by Xinhua writer Chen Wenxian

    LONDON, Sept. 22 (Xinhua) -- "I absolutely think that there will be a new financial order", said Richard Reid, London Chairman of the famous global accountancy firm KPMG in a recent interview with Xinhua.

    He said the G20 has reinforced that there will be a new financial order, because all the biggest countries in the world are being brought together to discuss how to have this.

    In his point of view, financial economies will play an increasingly important role and the BRIC economies will play a very important part in the financial world.

    Reid believed that the upcoming G20 Pittsburgh Summit would make further progress. "It should achieve substantial results. Because everyone wants the world economy to improve, so we all have a common agenda," he said.

    "Because there has been so much uncertainty over the past 18 months, there will continue to be uncertainty for a long time to come," he said, "what we all want is financial stability in the markets."

    At the same time, he pointed out that one important thing is that these economic cycles have been going on for ever and will carry on forever. So he said "in another 20, 30, 40 years it will be some other issue that will come up that we can't predict today. The position we are in today is different from the position where we had 20 years ago. And it's different from the 1930's. "

    "It's always having to deal with slightly different issues but again it's all about getting financial stability around the world."

    He confirmed that there has been progress in the reform of financial system since the London Summit held in April, because "we have got a lot more cooperation around the world."

    As for the reform of IMF and World Bank, he said that different people will have different views. "It's always very unlikely that two big organizations are going to move exactly in step with each other, but they all know where they want to get to and they are all moving in the same direction."

    There are lots of big issues that need to be addressed at the Pittsburgh Summit. Though people will have different views as to what are more important to do now and they will be growing at slightly different rates and there will be different issues in different countries, "all major countries around the world are all operating on all cylinders," said Reid.

    He emphasized that things like the G20 are very important. These differences can, one, be understood and two, be ironed out so that countries can then grow together and issues like world trade and protectionism are all discussed at an open forum, according to him.

    As for China's role in the G20 Summit, he said that China's influence is huge and its involvement in the upcoming summit will be very important.

    "China is recognized as an absolute world player. It has been for some time and is going to be increasingly important. The influence of China is absolutely key, we have seen that over many years and we will continue to see it."

    "China is continuing to grow in importance as its economy continues to grow relative to other countries, whether it is the EU or the United States. China will be listened to more and more," he said.

    How to boost the global economy will be a key topic in the upcoming G20 Summit. "It's very early to say that we are on an upward track and there needs to be a lot of confidence and trust in doing business," he said, "but one of the backbones behind all of this is China's continuing strong growth, which from a world stage point of view is very important."

    With regard to exit strategy, Reid said that it is very important for every country to decide what their strategy is going to be. "But when it is going to be implemented and how it is going to be implemented will be key and that will be terribly difficult," he added.

    He spoke highly of China's efforts in dealing with the financial and economic crisis. He said that China's stimulus packages are quite successful. "When I go over to China, it has been very positively received from both businesses and individuals and provinces," he said.

    Reid will visit China five or six times a year. "As an international firm, we continue to invest in China," he said.

Special Report:  Global Financial Crisis