Chinese financial institutions must be very cautious when they are considering the possibility of investing in the developed market amid the global financial crisis, warns a Chinese expert in an interview with People's Daily Online on Oct. 8.
Chen Baosen, a research fellow of the Chinese Academy of Social Sciences, said that it may not be the right time for Chinese money to get in Wall Street where banks were struggling for survival.
He gives two reasons for the prudence. Firstly, the situation of the US financial market is currently too complicated to make judements. Secondly, Chinese financial institutions are still not well prepared enough in terms of management and supervision. They don't have enough right persons to do those things.
"Don't be haste to take the risks," he said.
Chen also stresses that the national interest should be the most important factor of China's any decision on whether it would buy the US treasury bonds.
By People's Daily Online
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