the People's Bank of China, the central bank.

      "The authorities have been controlling the financial market too much," Li said. "Interest rate liberalization will be a vital factor for the market to achieve efficient allocation of resources."

      Hong said China's deposit rate cap could be removed in 2015, after the deposit insurance and bank closure systems are established.

      William Rhodes, senior advisor to Citi and another member of the panel, said that China needs to carry out its interest rate liberalization plan in "a careful and coordinated manner."

      Rhodes suggested that changes should be made in test fields first. "The opening up of the financial system is going to be done in a free zone, so Shanghai's new free trade zone will be very important," he said, noting that the zone could be the test field for innovative ways of dealing with the yuan, even including free convertibility of the currency.

      Adair Turner, senior fellow at the UK-based Institute for New Economic Thinking, agreed with Rhodes, noting that China also faces the challenge of dealing with increasing debts and cheap credit.

      "Every other developed economy that has had such a rapid increase in leverage has had some form of financial crisis and a major setback to growth," he said.

      Turner said interest rate liberalization would help bring shadow banking - which has contributed to the growing debts - back into the formal and regulated banking system.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 亚洲国产韩国一区二区| 大学生美女毛片免费视频| 亚洲av午夜精品一区二区三区| 亚洲AV无码成人专区| 91精品免费高清在线| 亚洲国产综合精品中文第一区| 美女无遮挡拍拍拍免费视频| 亚洲女同成人AⅤ人片在线观看 | 久久电影网午夜鲁丝片免费| 亚洲色欲或者高潮影院| 最近2019中文字幕免费大全5| 亚洲国产精品不卡在线电影| 三级网站免费观看| 亚洲欧洲国产精品香蕉网| 亚洲天堂免费在线视频| 久久精品国产精品亚洲艾草网美妙| 免费看一级高潮毛片| 亚洲另类激情专区小说图片| 国产免费MV大全视频网站| 亚洲国产精品国自产拍AV| 成人无码区免费A∨直播| 国产日韩成人亚洲丁香婷婷| 亚洲毛片基地日韩毛片基地| 中文字幕日本人妻久久久免费| 亚洲中文字幕无码不卡电影| 精品无码一级毛片免费视频观看| 亚洲AV永久无码精品一区二区国产 | 嫩草视频在线免费观看| 国产婷婷综合丁香亚洲欧洲| 美女内射毛片在线看免费人动物| 亚洲一区综合在线播放| 久久精品毛片免费观看| 亚洲av永久无码精品三区在线4| 2021在线永久免费视频| 天堂亚洲国产中文在线| 99爱在线精品视频免费观看9| 永久亚洲成a人片777777| 国产亚洲人成在线播放| 日韩a级毛片免费观看| 亚洲AV无码国产一区二区三区 | 亚洲偷自拍另类图片二区|