BEIJING -- Following are some quotes from Yang Kaisheng, a political advisor and president of the Industrial and Commercial Bank of China (ICBC), at the annual session of the Chinese People's Political Consultative Conference (CPPCC) National Committee:
-- Innovation provides important impetus to the development of finance market. China's finance market is under-developed in both depth and scope.If we simply copy some measures taken by western countries in coping with the financial crisis and slow down the pace of financial innovation, there may also be some unexpected risks.
-- If we don't speed up innovation and manage to launch more financing and investment vehicles, it will not only leave us shorthanded in meeting the increasingly diversified needs of financial services from the real economy, more and more credit risks will also accumulate on the banking sector. That will undermine the stable operation of banking sector and the sustainable development of the whole economy in the long term.
-- Yuan-demoninated loans outstanding in China's banking sector have totalled 55 trillion yuan. China's economy needs to maintain a relatively fast pace over a period of time, which requires the banking sector to keep a corresponding loan input.
-- Loan assets of China's banks are in lack of liquidity and not tradable due to lack of second-grade loan market as a result of insufficient financial innovation.
-- It is a severe challenge for China's banking sector to continuously meet the demand for assets supervision and meanwhile provide financial support necessary for the development of the real economy.
