| The recovery we are seeking is not sheer growth in numbers, but rather a green recovery of quality, efficiency and friendliness to the environment |
| ----Long Yongtu |
| Former Secretary General, Boao Forum for Asia |
|
| Reach out and say thanks to each other - this is the spirit of Boao Forum for Asia |
| ----Fidel Ramos |
| Former Chairman of the Board, Boao Forum for Asia |
|
| As a small island nation, around 75% of our population depends on agriculture. Environment is the lifeline of our country |
| ----Jose Luis GUTERRES |
Deputy Prime Minister,
Democratic Republic of Timor-Leste |
|
| The real challenge facing countries with substantial natural resources is how to move from a resource-extensive economy into a resource-efficient one |
| ----Sukhbaatar BATBOLD |
| Prime Minister, Mongolia |
|
| Green recovery is not only good for our planet. It is also good for business. Export of Danish green energy technologies has tripled over the last decade and has grown substantially faster than export of ordinary goods. |
| ----Lars Lokke RASMUSSEN |
| Prime Minister, Kingdom of Denmark |
|
| For G20, coordination in exit strategies is important but not easy because countries maybe be in different stages of recovery |
| ----Zhou Xiaochuan |
| Governor, People’s Bank of China |
|
| I’d like to see China and other Asian countries to be more assertive about the need for western financial system to be properly supervised, for all market participants to be transparent in their operations and for there to be behavioral changes and improved risk control cultures within their organizations. |
| ----Gerry GRIMSTONE |
| Chairman, Standard Life |
|
| Where the global demand and consumption is going to come from in the next decade is one major issue that G20 should focus upon rather than trying to micro-manage in the short-run policy coordination. |
| ----Jean-Pierre LANDAU |
| Deputy Governor, Bank of France |
|
| The United States has been used to being a leading economy and I think still is a leading economy. But we have to exercise our leadership in a very different way: we have to be both a leader and a listener. |
| ----Robert HORMATS |
| Under Secretary of State, USA |
|
| The G20 has a challenge to balance inclusiveness and efficiency - or effectiveness in terms of decisions to be made in going forward. Its relevance will significantly depend on the results that can be achieved and whether we can have leaders that are thinking for the next generation and not only the next election |
| ----Juan Jose DABOUB |
| Managing Director, the World Bank |
|
| There was a huge shift in advanced economies which over the years had talked about free trade, free economy, market forces to determine health of the economy have suddenly turned over their heads and started talking about protection and bailing out companies. |
| ----Rajan Bharti MITTAL |
Vice Chairman & Managing Director,
Bharti Enterprises |
|
| Please don’t be defensive on the point made by many people that export-led models are the thing of the past. Export-led models for certain countries are precisely the way to go. You just have to build on it, to move from OEM to ODM, for example. |
| ----Shaukat AZIZ |
| Former Prime Minister, Pakistan |
|
| Our model is not for the Government to intervene, but to facilitate. Our government did facilitate enormously in the IT industry by creating software technology parks, preferable policies, tax breaks for the right export and - the key to India - opening up education to the private sector. |
| ----N. CHANDRA |
Managing Director & CEO,
Tata Consultancy Services |
|
| Japan is a rapidly aging society. The population is due to shrink. This has been the root cause of Japan’s stagnation and has put tremendous constraints on Japan’s growth. |
| ----Yoichi FUNABASHI |
| Editor-in-Chief, Asahi Shimbun, Japan |
|
| So-called green industries subsidized by governments may not be green at all. They could be rather polluting. The US has made a mistake in developing bio-fuel and the mistake has not been realized. |
| ----Daigee SHAW |
President,
Chung-Hua Institution for Economic Researc |
|
| Conclusion of the Doha Round can be the best insurance policy of the recovery. We need to work together with all major partners to go the final mile. |
| ----YI Xiaozhun |
| Vice Minister of Commerce, China |
|
| The private sector must speak out and speak out loud that the multilateral trade system has done a lot to actually produce jobs and growth in the world. We are running a danger of putting that in jeopardy if we do not stop this rising trend of protectionism. |
| ----Victor FUNG |
Chairman, International Chamber of Commerce;
Chairman,the Li & Fung Group |
|
| The Greek experience has shown us that the European monetary union, while having a lot of strength, has some real risks. The risks were that in a crisis situation, the normal tools available to the state and the EU can not impact the issues which a country faces. |
| ----Shaukat AZIZ |
| Former Prime Minister, Pakistan |
|
Japan’s Lost Decade - almost 20 years of stagnation - has not been caused by the Plaza, but by demographics and then public debt. |
| ----Yoichi FUNABASHI |
| Editor-in-Chief, Asahi Shimbun, Japan |
|
| We discussed job losses linked to protectionism, giving politicians a good excuse for introducing protectionist measures. Another good excuse is the environment. Whether or not you define protectionism as green, it’s protectionism. |
| ----Lars Lokke RASMUSSEN |
