China committed to reform course, unswayed by market turmoil abroad

Against a backdrop of deepening global financial turmoil, the Chinese government remains committed to its long-term course of market-oriented reforms. Recent turbulence in foreign markets, while highlighting the need to boost China’s regulatory oversight, could also offer useful insights into how to structure the nation’s own capital markets. “The current financial crisis allows us to learn how to regulate the modern financial system,” said Zhang Xiaoqiang, Vice-Chairman, National Development and Reform Commission, People’s Republic of China, at the World Economic Forum’s Annual Meeting of the New Champions 2008.