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Trade finance: A vital link to the real economy
23 July 2009
Xiao Gang, chairman of Bank of China (BOC), takes a leading view on innovation and development of China’s financial markets in the context of trade finance, explaining why it is central to the future of China’s economic development.
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trade finance
real economy
credit crisis
China trade
China economy
Bank of China
cash management China
Xiao Gang
This article appears in the July/August print edition of Trade Finance under the headline 'Trade finance as the vital link to the real economy'.
Bank of China (BOC) has been awarded the title of ‘Best Trade Finance Bank in China’ by Trade Finance for the third time in a row, for which I am very proud and honoured. The overwhelming financial crisis has posed serious impact on global finance and economy and brought about far-reaching consequences on both the international financial regulation and the development pattern of financial market. Such an award is of particular importance to BOC under such circumstances.
One of the most profound lessons of the crisis is that the innovation and development of financial markets must closely align with the real economy, and the development of the real economy should be built upon the long-term stable development of the financial markets. Trade finance, a...
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