| Prime Minister, Kingdom of Denmark |
|
| The biggest debt we have taken on is the mistrust between the real economy and the financial economy. Can we still trust blindly rating? We should not. Should we trust the financial services’ advice blindly? No, we should challenge it. |
| ----Klaus ENGEL |
Chairman of the Executive Board,
Evonik Industries AG |
|
| Any businessman who’s run his business without cycles or run it counter-cyclically must be a lucky man. He should be either in Las Vegas or Macao gambling. |
| ----B. MUTHURAMAN |
| Chairman, Tata International Limited |
|
| Don’t rush in until you understand all the risks. Some of the risks may be cultural. Some of them may be strategic. Some of them may be sovereign risks across the country you are looking to invest in. |
| ----Russell SCRIMSHAW |
| Executive Director, FMG |
|
| When we are confronting difficulties during the integration period of an M&A, we often tend to identify those difficulties as country-cultural when they are in fact company-cultural. Company cultures could be extremely different. |
| ---- Par OSTBERG |
| Senior Vice President, AB Volvok |
|
| We seem to be all believers of globalization, but let’s not forget that around 1900 the world was about globalized as it is today. Then it went totally backwards. |
| ----Max Burger-Calderon |
| Non-Executive Chairman, Apax Partners Asia |
|
| It used to be unfashionable to carry a lot of cash in your balance sheet. But when you live in an environment where volatility is part of your daily life, you tend to stock up a little bit more. |
| ----Jaime Augusto Zobel de AYALA |
| Chairman & CEO, Ayala Corporation |
|
| Forests are a natural and giant carbon sink. In China, about 7-8% of annual greenhouse gas emissions are being sequestered by its forest cover. In India, this sequestration level is around 10% - a substantial contribution to bring down the stock of carbon dioxide in the atmosphere. |
| ----Jairam RAMESH |
| Minister of State for Environment and Forests, India |
|
| Why do you see CO2 as something to abandon? Can we use CO2 as a resource? Converting it into new, useful forms of resources started some 30 years ago. If you put enough resources and bright people into this, it is feasible.. |
| ----Ja Young KOO |
| President & CEO, SK Energy |
|
| It is good to produce renewable energy, but it is even better if you actually don’t use energy – saving energy rather than recycling. The key is to drive energy efficiency. |
| ----Kim FAUSING |
| COO, Danfoss A/S |
|
| For rural laborers, provision of social welfare is much less a factor in spurring their consumption than a decently-paid job without which there would be no personal dignity, let alone a higher level of consumption. |
| ----FAN Gang |
President,
National Economic Research Institute, China |
|
| All state-owned assets should be incorporated into a National Benefits Fund and evenly divided among 1.3 billion Chinese. After all, this is the public ownership is all about. |
| ----CHEN Zhi Wu |
Professor of Finance,
Yale School of Management |
|
| Consumers consume on the basis of their belief about the future. Typically when they have their basic needs accounted for – housing, health care and various sorts of provision, that gives them the confidence and certainty that they can consume. |
| ----Stephen KEHOE |
| Vice President, PepsiCo |
|
| Real estate price hikes have dampened the competitiveness of enterprises and investment climate of cities. |
| ----ZHANG Ya-Qin |
| Corporate Vice President, Microsoft Corporation |
|
| The western civilization is deeply rooted in the belief that Man is the measure of all things, which, however, may be one of the fundamental causes of environmental degradation. The status of mankind has been inappropriately exaggerated. |
| ----XIANG Bing |
Founding Dean,
Cheung Kong Graduate School of Business |
|
| A financial-minded housewife buys fresh fish at 5 pm instead of 10 am to get the best price for the same quality. This “but 5pm fish” strategy applies to business leaders as well. |
| ----WEI Jiafu |
| President & CEO, COSCO Group |
|
| China’s success in the past 3 decades is due to liberalization, deregulation and an efficient private sector, not a big government. |
| ----XU Xiaonian |
| Professor, China Europe International Business School |
|
| The real estate sector is not short of labor, steel or cement. It is in dire need of land. Scarce land supply and loose monetary supply contributed to exorbitant land prices. |
| ----PAN Shiyi |
| Chairman, SOHO China Ltd. |
|
| Deregulation on the whole is necessary, but with caution and with necessary oversight of the government. |
| ----K. K. MODI |
Chairman, Modi Enterprises;
President, Godfrey Phillips India |
|
| I don’t see bubbles in China’s real estate sector which is propped by income growth and urbanization. Rather, I am concerned by possible government intervention that may send it into a downward spiral. |
| ----Vincent H. S. LO |
| Chairman, Shui On Group |
|
| Where an industry succeeded in convincing the government to have less regulation is where they thought hard about why the government is interested in regulating that industry and what harm to society the government is trying to prevent. |
| ----James LAMBRIGHT |
Former Chairman & President,
Export-Import Bank, US |
|
| Government officials have a lot of power but are underpaid. This is an important reason for corruption. |
| ----Fred Hu |
| Chairman, Greater China, Goldman Sachs |
