China to play a central role in reforming global reserve system: Nobel Laureate

China can play a central role in reforming global reserve system, Joseph E. Stiglitz, 2001 Nobel Laureate in Economic Sciences, said in Hong Kong Wednesday.

Giving a lecture in the Chinese University of Hong Kong titled "China and the Global Economy: Challenges, Opportunities, Responsibilities", Stiglitz said China's rapid economic growth has a great impact on the global economy.

According to Stiglitz, there is an increase of perceived risk associated with the US dollar as a reserve asset, and a growing dissatisfaction in developing countries with the global reserve system. "I'm sure China will have to play a central role in reforming these systems," Stiglitz said.

He pointed out that China's accession to WTO creates opportunities which include access to international markets, capital and technology inflows, but it also entails a need for changes, such as enhancing domestic productivity, and changing role of banks and financial institutions in moving towards market economy.

As a world renowned master in economics, Professor Stiglitz is especially famous for his analysis on global economic policies. He has made discriminating comments on numerous economic issues such as the financial crises in Asia and Latin America, economies of developing countries, monetary policies and globalization.