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Western financial oversight system unfit for emerging economies

(Xinhua)
Updated: 2009-03-23 23:46

BEIJING - China regards the financial oversight system in developed countries as unfit for emerging economies, vice governor of China's central bank said here Monday.

Hu Xiaolian from the People's Bank of China said it is necessary for the Financial Security Forum to develop a new assessment system to fit the special conditions of emerging economies.

Hu made the remarks at a news briefing about Chinese President Hu Jintao's attendance at the G20 Summit to be held in London on April 2.

Reform of the global financial oversight system is expected to be a highly contended topic at the summit.

"Taking into consideration the special conditions of the markets and financial sectors in emerging economies, we think it is not suitable to directly apply or copy the practice of financial oversight in developed countries and mature economies to emerging economies," Hu said.

Hu said a reformed global oversight system should put all stakeholders in the financial market, especially those major players with systematic influence, under supervision.

"It is necessary to pay attention to the universality of oversight rules so as to avoid regulatory arbitrage," Hu said.

He called for financial institutions to scale back reliance on ratings by outsiders and develop a capacity of interior rating. He also called for an adjustment to the application of accounting principles and development of new policy tools to ease the current crisis.

Hu said China supports the development of universal principles or best practice guidance on the bankruptcy and clearance of multinational financial institutions so as to give equal treatment to all investors.

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