|
| Air conditioning is strong, but with too many people in the room, it will remain hot. That’s what the real estate sector will be like. |
| ----CHEN Huai |
irector General, Policy Research Center,
Ministry of Housing and Urban-Rural Construction |
|
| While China has made a conscious effort to reconfigure its economy from investment-centric to being more consumption-centric, Indonesia has a vested interest in reconfiguring its economy from consumption-centric to investment centric. |
| ----Gita WIRJAWAN |
| Chairman, Indonesian Investment Coordinating Board |
|
| If you look at the bond markets in the developing Asia or emerging economies in general, bond markets as the percentage of GDP are lagging. |
| ----Donald KANAK |
| Chairman, Prudential Corporation Asia |
|
| Economies of similar structure or level always cooperate more with each other, contrary to what others thought. |
| ----Amit MITRA |
| Secretary General, FICCI, India |
|
| The market can never regulate itself or supervise itself. |
| ----LIU Mingkang |
| Chairman, China Banking Regulatory Commission |
|
| At its current pace of grow, Indonesia will be ranked among the BRICS countries sooner or later. |
| ----DAI Xianglong |
| Chairman, National Council for Social Security Fund, China |
|
| It is as well possible that in a few decades to come, those who call themselves superpowers today might not be superpowers as superpowers may be found in the South. |
| ----Ohm Collins CHABANE |
| Minister in the Presidency of South Africa |
|
| The board must be independent and strong, forcing information out of unwilling corporate executives so as to fulfill its duties properly. |
| ----Alberto WEISSER |
| Chairman & CEO, Bunge Limited |
|
| Three principles in financial innovation regulation: risks must be within control; costs accounted for; operations transparent. |
| ----LIU Mingkang |
| Chairman, China Banking Regulatory Commission |
|
| This crisis is the failure of governance in the risk management process and the effectiveness of the board in overseeing the process. |
| ----James QUIGLEY |
Chief Executive Officer,
Deloitte Touche Tohmatsu |
|
| The establishment of a systemic risk regulator will be a big step in the right direction and the Fed should be given explicit mandate to do this. |
| ----Fred Hu |
| Chairman, Greater China, Goldman Sachs |
|
| The biggest lesson from the crisis: banks and other financial institutions took excessive risks. Regulators did not prevent them doing. |
| ----Lord Leon BRITTAN |
| Vice Chairman, UBS Investment Bank |
|
| We need a global regulatory framework that is simple, comprehensive and universal baseline across the world without which we’ll leave ourselves open for financial arbitrage. |
| ----Isaac SOUEDE |
| Chairman & CEO, Permal Group |
|
| As two fastest growing economies, naturally, what China and India do invididually and collectively is of significant global interest. |
| ----Jairam RAMESH |
| Minister of State for Environment and Forests, India |
|
| In each and every country and hopefully across the world, there should be a mechanism to coordinate the policies and actions of various regulators, which I think is lacking in the United States. |
| ----Antony LEUNG |
| Senior Managing Director, the Blackstone Group |
|
| India’s combination of low labor cost and higher education is a rare competitive edge among developing countries. |
| ----FAN Gang |
National Economic Research Institute,
President, China |
|
| India did not look east in 2000. Now, it is looking east and its trade with Asia is 3 times that with the United States. |
| ----Amit MITRA |
| Secretary General, FICCI |
|
| The recovery we are seeking is not sheer growth in numbers, but rather a green recovery of quality, efficiency and friendliness to the environment |
| ----Long Yongtu |
| Former Secretary General, Boao Forum for Asia |
|
| Reach out and say thanks to each other - this is the spirit of Boao Forum for Asia |
| ----Fidel Ramos |
| Former Chairman of the Board, Boao Forum for Asia |
|
| As a small island nation, around 75% of our population depends on agriculture. Environment is the lifeline of our country |
| ----Jose Luis GUTERRES |
Deputy Prime Minister,
Democratic Republic of Timor-Leste |
|
| The real challenge facing countries with substantial natural resources is how to move from a resource-extensive economy into a resource-efficient one |
| ----Sukhbaatar BATBOLD |
| Prime Minister, Mongolia |
|
| Green recovery is not only good for our planet. It is also good for business. Export of Danish green energy technologies has tripled over the last decade and has grown substantially faster than export of ordinary goods. |
| ----Lars Lokke RASMUSSEN |
| Prime Minister, Kingdom of Denmark |
|
| For G20, coordination in exit strategies is important but not easy because countries maybe be in different stages of recovery |
| ----Zhou Xiaochuan |
| Governor, People’s Bank of China |
|
| I’d like to see China and other Asian countries to be more assertive about the need for western financial system to be properly supervised, for all market participants to be transparent in their operations and for there to be behavioral changes and improved risk control cultures within their organizations. |
| ----Gerry GRIMSTONE |
| Chairman, Standard Life |
|
| Where the global demand and consumption is going to come from in the next decade is one major issue that G20 should focus upon rather than trying to micro-manage in the short-run policy coordination. |
