anselmo teng : macao ’ s financial sector development address by mr anselmo teng, chairman of the monetary authority of macao, at the 2010 monetary authority of macao ( autoridade monetaria de macau – amcm ) spring cocktail, macao sar, 18 march 2010. * * * the honourable secretary for economy and finance, mr. francis tam, the honourable assistant director - general of the economic affairs department of the liaison office of the central people ’ s government in the msar, mr. gao shang de, the honourable acting director - general of the office of the commissioner of the ministry of foreign affairs in the msar, ms. han xiao - yan, the honourable chairman of the amcm audit committee, mr. leonel alberto alves, dear guests, friends from the media, dear colleagues it is the beginning of the year of the tiger. we take this opportunity to have a joyous gathering with friends from the industry. while wishing each other good fortune, we express the friendship we have been sharing. on behalf of the board of directors of amcm, i would like to convey our heartfelt gratitude to mr. francis tam, mr. gao shang de, ms. han xiao - yan, the representatives from the macau association of banks, the macau insurers ’ association, the macau insurance agents and brokers association, the federation of macau professional insurance intermediaries, the macau financial markets association, the association of macau financial employees, and our esteemed guests for their presence. in 2009, citizens of the msar and our financial market participants cheerfully celebrated the 60th anniversary of our great motherland and the 10th anniversary of the msar. 2009 also marked the 20th anniversary of amcm in which we fought strenuously with the global financial crisis. it is glad to see that, under the auspices of the central government, the direction of the msar government and mr. tam, amcm and our market participants were able to uphold the stability of our financial system. we managed to enhance the overall competitiveness of the industry, promote the recovery and development of the markets. i hereby propose a vote of thanks, on behalf of the monetary authority of macao, to all sectors of our community who have contributed in defending our financial system against this worldwide financial crisis which would rarely happen once in a century, and to our colleagues who have proactively and assiduously performed their duties in this respect. the global financial markets

ones appear to be doing well ; china is trying to dampen its economy from overheating while india and australia have raised interest rates a few times in the past 6 months. on the other hand, some economies have focused on fiscal discipline and therefore cannot contemplate any exit strategy. on the regulatory front, there is still a lack of consensus on major financial reform, such as the limitation on size of financial institutions, levy on financial transactions ( the fat or tobin tax ) and the application of volcker ’ s rules. indeed we need global cooperation and consensus to cure our financial disease. i hope what i have said today may provide food for further thought on our discussion on how to prevent the recurrence of another financial tsunami and how to soften its blow. this is the purpose of my speech today. thank you for all your attention.