China, US to deepen financial supervisory cooperation

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

 

Liu Mingkang said, "Strengthening supervisory cooperation and information exchange between China and the U.S. will be a good starting point." This after the first round of the US-China 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.

 

China View reported that 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. Liu suggested one must recognize the fundamental problems and ensure an effective resolution from the beginning.