| ----Jean-Pierre LANDAU |
| Deputy Governor, Bank of France |
|
| The United States has been used to being a leading economy and I think still is a leading economy. But we have to exercise our leadership in a very different way: we have to be both a leader and a listener. |
| ----Robert HORMATS |
| Under Secretary of State, USA |
|
| The G20 has a challenge to balance inclusiveness and efficiency - or effectiveness in terms of decisions to be made in going forward. Its relevance will significantly depend on the results that can be achieved and whether we can have leaders that are thinking for the next generation and not only the next election |
| ----Juan Jose DABOUB |
| Managing Director, the World Bank |
|
| There was a huge shift in advanced economies which over the years had talked about free trade, free economy, market forces to determine health of the economy have suddenly turned over their heads and started talking about protection and bailing out companies. |
| ----Rajan Bharti MITTAL |
Vice Chairman & Managing Director,
Bharti Enterprises |
|
| Please don’t be defensive on the point made by many people that export-led models are the thing of the past. Export-led models for certain countries are precisely the way to go. You just have to build on it, to move from OEM to ODM, for example. |
| ----Shaukat AZIZ |
| Former Prime Minister, Pakistan |
|
| Our model is not for the Government to intervene, but to facilitate. Our government did facilitate enormously in the IT industry by creating software technology parks, preferable policies, tax breaks for the right export and - the key to India - opening up education to the private sector. |
| ----N. CHANDRA |
Managing Director & CEO,
Tata Consultancy Services |
|
| Japan is a rapidly aging society. The population is due to shrink. This has been the root cause of Japan’s stagnation and has put tremendous constraints on Japan’s growth. |
| ----Yoichi FUNABASHI |
| Editor-in-Chief, Asahi Shimbun, Japan |
|
| So-called green industries subsidized by governments may not be green at all. They could be rather polluting. The US has made a mistake in developing bio-fuel and the mistake has not been realized. |
| ----Daigee SHAW |
President,
Chung-Hua Institution for Economic Researc |
|
| Conclusion of the Doha Round can be the best insurance policy of the recovery. We need to work together with all major partners to go the final mile. |
| ----YI Xiaozhun |
| Vice Minister of Commerce, China |
|
| The private sector must speak out and speak out loud that the multilateral trade system has done a lot to actually produce jobs and growth in the world. We are running a danger of putting that in jeopardy if we do not stop this rising trend of protectionism. |
| ----Victor FUNG |
| Chairman, International Chamber of Commerce; Chairman, the Li & Fung Group |
|
| The Greek experience has shown us that the European monetary union, while having a lot of strength, has some real risks. The risks were that in a crisis situation, the normal tools available to the state and the EU can not impact the issues which a country faces. |
| ----Shaukat AZIZ |
| Former Prime Minister, Pakistan |
|
Japan’s Lost Decade - almost 20 years of stagnation - has not been caused by the Plaza, but by demographics and then public debt. |
| ----Yoichi FUNABASHI |
| Editor-in-Chief, Asahi Shimbun, Japan |
|
| We discussed job losses linked to protectionism, giving politicians a good excuse for introducing protectionist measures. Another good excuse is the environment. Whether or not you define protectionism as green, it’s protectionism. |
| ----Lars Lokke RASMUSSEN |
| Prime Minister, Kingdom of Denmark |
|
| The biggest debt we have taken on is the mistrust between the real economy and the financial economy. Can we still trust blindly rating? We should not. Should we trust the financial services’ advice blindly? No, we should challenge it. |
| ----Klaus ENGEL |
Chairman of the Executive Board,
Evonik Industries AG |
|
| Any businessman who’s run his business without cycles or run it counter-cyclically must be a lucky man. He should be either in Las Vegas or Macao gambling. |
| ----B. MUTHURAMAN |
| Chairman, Tata International Limited |
|
| Don’s rush in until you understand all the risks. Some of the risks may be cultural. Some of them may be strategic. Some of them may be sovereign risks across the country you are looking to invest in. |
| ----Russell SCRIMSHAW |
| Executive Director, FMG |
|
| When we are confronting difficulties during the integration period of an M&A, we often tend to identify those difficulties as country-cultural when they are in fact company-cultural. Company cultures could be extremely different. |
| ---- Par OSTBERG |
| Senior Vice President, AB Volvok |
|
| We seem to be all believers of globalization, but let’s not forget that around 1900 the world was about globalized as it is today. Then it went totally backwards. |
| ----Max Burger-Calderon |
| Non-Executive Chairman, Apax Partners Asia |
|
| It used to be unfashionable to carry a lot of cash in your balance sheet. But when you live in an environment where volatility is part of your daily life, you tend to stock up a little bit more. |
| ----Jaime Augusto Zobel de AYALA |
| Chairman & CEO, Ayala Corporation |
|
| Forests are a natural and giant carbon sink. In China, about 7-8% of annual greenhouse gas emissions are being sequestered by its forest cover. In India, this sequestration level is around 10% - a substantial contribution to bring down the stock of carbon dioxide in the atmosphere. |
