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BIZCHINA> Center
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Conclusion
By Andrew Sheng (chinadaily.com.cn)
Updated: 2008-11-17 10:21
Even if it erupts as a financial crisis, its resolution would inevitably be political because the distribution of losses would be highly arbitrary and controversial. Ultimately, all financial crises are crisis of governance. Financial crises prove that financial engineering cannot create perpetual prosperity. It takes good governance, at the corporate, financial and social level, to generate long-run sustainable stability. All crises have to be solved by governments, and if not satisfactorily, by the next government. In one sense, I am hopeful. The present financial crisis has creatively destroyed many myths and out-dated theories. Free-market fundamentalism has truly been marked-to-market. The author is chief advisor at the China Banking Regulatory Commission and former chairman of the Hong Kong Securities and Futures Commission.
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