RTTNews - Friday, People's Bank of China Governor Zhou Xiaochuan said there is a need to pay adequate attention to the micro causes of the current crisis and strengthen regulation.
Addressing the Global Think-tank Summit in Beijing, Zhou said, The causes for the outbreak of this crisis were very complex. Factors both at the macro and micro levels had played some roles.
Zhou said the crisis originated from Wall Street and many indisputable facts have established that micro factors had played an overwhelmingly important role in causing this crisis.
Further, he noted that to what extent macro factors have contributed to the crisis has always been subject to dispute, including the role of global imbalances.
In order to mitigate global imbalances, the central banker said, Some advocate that both China with too much savings and the U.S. with too little of it should make adjustments. He added, We want to make efforts towards this end, but it is not plausible to over-estimate the impact of the two countries. There is no available data on the flow of global savings.
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