The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement after U.S. Treasury Secretary Henry Paulson delivered a speech before China’s Shanghai Futures Exchange.
“Removing the roadblocks that prevent innovation, reform and modernization is essential to the success of the global financial marketplace,” said Marc Lackritz, SIFMA co-CEO. “Such barriers hurt not only the international community being barred from entry, but also stunt the growth and development of the ‘protected’ economy by blockading expertise and innovation at the border.”
“We congratulate Secretary Paulson and the Treasury Department for continuing this dialogue,” Lackritz added. “Because financial reform is in China’s self-interest and is critical for achieving more balanced economic growth, we are optimistic that these talks will prove fruitful in the short term. But, we must remain grounded in the understanding that immediate results can not be willed overnight.”
