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| (l to r) Wang Dongming, chairman, Citic Securities; Padraic Fallon, chairman, Euromoney Institutional Investor; Zhang Hongli, senior executive vice-president, ICBC; Levin Zhu, chief executive, chairman of the management committee, CICC |
China’s fragmented regulatory environment makes it difficult for global issuers looking to raise capital in the market, according to Kenneth Lay, outgoing vice-president and treasurer at the World Bank. Speaking to a full house at Euromoney’s China global debt capital markets congress in Beijing on November 16 and 17, Lay’s words came in response to discussion of China’s multitude of regulators by panellists in the opening ‘Leader’s conversation’.
Led by Euromoney chairman Padraic Fallon, the panel of Citic Securities chairman Wang Dongming, ICBC senior executive vice-president Zhang Hongli, and CICC chief executive Levin Zhu discussed the global implications of China’s opening capital markets and the need for more clarity and perhaps even consolidation of the regulatory environment.
Speaking to the panel during a Q&A session following their debate, the World Bank’s Lay, who is set to join investment manager Rock Creek, said that "the complexity of the regulatory structure [in China] is an issue...it