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FSVC Organizes Conference on Global Finance and Energy Challenges in Shanghai

Participants representing the public and private sectors in the United States, Russia, China, and India gathered June 3-5 to address the repercussions of the global financial crisis and continuing lack of action on countering climate change.  They noted that Russia, China, and India had recovered from the crisis must faster than the United States and Europe but that, despite the crisis having originated in the United States, the free market model has not been discredited.  Other conclusions of the conference included that, while the U.S. dollar continues to be the predominant medium for international financial transactions and central bank reserves, the inevitable transition away from the dollar will be hastened if the United States is unable to resolve its current debt issues.  Moreover, the crisis contributed to stalemate on pursuing new sources of less polluting energy as countries have focused on short-term, less expensive sources.  That implies continued dependence on hydrocarbons in the decades to come.  Following the symposium, FSVC hosted a media event jointly with Fudan University and the seven top Shanghai print publications.  Several articles related to the conference subsequently appeared in the local press.