| ----Jairam RAMESH |
| Minister of State for Environment and Forests, India |
|
| Why do you see CO2 as something to abandon? Can we use CO2 as a resource? Converting it into new, useful forms of resources started some 30 years ago. If you put enough resources and bright people into this, it is feasible.. |
| ----Ja Young KOO |
| President & CEO, SK Energy |
|
| IIt is good to produce renewable energy, but it is even better if you actually don’t use energy – saving energy rather than recycling. The key is to drive energy efficiency. |
| ----Kim FAUSING |
| COO, Danfoss A/S |
|
| For rural laborers, provision of social welfare is much less a factor in spurring their consumption than a decently-paid job without which there would be no personal dignity, let alone a higher level of consumption. |
| ----FAN Gang |
President,
National Economic Research Institute, China |
|
| All state-owned assets should be incorporated into a National Benefits Fund and evenly divided among 1.3 billion Chinese. After all, this is the public ownership is all about. |
| ----CHEN Zhi Wu |
Professor of Finance,
Yale School of Management |
|
| Consumers consume on the basis of their belief about the future. Typically when they have their basic needs accounted for – housing, health care and various sorts of provision, that gives them the confidence and certainty that they can consume. |
| ----Stephen KEHOE |
| Vice President, PepsiCo |
|
| Real estate price hikes have dampened the competitiveness of enterprises and investment climate of cities. |
| ----ZHANG Ya-Qin |
| Corporate Vice President, Microsoft Corporation |
|
| The western civilization is deeply rooted in the belief that Man is the measure of all things, which, however, may be one of the fundamental causes of environmental degradation. The status of mankind has been inappropriately exaggerated. |
| ----XIANG Bing |
Founding Dean,
Cheung Kong Graduate School of Business |
|
| A financial-minded housewife buys fresh fish at 5 pm instead of 10 am to get the best price for the same quality. This “but 5pm fish” strategy applies to business leaders as well. |
| ----WEI Jiafu |
| President & CEO, COSCO Group |
|
| China’s success in the past 3 decades is due to liberalization, deregulation and an efficient private sector, not a big government. |
| ----XU Xiaonian |
| Professor, China Europe International Business School |
|
| The real estate sector is not short of labor, steel or cement. It is in dire need of land. Scarce land supply and loose monetary supply contributed to exorbitant land prices. |
| ----PAN Shiyi |
| Chairman, SOHO China Ltd. |
|
| Deregulation on the whole is necessary, but with caution and with necessary oversight of the government. |
| ----K. K. MODI |
Chairman, Modi Enterprises;
President, Godfrey Phillips India |
|
| I don’t see bubbles in China’s real estate sector which is propped by income growth and urbanization. Rather, I am concerned by possible government intervention that may send it into a downward spiral. |
| ----Vincent H. S. LO |
| Chairman, Shui On Group |
|
| Where an industry succeeded in convincing the government to have less regulation is where they thought hard about why the government is interested in regulating that industry and what harm to society the government is trying to prevent. |
| ----James LAMBRIGHT |
Former Chairman & President,
Export-Import Bank, US |
|
| Government officials have a lot of power but are underpaid. This is an important reason for corruption. |
| ----Fred Hu |
| Chairman, Greater China, Goldman Sachs |
|
| Air conditioning is strong, but with too many people in the room, it will remain hot. That’s what the real estate sector will be like. |
| ----CHEN Huai |
irector General, Policy Research Center,
Ministry of Housing and Urban-Rural Construction |
|
| While China has made a conscious effort to reconfigure its economy from investment-centric to being more consumption-centric, Indonesia has a vested interest in reconfiguring its economy from consumption-centric to investment centric. |
| ----Gita WIRJAWAN |
| Chairman, Indonesian Investment Coordinating Board |
|
| If you look at the bond markets in the developing Asia or emerging economies in general, bond markets as the percentage of GDP are lagging. |
| ----Donald KANAK |
| Chairman, Prudential Corporation Asia |
|
| Economies of similar structure or level always cooperate more with each other, contrary to what others thought. |
| ----Amit MITRA |
| Secretary General, FICCI, India |
|
| The market can never regulate itself or supervise itself. |
| ----LIU Mingkang |
| Chairman, China Banking Regulatory Commission |
|
| At its current pace of grow, Indonesia will be ranked among the BRICS countries sooner or later. |
| ----DAI Xianglong |
| Chairman, National Council for Social Security Fund, China |
|
| It is as well possible that in a few decades to come, those who call themselves superpowers today might not be superpowers as superpowers may be found in the South. |
| ----Ohm Collins CHABANE |
| Minister in the Presidency of South Africa |
|
| The board must be independent and strong, forcing information out of unwilling corporate executives so as to fulfill its duties properly. |
| ----Alberto WEISSER |
| Chairman & CEO, Bunge Limited |
|
| Three principles in financial innovation regulation: risks must be within control; costs accounted for; operations transparent. |
