Ravi Menon: China-Singapore financial connectivity Speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the 2nd RMB Internationalisation Summit, Singapore, 7 June 2016. *  *  *  Mr Jiang Jianqing, former Chairman of Industrial and Commercial Bank of China His Excellency Mr Chen Xiaodong, Ambassador of the People’s Republic of China to Singapore Distinguished guests, ladies and gentlemen, good morning. I am happy to join you and would like to thank ICBC for the invitation. China’s economic transformation China’s economy is at a major inflection point, balancing three objectives. •  First, to manage a moderation in its economic growth without undue disruption. •  Second, to resolve vulnerabilities in its economy and financial system without triggering a crisis of confidence. •  Third, to implement perhaps the most comprehensive and ambitious structural reform programme of any country in modern times. In the short term, these three objectives may at times be in conflict, presenting a trilemma of difficult trade-offs for policymakers. But if successfully executed, they are mutually reinforcing and will lay the foundation for a more sustainable and vibrant economy. China’s economic restructuring has deep implications for Asia. A new configuration - a new regional value-chain - is taking shape across the region, driven by three features of China’s economic transformation. First, China is shifting from a labour-intensive industrial structure to a more skill and technology-intensive one. •  China is inshoring more high value-added production within China.

As we speak, the PPMLA is being reviewed, and it is expected that the amendments to PPMLA as well as the new law for the establishment of the Financial Intelligence Unit will impose some reporting requirements on accountants. To maintain the reputation of your profession, all accountants should uphold good ethical and professional standards as custodians of financial resources. There is also the need to ensure that financial matters are prudently managed in organisations for we have seen an increase in reported cases of accountants involved in unlawful practices which does not reflect well on the profession. Notwithstanding, allow me to commend ZICA for the hard work leading to the enactment of the Accountants Act in 2008. This is a positive development for the regulation of the Accountancy profession in Zambia. I note that the Act prescribes the relevant qualifications for accountants and also provides for disciplinary action against accountants found guilty of misconduct and corrupt practices. It is my sincere hope that the enactment of the Accountants Act will deter potential offenders and will also ensure that accountants found guilty of malpractice receive the appropriate punishment. Distinguished Members, I further wish to commend ZICA for the development of the local qualification, the ZICA Accountancy program which has been in existence since 2006. This is a positive achievement for ZICA as it provides affordable training to accountants. I am encouraged by the statement in your annual report that you intend to make the ZICA qualification the most preferred in the market.