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China, US to deepen financial supervisory co-op

(Xinhua)
Updated: 2009-07-30 15:36

China will strengthen cooperation in financial supervision with the United States to promote global financial stability and economic recovery, Chairman of China Banking Regulatory Commission (CBRC) Liu Mingkang said on Wednesday.

"Strengthening supervisory cooperation and information exchange between China and the US will be a good starting point," Liu told Xinhua in an interview after the first round of the China-US Strategic and Economic Dialogue.

Related readings:  China, US pledge to expand economic cooperation  China, US eye broader energy cooperation  China, US dialogue to focus on strategic, economic issues  China-US Strategic and Economic Dialogue

According to Liu, the current financial crisis has triggered a comprehensive review of financial regulation.

He added that current international supervisory cooperation remains rudimentary and that cooperation was too superficial.

"Regulatory agencies of different countries should work together and resolve problems through concerted efforts," he said.

Thanks to the efforts of the Chinese government and supervisory agencies, China's banking sector has grown much stronger in recent years, offering strong support for overall economic development, Liu observed.

An increasing number of Chinese banks are setting up branches in the United States, while many US banks are also strengthening their presence in China. Liu believed it was therefore necessary for both sides to intensify the efficiency and effectiveness of cross-border supervisory cooperation.

"We look forward to working together with regulators from different jurisdictions to improve supervisory standards and enhance banking supervision to build strong banking systems," Liu said.

According to Liu, the CBRC was ready to provide relevant information on Chinese banks that have presence in the United States. Also, he hoped "the US side could reciprocally provide the information we need."

"The two sides could also set up a regular mechanism for information exchange on specific topics such as mitigation of cross-border risks and crisis management," Liu proposed.

"We notice that the US side appreciates China's progress in banking supervision. This is partly manifested in the development of Chinese financial institutions in the US. On the basis of such consensus, I hope the US would positively consider the Chinese banks' applications for setting up subsidiaries or making investments in the US," Liu added.

Liu considers the financial regulatory reform a challenging systemic process. In practice, it was important not only to have a broad vision and building block approach, but also to identify priorities. One must recognize the fundamental problems and ensure an effective resolution from the beginning, Liu suggested.

He believed that amid the current financial crisis, stronger cooperation between China and the United States will send a strong message to the rest of the world that "we have both the resolve and confidence to overcome the crisis."

"This will be a win-win outcome," Liu concluded.