September 24, 2009

Shanghai Evening Post reported that Yang Mei-Ping interviewed: “Pittsburgh
Post-Gazette,” Senior Editor and Professor Gunduz Caginalp of the Department of Mathematics, University of Pittsburgh.

The third meeting of the G20 financial summit opens today in the United States in “Steel City” Pittsburgh. The local media and economics experts in an interview said that the meeting will discuss the regulation of financial institutions, the strengthening of China in the IMF’s voice. Opposing trade protectionism will also become the focus.

"This meeting is very important in that it comes at a critical time, at possibly a turning point in the recession and financial turmoil," said [Professor of Mathematics] Caginalp at the University of Pittsburgh. “The G20 summits are the foundation for greater international cooperation that is vital for the future.”  He said: “National economic and trade exchanges frequently are intertwined in many areas. It is difficult for any one country to make unilateral progress. The complexity of different legal systems in different countries make it difficult for joint action, which is what these meetings are gradually accomplishing.” 

Caginalp added:
“This meeting is very important in that it comes at a critical time, at possibly a turning point in the recession and financial turmoil. In terms of recovery, we need to distinguish between the immediate problems such as the credit crunch and the chronic problems of the financial institutions around the world.”

Looking forward to enhance the right of Chinese discourse

“Ensuring the stability of the financial system,” said Caginalp, “is the key long term issue.”

Pittsburgh Post-Gazette Senior Editor Roddy believe that this meeting will determine the adoption of the International Monetary Fund (IMF) to monitor the international flow of capital, thereby reducing the financial crisis similar to the disaster from happening again. The United States, through the Federal Reserve, may monitor the group to limit the salaries of U.S. financial institutions to reduce high-risk employees regardless of the pursuit of short-term high-return preference.

Roddy also said...

Concern and Opposition to Trade Protectionism

Caginalp also believes that the promotion of international cooperation and prevention of trade protectionism will also be the focus of the summit.
In terms of the two countries friction on the ‘special safeguard tire case’ he said: “China is an important trading partner of the United States,” and hoped that the
two countries will work through the trade issues in a way that does not
hamper the world economy.”