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ADB: sounder financial system harbingers faster growth in Asia
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CHINA should accelerate its reform in the financial sector because the country can grow faster if it embraces a more inclusive and more advanced mechanism of finance, Donghyun Park, principal economist of Macroeconomic Research Division under the Asian Development Bank, said in Shanghai today.
“The global financial crisis has given finance a bad name,” Park said during a lecture at the Shanghai Academy of Social Sciences “But indeed, finance can help foster economic growth in case it is well developed.”
Park said China still has room to improve the efficiency of its financial sector. “It is not costless if China moves too slowly in the reform,” Park said, adding it is possible for more financial innovation taking place in the country without compromising the sector’s stability.
During the lecture, Park introduced the new book “From Stress to Growth: Strengthening Asia’s Financial Systems in a Post-Crisis World,” produced by the bank in partnership with the Peterson Institute for International Economics. The book, co-edited by Park, has a chapter dedicated to analyzing the development of China’s financial sector.
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