Remarks at the launch of China's inaugural panda bond issue by Wolfowitz, Paul, President

This report discusses the remarks delivered by Paul Wolfowitz, President of the World Bank. We are marking a milestone in the development of China’s capital markets. He proudly informed that the International Finance Corporation could play a pioneering role in opening the Panda Bond market. The Bank Group wants to provide innovation that encourages wider access to financial resources for more businesses. IFC’s Panda Bond introduces a new top-rated benchmark to the market. That provides a valuable means of diversification and credit differentiation. This is an important event in the development of China’s capital market, but it is just a step in a long-term process. Much work needs to be done to make the Chinese capital market more efficient and deeper so that it can meet the needs of businesses that fuel the economy and employ Chinese workers and finance a wide range of development and infrastructure needs that have made China a pioneer in poverty reduction around the world. He concludes saying that, We look forward to more opportunities to work together with the authorities toward common objectives for the poor people of this country.