Sheng, Lemierre: finance must shift to serve real economy
China Banking Regulatory Commission's Andrew Sheng and BNP Paribas's Jean Lemierre say speculation must be quelled; Sheng urges Asia to develop investment banking industry, create regional champions
Finance must serve the real economy and abandon the speculation seen in recent decades if the global economy is to thrive in the years ahead, Andrew Sheng, the chief adviser to the China Banking Regulatory Commission, has said.
In a fervent address to the Global Islamic Finance Forum in Kuala Lumpur on Monday, Sheng said: "The crisis has highlighted a clash of values. A clash of values that occurred because top bankers said: 'Your interest is not my interest. My interest is to be a market maker
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