As you might know, the President’s visit to the European Parliament for the last Monetary Dialogue of his tenure was rescheduled at the last minute, so it was not possible for him to participate tonight. He sends his apologies and wishes you a very interesting and fruitful conference.
Since the existing laws fail to solve the problems confronted in the supervision of financial holding companies and to provide strict legal definitions for new financial business, potential risks are likely to increase and spread across different financial markets. According to the definition made by the Basel Committee, the cross-market risks undertaken by China’s financial institutions are in essence legal risks. III.