BEIJING, Jun. 28 -- Chinese central bank Governor Zhou Xiaochuan said emerging nations must play a bigger role in world financial reforms.
Problems such as financial crises "can no longer be solved properly under the old traditional framework," Zhou wrote in a commentary published on Caijing magazine's website Saturday to coincide with a financial forum in China. At the Shanghai event, Deputy Governor Yi Gang said the nation could benefit from moving swiftly.
Leaders of the Group of 20 nations meeting in Toronto Saturday will discuss altering financial rules to prevent a repeat of the 2008 crisis that triggered a global recession. The US will argue for tougher regulation of the derivatives market, stronger capital requirements for banks and safeguards against market manipulation, according to President Barack Obama.
The G20 includes the US, the European Union, Japan, Germany and emerging economies such as China, India and Brazil. Zhou is attending the summit as part of a Chinese delegation led by President Hu Jintao.
Since a G20 summit in London, developing nations and emerging economies have had a "louder voice," Zhou wrote in the article. "There has been consensus that their participation is needed in coordinated actions in global economic and financial policies, as well as in the drafting of rules for global financial regulation."
'Challenges' for China
China's rising influence poses "challenges" for the nation, said Zhou, citing the need for policy makers to assess key issues and reach a consensus.
China should actively participate in efforts to draft regulatory rules and could benefit by being at the forefront of adopting them, his colleague Yi said Saturday. Yi sees an opportunity to narrow a gap between Chinese and international standards and strengthen the safety of the domestic financial system, he said in a speech.
"Other countries may take a long time to debate those standards and it may be difficult for them to reach a consensus," said Yi, who's also the head of China's currency regulator, the State Administration of Foreign Exchange.