| ----LIU Mingkang |
| Chairman, China Banking Regulatory Commission |
|
| This crisis is the failure of governance in the risk management process and the effectiveness of the board in overseeing the process. |
| ----James QUIGLEY |
Chief Executive Officer,
Deloitte Touche Tohmatsu |
|
| The establishment of a systemic risk regulator will be a big step in the right direction and the Fed should be given explicit mandate to do this. |
| ----Fred Hu |
| Chairman, Greater China, Goldman Sachs |
|
| The biggest lesson from the crisis: banks and other financial institutions took excessive risks. Regulators did not prevent them doing. |
| ----Lord Leon BRITTAN |
| Vice Chairman, UBS Investment Bank |
|
| We need a global regulatory framework that is simple, comprehensive and universal baseline across the world without which we’ll leave ourselves open for financial arbitrage. |
| ----Isaac SOUEDE |
| Chairman & CEO, Permal Group |
|
| As two fastest growing economies, naturally, what China and India do invididually and collectively is of significant global interest. |
| ----Jairam RAMESH |
| Minister of State for Environment and Forests, India |
|
| In each and every country and hopefully across the world, there should be a mechanism to coordinate the policies and actions of various regulators, which I think is lacking in the United States. |
| ----Antony LEUNG |
| Senior Managing Director, the Blackstone Group |
|
| India’s combination of low labor cost and higher education is a rare competitive edge among developing countries. |
| ----FAN Gang |
National Economic Research Institute,
President, China |
|
| India did not look east in 2000. Now, it is looking east and its trade with Asia is 3 times that with the United States. |
| ----Amit MITRA |
| Secretary General, FICCI |
|
| The recovery we are seeking is not sheer growth in numbers, but rather a green recovery of quality, efficiency and friendliness to the environment |
| ----Long Yongtu |
| Former Secretary General, Boao Forum for Asia |
|
| Reach out and say thanks to each other - this is the spirit of Boao Forum for Asia |
| ----Fidel Ramos |
| Former Chairman of the Board, Boao Forum for Asia |
|
| As a small island nation, around 75% of our population depends on agriculture. Environment is the lifeline of our country |
| ----Jose Luis GUTERRES |
Deputy Prime Minister,
Democratic Republic of Timor-Leste |
|
| The real challenge facing countries with substantial natural resources is how to move from a resource-extensive economy into a resource-efficient one |
| ----Sukhbaatar BATBOLD |
| Prime Minister, Mongolia |
|
| Green recovery is not only good for our planet. It is also good for business. Export of Danish green energy technologies has tripled over the last decade and has grown substantially faster than export of ordinary goods. |
| ----Lars Lokke RASMUSSEN |
| Prime Minister, Kingdom of Denmark |
|
| For G20, coordination in exit strategies is important but not easy because countries maybe be in different stages of recovery |
| ----Zhou Xiaochuan |
| Governor, People’s Bank of China |
|
| I’d like to see China and other Asian countries to be more assertive about the need for western financial system to be properly supervised, for all market participants to be transparent in their operations and for there to be behavioral changes and improved risk control cultures within their organizations. |
| ----Gerry GRIMSTONE |
| Chairman, Standard Life |
|
| Where the global demand and consumption is going to come from in the next decade is one major issue that G20 should focus upon rather than trying to micro-manage in the short-run policy coordination. |
| ----Jean-Pierre LANDAU |
| Deputy Governor, Bank of France |
|
| The United States has been used to being a leading economy and I think still is a leading economy. But we have to exercise our leadership in a very different way: we have to be both a leader and a listener. |
| ----Robert HORMATS |
| Under Secretary of State, USA |
|
| The G20 has a challenge to balance inclusiveness and efficiency - or effectiveness in terms of decisions to be made in going forward. Its relevance will significantly depend on the results that can be achieved and whether we can have leaders that are thinking for the next generation and not only the next election |
| ----Juan Jose DABOUB |
| Managing Director, the World Bank |
|
| There was a huge shift in advanced economies which over the years had talked about free trade, free economy, market forces to determine health of the economy have suddenly turned over their heads and started talking about protection and bailing out companies. |
| ----Rajan Bharti MITTAL |
Vice Chairman & Managing Director,
Bharti Enterprises |
|
| Please don’t be defensive on the point made by many people that export-led models are the thing of the past. Export-led models for certain countries are precisely the way to go. You just have to build on it, to move from OEM to ODM, for example. |
| ----Shaukat AZIZ |
| Former Prime Minister, Pakistan |
|
| Our model is not for the Government to intervene, but to facilitate. Our government did facilitate enormously in the IT industry by creating software technology parks, preferable policies, tax breaks for the right export and - the key to India - opening up education to the private sector. |
| ----N. CHANDRA |
Managing Director & CEO,
Tata Consultancy Services |
|
