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18 Dec 2013

Reform puts China centre stage

Stuart Gulliver, HSBC Chief Executive

by Stuart Gulliver

HSBC Group Chief Executive

Chinese reforms could be "the catalyst not only for China's development, but for the future of global investment", according to Stuart Gulliver, HSBC's Group Chief Executive.

China's economic role is not currently matched by its voice in the future of the global financial architecture

Speaking at the Fung Global Institute in Hong Kong on 5 December, Mr Gulliver said the reform plan agreed by China's leadership at the Third Plenum in November 2013 could have far-reaching consequences: "First, it lays the foundation for the greater participation of the private sector within the Chinese economy. Second, it will help unlock Chinese investment potential and could have profound repercussions for global trade flows. And third, it will open the door to China playing a more fulsome role at the centre of regional and global financial diplomacy, which will boost Asian influence at a global level."

Reforms agreed at the Third Plenum cover 16 areas and 60 individual items, with leaders saying that market forces should have a "decisive role" in the allocation of resources.

Mr Gulliver said that in the longer term, this could create the conditions for China to play a more vocal role in international organisations: "China's economic role is not currently matched by its voice in the future of the global financial architecture."

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