4 suggestions for #China in building a global center for financial asset allocation by Xiao Gang:
lnkd.in/gzQyA44
1. Speed up market-oriented financial reforms. Build a more market-based, rule-based, international financial sector. Remove redundant administrative controls so that the #market can play a decisive role in resource allocation.
2. Press ahead with #RMB internationalization. Explore the possibility of building a pool for cross-border funds of both RMB and foreign #currencies, upgrade its #forex management, and encourage transnationals to establish global or regional centers for fund management in China.
3. Promote RMB #exchangerate reform and the convertibility of China’s #capitalaccount. Allow RMB exchange rate to float across a wider range.
4.1. Enhance financial #regulation, and build a supervision and early warning system for the entrance of foreign capital to prevent against imported #risks.
4.2. Be prepared for obstructions from Western powers. China's drive to build a global center for financial asset allocation may ignite suspicion, misunderstanding or even backlash. Seek understanding and explore possibilities of cooperation despite the doubts and disagreements.
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