TAIPEI – Financial institutions in Asia face a golden opportunity after the global weakening of making the Western countries shaken. These potentials should be utilized well.
Deputy Commissioner of Government of Singapore Investment Corporation (GIC), Tony Tan said, companies in Asia have better conditions than its competitors in Western countries. Asian companies will be the main actors of expansion in the next few years. “Western banking system is already facing shocks global regulation of capital and thus greater need additional capital to finance growth anticipated to continue growing Asia. It makes financial institutions and markets in Asia have the advantage in the next few years,” he said yesterday.
Currently the company GIC assets under management (sovereign wealth fund) the fourth largest in the world. Total portfolio of state-owned Singapore is more than USD100 billion. Tan revealed, the benefits of Asian banks rose compared to Western countries as the spread of the global financial crisis. This crisis has triggered Western banks have capital and liquidity shocks. Western banks also felt a surge of troubled assets due to an increase in problem loans. As a result, the health of capital, liquidity, and banking assets of troubled auh Asia better than its competitors in the West.
“But, banks and capital markets in Asia have to quickly develop themselves and take advantage of this situation. Regulators and financial sector authorities in Asia to enhance cooperation with financial institutions in more strongly to regional financial markets and capital markets can be developed further,” please Tan. “Bank of Asia to benefit from entering a crisis with a relatively healthy levels of capital, liquidity and non-performing assets, but they now have to act quickly,” said Tan. “Regulatory and development authority in the financial sector in Asia need to work together like never before with one another and the financial institutions to develop regional financial and capital markets.”
Threat Double-Dip Recession
The International Monetary Fund (IMF) warned that countries are in Asia over the threat of recession both (double-dip recession) if in a hurry to end economic stimulus policies. Double-dip recession is the economy back into recession after experiencing a moment of growth.
“If you’re too quick end (stimulus policies), there is the risk of going back in time resesi.Anda never know, it might happen,” said IMF Managing Director Dominique Strauss-Kahn in Japan yesterday. The problem, says Strauss-Kahn, the government – governments in the world was exhausted by mobilizing all the potentials and policies to support growth. However, the weakening economy will only happen if they are too quick end to the stimulus policies. “I also do not know what else we can do,” he said. He admitted that the global economic rebound tandatanda already exists. However, many global players who argued was too early end to the stimulus.
According to Strauss-Kahn, the condition of the company and unemployment are the best indicators to decide when to end the policy stimulus. Until now these two things are still bleak. “Private demand is dependent on government spending is not a sustainable path. And there is an increased risk of unemployment in the future,” he said. Strauss-Kahn assessing, policy makers in Asia have started to plan out the design krisis.Ini strategy will be the reference state economy to deal with the crisis to get out of the crisis. Problem China’s monetary tightening worries, Strauss-Kahn did not give a clear description. “Sure, we need a high growth in China,” he said.
Strauss-Kahn added that the central bank is keeping the market too long could invite other problems such as the manipulation of assets. The IMF also asked the government to maintain an aggressive budget and that funding with government bonds.
beitarnews
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Economy
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01 15th, 2010
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