| Japan is a rapidly aging society. The population is due to shrink. This has been the root cause of Japan’s stagnation and has put tremendous constraints on Japan’s growth. |
| ----Yoichi FUNABASHI |
| Editor-in-Chief, Asahi Shimbun, Japan |
|
| So-called green industries subsidized by governments may not be green at all. They could be rather polluting. The US has made a mistake in developing bio-fuel and the mistake has not been realized. |
| ----Daigee SHAW |
President,
Chung-Hua Institution for Economic Researc |
|
| Conclusion of the Doha Round can be the best insurance policy of the recovery. We need to work together with all major partners to go the final mile. |
| ----YI Xiaozhun |
| Vice Minister of Commerce, China |
|
| The private sector must speak out and speak out loud that the multilateral trade system has done a lot to actually produce jobs and growth in the world. We are running a danger of putting that in jeopardy if we do not stop this rising trend of protectionism. |
| ----Victor FUNG |
| Chairman, International Chamber of Commerce; Chairman, the Li & Fung Group |
|
| The Greek experience has shown us that the European monetary union, while having a lot of strength, has some real risks. The risks were that in a crisis situation, the normal tools available to the state and the EU can not impact the issues which a country faces. |
| ----Shaukat AZIZ |
| Former Prime Minister, Pakistan |
|
| Japan’s Lost Decade - almost 20 years of stagnation - has not been caused by the Plaza, but by demographics and then public debt. |
| ----Yoichi FUNABASHI |
| Editor-in-Chief, Asahi Shimbun, Japan |
|
We discussed job losses linked to protectionism, giving politicians a good excuse for introducing protectionist measures. Another good excuse is the environment. Whether or not you define protectionism as green, it’s protectionism. |
| ----Lars Lokke RASMUSSEN |
| Prime Minister, Kingdom of Denmark |
|
| The biggest debt we have taken on is the mistrust between the real economy and the financial economy. Can we still trust blindly rating? We should not. Should we trust the financial services’ advice blindly? No, we should challenge it. |
| ----Klaus ENGEL |
Chairman of the Executive Board,
Evonik Industries AG |
|
| Any businessman who’s run his business without cycles or run it counter-cyclically must be a lucky man. He should be either in Las Vegas or Macao gambling. |
| ----B. MUTHURAMAN |
| Chairman, Tata International Limited |
|
| Don’rush in until you understand all the risks. Some of the risks may be cultural. Some of them may be strategic. Some of them may be sovereign risks across the country you are looking to invest in. |
| ----Russell SCRIMSHAW |
| Executive Director, FMG |
|
| When we are confronting difficulties during the integration period of an M&A, we often tend to identify those difficulties as country-cultural when they are in fact company-cultural. Company cultures could be extremely different. |
| ---- Par OSTBERG |
| Senior Vice President, AB Volvok |
|
| We seem to be all believers of globalization, but let’s not forget that around 1900 the world was about globalized as it is today. Then it went totally backwards. |
| ----Max Burger-Calderon |
| Non-Executive Chairman, Apax Partners Asia |
|
| It used to be unfashionable to carry a lot of cash in your balance sheet. But when you live in an environment where volatility is part of your daily life, you tend to stock up a little bit more. |
| ----Jaime Augusto Zobel de AYALA |
| Chairman & CEO, Ayala Corporation |
|
| Forests are a natural and giant carbon sink. In China, about 7-8% of annual greenhouse gas emissions are being sequestered by its forest cover. In India, this sequestration level is around 10% - a substantial contribution to bring down the stock of carbon dioxide in the atmosphere. |
| ----Jairam RAMESH |
| Minister of State for Environment and Forests, India |
|
| Why do you see CO2 as something to abandon? Can we use CO2 as a resource? Converting it into new, useful forms of resources started some 30 years ago. If you put enough resources and bright people into this, it is feasible.. |
| ----Ja Young KOO |
| President & CEO, SK Energy |
|
| IIt is good to produce renewable energy, but it is even better if you actually don’t use energy – saving energy rather than recycling. The key is to drive energy efficiency. |
| ----Kim FAUSING |
| COO, Danfoss A/S |
|
| For rural laborers, provision of social welfare is much less a factor in spurring their consumption than a decently-paid job without which there would be no personal dignity, let alone a higher level of consumption. |
| ----FAN Gang |
President,
National Economic Research Institute, China |
|
| All state-owned assets should be incorporated into a National Benefits Fund and evenly divided among 1.3 billion Chinese. After all, this is the public ownership is all about. |
| ----CHEN Zhi Wu |
Professor of Finance,
Yale School of Management |
|
| Consumers consume on the basis of their belief about the future. Typically when they have their basic needs accounted for – housing, health care and various sorts of provision, that gives them the confidence and certainty that they can consume. |
| ----Stephen KEHOE |
| Vice President, PepsiCo |
|
| Real estate price hikes have dampened the competitiveness of enterprises and investment climate of cities. |
| ----ZHANG Ya-Qin |
| Corporate Vice President, Microsoft Corporation |
|
