By Liu Zhiqin Source: CGTN Published: 2019-3-12
It is really great news that Zhou Xiaochuan, the former governor of Chinese Central Bank-the People's Bank of China, won the 2019 lifetime achievement award from London-based Central Banking Publications as the sixth winner of this award.
This award is not only an honor to Zhou but also to the People's Bank of China and the whole Chinese banking industry.
Zhou deserves this honor for his lifetime service to Chinese banking industries. His contributions to the Chinese banking system are unique and remarkable which makes him well recognized and accepted by the global banking industry.
Zhou has been acting as a "stabilizer" in managing Chinese banking business. During the Asian financial crisis in the late 1990s, he helped the central government to implement the prudent monetary policy which stabilized the value of RMB, safeguarded the confidence of the global market, and saved Hong Kong and the Chinese mainland out of the trap set by some notorious international speculators. This has won China great respect from the world banking communities.
Zhou is also acting as a "promoter" to support the reform in the Chinese banking industry. He is the person who built up the modern Chinese banking system in compliance with international banking standards. Zhou has close relations with many bankers in the world and learned from them to improve Chinese banking industry.
He has independent thinking and deep understanding about China's conditions and the international market.
When the subprime financial crisis broke out in 2008 in the U.S., Zhou created a firewall to prevent the crisis from hurting the Chinese banking market. This keeps China and the whole world away from falling into a deeper financial crisis.
Zhou's rich experiences are invaluable for China. The world's second-largest economy is now facing new challenges with downward economic pressure. Financial systemic security is becoming a priority in China's development.
Despite challenges, the outlook is bright. Chinese banks will become more integrated with the world economy. This will help enhance their capability of supporting the real economy and maintain the stability of financial markets.
Resilient finance will help China become a more prosperous country and Zhou's theory will shine brightly in the future.
Liu Zhiqin is a senior fellow of Chongyang Institute for Financial Studies of the Renmin University of China.