Quotable quotes of the day at Davos

13:14, February 01, 2010      

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Following are the quotable quotes on the fifth and last day of the 40th World Economic Forum (WEF) Annual Meeting in the Swiss ski resort of Davos, which ended Sunday.

ON CHINA

"China is a core pillar market for us and China will be the biggest contributor to us for the long term," said Jaspal Bindra, Asian chief executive officer of British bank Standard Chartered.

"What we do realize is that there is going to be an increased focus on Asia because the rest of the world is slowing down while emerging markets are growing quickly... Asia is a key part of the bank and we don't shy away from making huge investments in China. For countries like China and India, we have no cap on investments," Bindra said.

"There is a lot of creativity in the market and there are a lot of entrepreneurial people that have great ideas and a lot of good things are happening in China," said Ben Verwaayen, chief executive officer of Alcatel-Lucent, a global telecommunications corporation headquartered in Paris, France.

"Shanghai will become a more and more important international financial center, indeed. It is a policy objective of authorities that Shanghai should take on this role. China is a very large economy and it is growing very very fast. I think there's plenty of room for the role of Shanghai, as well as the growth of Hong Kong. International banks obviously want to play a part in that," said Stephen Green, HSBC chairman.

ON FINANCIAL REFORM

"Debate of big or small banks does not deal with the actual factors that have contributed to the difficulties that each bank has faced, such as funding model, dependency on securitization," said Stephen King, chief economist of the HSBC bank.

"We need to fix the right types of changes... and we should not overreact or rush to short-term actions that may sound good or may grab headlines but quite frankly would not serve the fundamental problems all of us need to address," said Dennis Nally, global chairman of PricewaterhouseCoopers.

"We need good regulation, better regulation but not more regulation," said Lord Levene, chairman of British bank Lloyd's during the meeting.

"I think it's a good time. The world economy has now stabilized, in particular Asia is growing very strongly and in particular China is growing very strongly. But more generally, I think the world economy has stabilized. In Europe and North America, the growth rate may be very slow. But at least there's some growth. That's an environment in which it's the right time for the authorities to start to think about the best ways of strengthening the financial markets so we don't get this repeated crisis," said Green.

"The market can not police itself. It needs a regulatory framework for the markets. So the governments need to make sure the right regulations are in place for the financial development, but the regulations themselves cannot guarantee the good behavior. All they can do is to make sure certain things don't happen. So, there's a real responsibility on the leadership of banks to recognize that they have economic and social responsibility and to ensure their business is conducted professionally," Green said.

ON STIMULUS PLANS

"Governments in the West are not really sure what to do with these debts and we will be in a world of higher taxes and cutbacks in public spending," said King.

"Clearly financial markets are much more nervous about government debt now than what was the case a few months back," King said. Enditem

Source:Xinhua
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