Mr. Thomas A. Myers made the keynote address “An Ethical Global Financial System: What Is Broken and How to fix it”.

 

As an excellent American forensic accountant, Mr. Myers analyzed problems in the current global financial system from the perspective of macroeconomics and provided countermeasures. He especially talked about China’s role in solving problems occurred in the ethic-based global financial system.

 

Firstly, Mr. Myers said that ignoring real economy and evading social responsibility has made American financial industry look like a casino. The frequently occurred speculation, financial fraud and bribery not only weakened the financial system, but also widened the gap between the rich and the poor. The Federal Reserve System, representing the interests of speculators and government officials, didn’t carry out effective regulations on such misconducts. Instead, they made the rich much richer and the poor much poorer. However, such problems don’t only occur in the US. The spread of EU debt crisis has arisen people’s attention on economic ethics and the regulation on a global financial system. Mr. Myers pointed out that corruption has become a global challenge, citing Greek and Italian debt issues as examples.

 

Then, Mr. Myers quoted President Hu Jintao’s speech on the 18th National Congress of CPC and emphasized that anti-corruption is urgently needed since corruption is a wide-spread problem. He suggested that financial institutions in the world should cooperate to explore effective regulation measures, jointly promote a sound economic development and protect equal rights of people all over the world. Therefore, countries must focus on the development of real economy and build an equitable, sustainable and ethical financial system to prevent speculators from making the financial market more volatile.

 

At last, Mr. Myers expressed his appreciation on China’s success on real economy development. According to him, the success is reflected in two aspects: ffirsty, the economic development benefits all citizens; secondly, China shoulders corresponding international responsibility. Mr. Myers said that China has become the model of global financial regulating system, citing the green-credit policy issued by China’s banking industry as an example. He pointed out that China must carry out further cooperation with other countries so that both parties can benefit from each other, push forward the reform of a global financial system and a sustainable economic development to benefit people all over the world.

 

Intern reporter: Zhang Mengsha