*  *  *  Governor Dr. Subbarao, Prof. R. Radhakrishna, Chairman, National Statistical Commission, Dr. Aurel Schubert, Director General, Statistics Department, European Central Bank (ECB), Deputy Governor Dr. Subir Gokarn; other distinguished speakers Prof. J.R. Varma, IIM Ahmedabad, Prof. Probal Chaudhuri, ISI Kolkata and Prof. Amit Bubna, ISB, Hyderabad; Deputy Governors, colleague Executive Directors, distinguished guests from the financial sector and academia, members of the press, Shri A.
Although it is quite common that in developing economies the securities market is not developed yet and direct financing is difficult for enterprises to access, such a high ratio of indirect financing in China exerts some difficulties for the asset-liability management and risk control for the whole economy. Third, the ratio of M2 to GDP is too high.