Malaysian advisers: Efforts should be made to promote financial integration in Asian countries

July 13 Morning News, the Korean government and the International Monetary Fund International High-level Meeting July 2010 12 to 13th in South Korea's Datian Convention and Exhibition Center. The theme of the conference was "Asia in the 21st century: The Road to the future".　　Ooi Sang Kuang, Senior advisor at the Central Bank of Malaysia, said at the meeting that efforts should be made to promote financial integration in Asian countries. Ooi Sang Kuang believes that Asian policies should continue to promote trade and investment and the flow of financial services and funds. Each country in the Asia-Pacific region has comparative advantages and should make full use of such comparative advantages to enhance regional competitiveness.　　In such a context, the integration of finance appears to be very important. "Financial integration should take into account the integration of capital markets and the integration of banking services." The integration of Asian countries in capital markets is lagging behind, and the integration of banking services is lagging behind in Asia. The integration of financial services is critical to Capital management, which provides long-term funding guarantees for the region. "Ooi Sang Kuang said. The current funds are mainly introduced through foreign direct investment, but foreign direct investment (FDI) faces some problems.　　For capital markets, Asia needs more Asian savings, and the integration of banking services will provide cross-border trade, financing and direct investment.　　Ooi Sang Kuang also said that in addition to financial integration, Asia needs more coordination and collaboration among financial institutions and more accountable regulators. The following is a transcript: Ooi Sang Kuang: First of all, I would like to say that the question of quotas and voice mentioned by the guests just now is very important, but we still need to look forward and we need to take further measures on this issue, and I fully agree with him, and I am one of the directors, in the 06 share discussion, I'm a director and I know it's a very difficult question and it takes a long time to solve the problem we need, and it is important that we discuss further in the next January share discussion, we further enhance the role of Asian countries in fund governance, we need more slaves, this more profitable,　　We need to make efforts on both sides, and the Asian Member States and the Fund side also need to make efforts. For Asian Member States, these countries need to be constructive first, even more as a responsible member, as Ms Yang has just pointed out, I fully appreciate the efforts of the Korean and Chinese conquest, but we need to do more, we have an election in Japan, the current ruling party is the opposition, they are now facing problems, To make them aware of the difficulties of becoming a ruling party, it is very easy to become an opposition party, you can criticize, become the ruling parties you will encounter different problems, you have to make decisions, is really very difficult decision, and you have to be responsible. Asian countries do need to be the fruit of some sort of governing IMF, not just the opposition.　　This requires us to change our mindset. On the other hand, the fund needsTo make an effort, at yesterday's meeting, the fund needed to build a realistic model, and we need to listen to the views of Asian countries, indeed. But this is peacetime, you may listen to the views of Asian countries, but whether you are willing to listen to the views of Asian countries in times of crisis is a challenge. In particular, during the Asian financial crisis, we have also experienced, seen a lot of reform, a lot of need to implement and implement, why these problems in the Asian crisis did not come up. Europe has 40% of the vote, so there are problems in Europe and they will take action, so I think it is very important that the Fund should listen to the views of Asian countries.　　But at the same time, it needs to go through the toughest tests. What is important is that we have heard that the United States faces structural problems, and its problems affect Asia, especially the US economy losing competitiveness.　　2nd, we also see fiscal tightening in the eurozone, and there are structural problems, but basically, our conclusion is that more advanced economies, who account for more than the global gdp50%, will be below average growth rate, what does this mean for Asia? I think it has shown that our pain leads to global growth, but is this sustainable? I think this is still a problem that has been raised yesterday, and in the Asian region trade has grown by 50%, but the regional, mainly a part of the production, is ultimately exported to the developed economies. So we have to maintain and increase growth, and beyond the governance process, of course, this is an important issue for Asia, and it is also important for Asia to further enhance and rapidly integrate regional integration. Of course, it is important for us to develop a more integrated region.　　We can promote each other's growth. With further integration, it is known that more economic growth will be created, and more economic growth in the region and at home.　　So that we can sustain rapid growth, while further enhancing the ability of Asian countries to experience economic crises and financial crises, and to further enhance Asia's voice, the representation of Asia will naturally be reflected. It is also important that our policy is to continuously promote trade and investment and to promote the flow of financial services and funds. Our region is diverse, our countries have comparative advantages, we should make full use of such a comparative advantage to improve the overall competitiveness of our region. Financial integration, then, is equally important for economic integration. In this area, the whole Asian countries are far behind, financial integration to take into account the integration of capital markets and banking services integration. Asian countries are more integrated in capital markets, but we are still lagging behind, so the integration of banking services in terms of banking services is even more backward in Asia. Therefore, the integration of financial services, not only to mobilize capital, but also to effective and better capital is essential to provide the region with a longPeriod of funding to ensure that the region we need a large amount of infrastructure inputs and long-term funding for large-scale infrastructure development support.　　These are not yet realized. The current funds were introduced mainly through foreign direct investment, but foreign direct investment (FDI) would also face some problems, and foreign investment would be further reduced.　　Therefore, for the capital market, we need more Asian savings, more importantly, we need to integrate banking services, banking services beyond short-term capital flows, the integration of banking services will provide cross-border trade, financing, direct investment. In addition to financial integration, we need more coordination and collaboration among Asian financial institutions, and we need regulators to share their views and discuss policy options, and to explore and share experiences among financial institutions, which is also crucial for Asia. Together we talk about Asia on the global stage.