| The western civilization is deeply rooted in the belief that Man is the measure of all things, which, however, may be one of the fundamental causes of environmental degradation. The status of mankind has been inappropriately exaggerated. |
| ----XIANG Bing |
Founding Dean,
Cheung Kong Graduate School of Business |
|
| A financial-minded housewife buys fresh fish at 5 pm instead of 10 am to get the best price for the same quality. This “but 5pm fish” strategy applies to business leaders as well. |
| ----WEI Jiafu |
| President & CEO, COSCO Group |
|
| China’s success in the past 3 decades is due to liberalization, deregulation and an efficient private sector, not a big government. |
| ----XU Xiaonian |
| Professor, China Europe International Business School |
|
| The real estate sector is not short of labor, steel or cement. It is in dire need of land. Scarce land supply and loose monetary supply contributed to exorbitant land prices. |
| ----PAN Shiyi |
| Chairman, SOHO China Ltd. |
|
| Deregulation on the whole is necessary, but with caution and with necessary oversight of the government. |
| ----K. K. MODI |
Chairman, Modi Enterprises;
President, Godfrey Phillips India |
|
| I don’t see bubbles in China’s real estate sector which is propped by income growth and urbanization. Rather, I am concerned by possible government intervention that may send it into a downward spiral. |
| ----Vincent H. S. LO |
| Chairman, Shui On Group |
|
| Where an industry succeeded in convincing the government to have less regulation is where they thought hard about why the government is interested in regulating that industry and what harm to society the government is trying to prevent. |
| ----James LAMBRIGHT |
Former Chairman & President,
Export-Import Bank, US |
|
| Government officials have a lot of power but are underpaid. This is an important reason for corruption. |
| ----Fred Hu |
| Chairman, Greater China, Goldman Sachs |
|
| Air conditioning is strong, but with too many people in the room, it will remain hot. That’s what the real estate sector will be like. |
| ----CHEN Huai |
irector General, Policy Research Center,
Ministry of Housing and Urban-Rural Construction |
|
| While China has made a conscious effort to reconfigure its economy from investment-centric to being more consumption-centric, Indonesia has a vested interest in reconfiguring its economy from consumption-centric to investment centric. |
| ----Gita WIRJAWAN |
| Chairman, Indonesian Investment Coordinating Board |
|
| If you look at the bond markets in the developing Asia or emerging economies in general, bond markets as the percentage of GDP are lagging. |
| ----Donald KANAK |
| Chairman, Prudential Corporation Asia |
|
| Economies of similar structure or level always cooperate more with each other, contrary to what others thought. |
| ----Amit MITRA |
| Secretary General, FICCI, India |
|
| The market can never regulate itself or supervise itself. |
| ----LIU Mingkang |
| Chairman, China Banking Regulatory Commission |
|
| At its current pace of grow, Indonesia will be ranked among the BRICS countries sooner or later. |
| ----DAI Xianglong |
| Chairman, National Council for Social Security Fund, China |
|
| It is as well possible that in a few decades to come, those who call themselves superpowers today might not be superpowers as superpowers may be found in the South. |
| ----Ohm Collins CHABANE |
| Minister in the Presidency of South Africa |
|
| The board must be independent and strong, forcing information out of unwilling corporate executives so as to fulfill its duties properly. |
| ----Alberto WEISSER |
| Chairman & CEO, Bunge Limited |
|
| Three principles in financial innovation regulation: risks must be within control; costs accounted for; operations transparent. |
| ----LIU Mingkang |
| Chairman, China Banking Regulatory Commission |
|
| This crisis is the failure of governance in the risk management process and the effectiveness of the board in overseeing the process. |
| ----James QUIGLEY |
Chief Executive Officer,
Deloitte Touche Tohmatsu |
|
| The establishment of a systemic risk regulator will be a big step in the right direction and the Fed should be given explicit mandate to do this. |
| ----Fred Hu |
| Chairman, Greater China, Goldman Sachs |
|
| The biggest lesson from the crisis: banks and other financial institutions took excessive risks. Regulators did not prevent them doing. |
| ----Lord Leon BRITTAN |
| Vice Chairman, UBS Investment Bank |
|
| We need a global regulatory framework that is simple, comprehensive and universal baseline across the world without which we’ll leave ourselves open for financial arbitrage. |
| ----Isaac SOUEDE |
| Chairman & CEO, Permal Group |
|
| As two fastest growing economies, naturally, what China and India do invididually and collectively is of significant global interest. |
| ----Jairam RAMESH |
| Minister of State for Environment and Forests, India |
|
| In each and every country and hopefully across the world, there should be a mechanism to coordinate the policies and actions of various regulators, which I think is lacking in the United States. |
| ----Antony LEUNG |
| Senior Managing Director, the Blackstone Group |
|
| India’s combination of low labor cost and higher education is a rare competitive edge among developing countries. |
| ----FAN Gang |
National Economic Research Institute,
President, China |
|
| India did not look east in 2000. Now, it is looking east and its trade with Asia is 3 times that with the United States. |
| ----Amit MITRA |
| Secretary General, FICCI |
|
