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Speech of CIC Chairman in Washington

(chinadaily.com.cn)
Updated: 2009-04-01 17:15

Lou Jiwei, Chairman of CIC addresses the Second Annual Roundtable of Sovereign Asset and Reserve Managers in Washington February 18, 2009. Following is the full text:

Distinguished Ladies and Gentlemen, Good afternoon! Thank you for the kind introduction, Mr. Singh.

Lou Jiwei

I am delighted to attend this IMF Roundtable and share with you some important issues affecting global economic and financial stability.

I would like to take this opportunity to talk about my understanding of the current global economic crisis, and the positive role Sovereign Wealth Funds can play as an important stabilizing force in the global financial system. I would also like to take this opportunity to elaborate on some basic information about CIC.

I. Some thoughts on the current global economic and financial crisis

In November 2007, delegates from the CIC attended the First Annual Roundtable of Sovereign Asset and Reserve Managers organized by the IMF. In the past year, the financial turmoil stemming from the sub-prime mortgage markets in the US, ultimately led to a global financial and economic crisis, which brings severe challenges to the world economic growth. Compared with the previous ones, this crisis bears some distinctive features.

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First, this financial crisis originated from the developed countries with relatively sophisticated financial systems; while the previous crises mainly started from the emerging markets. During this crisis, financial markets and real economy of the developed countries were the first to be hit, and then the crisis spread to emerging markets and developing countries.

The crisis has had different impact on countries with different economic fundamentals. With lessons drawn from the Asia Financial Crisis of 1998, East Asian countries have gradually adjusted and improved their macro policies and economic structures, so the impact of the current crisis on them has been relatively mild.

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