U.S. Relations With the People's Republic of China (2008)

U.S. Department of the Treasury

October 28, 2008
HP-1241

Deputy Secretary Robert M. Kimmitt
Remarks at the Dubai International Financial Centre

"The Stabilizing Force of Open Investment in the Global Economy"

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In the past two weeks alone, we have witnessed an unprecedented international response to this financial turmoil. The Group of Seven industrialized countries are implementing a coordinated action plan to stabilize financial markets and restore the flow of credit. Others around the world, from Hong Kong to Denmark, have adopted similar approaches. Countries are taking steps to provide liquidity to markets, strengthen financial institutions, prevent failures that pose systemic risk, protect depositors, and enhance confidence in financial institutions. While financial markets have begun to respond positively to these unprecedented efforts, much work remains.

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