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Chinese official calls for close attention to sub-prime crisis
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"As economic globalization and financial innovation develops and financial risks spread, the uncertainty of the sub-prime mortgage loan crisis in the United States will be more obvious next year, and China should pay close attention," said Liu Mingkang, president of China Banking Regulatory Commission, at the 2008 Caijing Magazine Annual Conference.

Although many Asian countries declared that the crisis would not have tremendous impact on their economies, capital flows have the potential to stimulate the spread of an economic crisis. China is currently experiencing excessive liquidity and rising asset prices. Moreover, China's financial system is not perfect, so the country should be well prepared to deal with a possible economic crisis and keep any external influences to the minimum.

Achievements have been made in macro control, but we still should not underestimate the power of inflation and take note of the fact that fast growth easily causes overheating. We should pay particular attention to investment and credit risks. Macro controls must be strengthened in China via interest rate policies, monitoring exchange rates and managing taxes as well as monetary policies, Liu said.

For more details, please read the full story in Chinese. (

( December 11, 2007)

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