The global financial crisis will not delay, and could even accelerate, the pace of financial reform in China, one of the country's leading financial officials said yesterday.
His comments come amid signs that China will proceed with the introduction of margin trading and short selling of shares despite the current turmoil. Many countries have imposed restrictions on short selling to combat market turbulence.
Fang Xinghai, director general of the Financial Services Office of the Shanghai municipal government and a former deputy chief executive of the Shanghai Stock Exchange, said it would be wrong for China to conclude that sophisticated financial products should be avoided at all costs.
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