The second is to increase their business activity in the expanding Chinese and other Asian markets, and further deepen economic interdependence with them. And the third is to address global challenges such as the development of sustainable energy sources and environmental protection.
In view of the growing integration of markets across borders, it is imperative that domino effects are minimised by refining and upgrading the financial infrastructure in all its vital components, such as accounting standards, including income recognition and provisioning norms, disclosure standards and insolvency laws. This upgradation is to be attained in conformity with international best practices.