IIF meets in Beijing, aims to tackle crisis

The Institute of International Finance, or IIF, is an association representing 370 financial institutions.It is holding its spring membership meeting in Beijing. And the members have called for concerted international action to tackle the global financial crisis.

The meeting is the largest in scale in the IIF's history. IIF members say the global financial crisis has led it to change its operation model.

IIF members say China will play a big role in the world's finance industry, as it helps to fight the crisis.

International financial institutions are also eyeing China's huge potential in financial service development.

IIF members say the global financial sector has become increasingly fragmented... following policies by various governments to safeguard their own domestic banking sector. They have proposed letting existing international bodies, such as the IMF, help governments coordinate their separate financial policies and also monitor their impact on the global markets.