Exhibit 5 shows that China’s consumption share – the solid line – which was already well below that of other major economies in 2000, has fallen steadily over the past decade to about one-third of its GDP.2 Private consumption shares in other emerging Asian economies – the dashed line – are also significantly below those in the advanced economies – the dotted line – and have not moved up in the wake of the global financial crisis.
The Commission and the Committee of European Securities Regulators (CESR) are currently finalising the complex layout of Level 2 measures and the European Securities Committee will be very busy over the coming months with the implementing measures of the MiFID. As always, “the devil is in the details” and careful drafting is highly important.