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HSBC chairman: China business not hit by financial crisis

(Xinhua)
Updated: 2009-01-31 10:38

HSBC business in China has not been hit by the financial crisis, said Stephen Green, chairman of HSBC Group said at the World Economic Forum on Friday.

He said that he was confident over the development prospect of China's economy and was satisfied with the reform of China's capital market. China's fiscal stimulus package will play an important role in pushing Chinese economy forward.

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At a press conference held in Davos, Switzerland, on Friday, HSBC called for the creation of a new set of principles and rules that promote international trade by increasing transparency and simplicity in the financial system, and proposed a forum to enable global businesses to engage with governments and regulators as this new marketplace is constructed.

The concept of the "Business 20" forum, which has the support of the British government, is to mirror the G20 group of the world 's most influential economies in both the developed and the developing worlds.

Stephen added that the B20 would draw together companies from both the developed and emerging worlds to help inform policy and create a more stable global economy. It would be the voice of sustainable business.

"We must create a global principles-based system that promotes trade, allows investors to move capital across borders with confidence and removes needless, and often misleading, complexity from financial products."

He said that this crisis was possibly the worst since the 1930s. There are lessons to be learned in this for all banks, financial institutions, governments, regulators and each of private consumers.

He listed major lessons as the following: The current financial framework has proved inadequate and must be fundamentally revised. Business needs to cooperate with government and regulators in the creation of a new global marketplace for all industries and consumers.