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Mature Capital Markets Key to China’s Sustained Growth, Experts Say at International Conference

Beijing, September 18, 2014— China needs to develop more mature and liquid financial markets in order to meet the government’s objectives for sustained growth led by domestic economic activity, international experts said at a capital markets conference in Beijing today.
The conference was co-hosted by IFC, a member of the World Bank Group, Industrial and Commercial Bank of China (ICBC), and the Institute of International Finance (IIF). It was attended by [more than 150] leading Chinese and international experts who discussed trends in China’s economic growth and the role of capital markets in financial reform and private sector financing.
Participants also addressed the role of free trade zones, increasing capital flows to and from China, and the impact of disruptive technologies on financial services. Panelists included senior officials from the Chinese Academy of Social Sciences, Ford Motor Company, Korea Development Bank, the London Stock Exchange, and MasterCard.
“It is crucial for Chinese banks to continuously improve their risk management practices,” said Jianqing Jiang, ICBC Chairman and Executive Director of the Board. “We should make sure that the reform of our risk management model meets the challenge of China’s economic structural adjustment and improves our capability to detect risks early on. We should also optimize management processes to meet the challenges that the age of Big Data presents and accelerate the pace of innovation in risk management to meet the challenges of the age of Big Asset Management. We also need to improve our risk pricing capability to meet the challenge of interest rate liberalization and, finally, improve group risk management capabilities to meet the challenges of globalization and integrated development.”
"China’s capital markets have an essential role to play in sustaining economic growth,” said Jin-Yong Cai, IFC Executive Vice President and CEO. “Financial-sector reforms that promote deeper renminbi markets will encourage greater international and domestic investment in China, supporting private sector development and job creation.”
"Financial sector reform is the key to sustained economic growth and offers opportunities beyond the financial sector to the broader economy,” said Timothy Adams, president and CEO of the Institute of International Finance. “China is poised to reap the benefits of developing its financial sector at a time when technological innovation allows firms to better serve their clients, as well as reach the millions who lack access to financial services, which benefits everyone.”
The conference "Sustained Growth and Financial Reform in China: The Role of Capital Markets” was organized in partnership among the three institutions.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org
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About ICBC
Industrial and Commercial Bank of China LTD(ICBC) is one of the largest listed banks in the world with total asset of RMB 20.3 trillion and presence in six continents. Through our global network, we provide comprehensive financial products and services to 5,032 thousand corporate customers and 449 million individual customers.
Upholding the management tenet of “Focusing on Customers and Creating Value through Services”, we constantly improve our financial services to enrich brand connotation, with the brand image of “By Your Side and as Your Trust” being widely recognized.
In 2013, ICBC ranked No.1 among Top 1000 World Banks by The Banker . Among the Global 2000 listed by Forbes , ICBC became the largest enterprise in the world and was added to the list of Global Systemically Important Banks .
About IIF
The Institute of International Finance (IIF) is the ding global association of financial institutions, with close to 500 members from more than 70 different countries. Our members include banks, insurance companies, asset managers, sovereign wealth funds, pension funds, central banks, and development banks.
Our mission is to support our members in prudently managing risks and to advocate for regulatory, financial, and economic policies that are in the broad interest of our members and that foster global financial stability and sustainable economic growth.