Treasury Under Secretary for International Affairs David McCormick
Remarks on Global Financial Turmoil and its Implications for China
Shanghai –Thank you, Vice Chairman Zhu, for your kind introduction. I would like to thank the co-chairmen of the forum, Governor Zhou and Mayor Han, as well as the co-hosts of the forum at the CBRC, the CSRC, and the CIRC for inviting me to deliver remarks today. It is my distinct honor to participate in this inaugural session of the Lujiazui Financial Forum. I anticipate this year's event will be the first of many lively and informative sessions.

Today I'd like to talk about the recent financial turmoil in the United States – why it happened, how we have responded, and what lessons we have drawn for financial regulation and policy for the longer term. I will also suggest some of the lessons that I hope China will draw from this episode and why recent events should be seen as all the more reason for China to push ahead with financial sector reform.