Israel, China to Broaden Financial Cooperation
    2012-05-18 17:13:00      Web Editor: yangyang66
Israel is willing to cooperate with China with regards to financial instruments.

Shmuel Hauser, chairman of the Israel Securities Authorities (ISA) speaks at a press conference at the Israeli Embassy in Beijing on Thursday May 17, 2012. [Photo:]

Israel is willing to cooperate with China with regards to financial instruments and both countries expect to set up banks on one another's soil as China is an extremely important market for Israel, said Shmuel Hauser, visiting chairman of the Israel Securities Authorities (ISA) during a press conference at the Israeli Embassy in Beijing on Thursday.

The ISA delegation is in Beijing attending the 37th annual conference of the International Organization of Securities Commissions (IOSCO).

Hauser said Israel has an elaborately efficient system for liquidity and expressed his hope that the two countries would extend the Memorandum of Understanding (MOU) on Supervision Cooperation in Securities Futures and cooperate in aspects of various financial instruments, including advanced options, futures, bonds, derivatives and convertible bonds. In addition, Israel's advantage lies in its talented individuals and think tanks, though Hauser stated, "it is hard to predict an exact road map."

Over 300 billion USD from Israeli investors will go towards investments outside the Israeli market. Hauser stated that China is definitely a good candidate for becoming the recipient of such investment. However, Israeli companies have to gradually adapt to the Chinese environment because both sides have very different ways of doing things.

Hauser commented that China's regulatory environment is sound. He noted that China has a well-organized regulatory framework conducted by the China Securities Regulatory Commission (CSRC), and stated that since joining IOSCO in 1995 China has become one of the organization's leaders in just a few years. People realize and accept that the framework here is good but China faces the same problems that all regulators around world are facing; the goal of maintaining financial stability since 2008.

The common mission for all regulators is to protect investments and maintain balanced regulation, said Shmuel. "We admire the great job of the CSRC and we should all confirm to IOSCO principles to achieve financial stability."

During the visit, chairman Hauser also deliberated with his Chinese counterpart, Guo Shuqing, chairman of the CSRC about the executive conditions of the MOU, which was signed on July 31, 2011.

The MOU between the ISA and the CSRC is the first essential condition and a clear starting point for Chinese to investors to invest in Israel and Israeli investors to invest in China, said the chairman. However, it is not the only condition; as they two sides are working to see if they can collaborate in other ways.

Hauser also hailed the importance of the Chinese market in maintaining global financial stability. "We feel China is an extremely important market. It is definitely (important) to us. We look it as a superpower economic country. Each time we come here just to admire what has been done."

Shmuel Hauser actively designed all the reform projects of the Israeli capital market.

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