The diversion of investment out of the real economy and multi-layer nested investment in China’s financial sector had been among the most severe of the kind, so we must prevent a replay of the past. Eighth, we must face up to the problem of the financialization of real estate in some parts of China.
The success of such a process depends mainly on making the best possible effort to ensure consistency and reduce complexity in practice. Thank you for your attention. BIS Review 79/2007  3