Banker: Financial industry should serve economic needs

On the eve of a major think tank summit in Beijing, a senior banker said China should learn an important lesson from the global financial crisis -- the financial industry should meet the real economic needs.

Chen Yuan, board chairman of China Development Bank and vice counselor of China Center for International Economic Exchanges (CCIEE), said Thursday China is now in the process of industrialization, while most western countries like the US are in the consumption phase -- a very important fact to recognize in building China's financial system.

The bottom line, according to Chen, is that the financial industry should serve the needs of the real economy instead of derailing from it, he told China Central Television.

Currently, China's financial system should provide financial means to facilitate the stable and healthy development of the economy, especially to the nation's small and SMEs, he said.

Hosted by the CCIEE, the two-day summit, held on July 3 and 4, is expected to brainstorm a wide range of political and economic issues, including lessons the world should learn from the financial crisis.