China's transformation from a stagnant, government-controlled economy to a more international free market system has been accelerated by banking and other financial reforms, according to speakers at a conference on China sponsored by the Global Interdependence Center, a non-profit organization based at the University of Pennsylvania and focused on increasing global trade. Jeffrey R. Williams, president of Shenzhen Development Bank (SDB), described three main elements of banking reform, while Ted Chu, senior manager of economic and industry analysis at General Motors, debunked what he sees as current misconceptions about the Chinese economy.Source: Knowledge@Wharton, University of Pennsylvania
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