{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='HONG KONG: WORLD BANK/IMF ANNUAL SUMMIT PREVIEW' data-url='/boclips/videos/5c54bab8d8eafeecae11f97a' data-video-url='/boclips/videos/5c54bab8d8eafeecae11f97a' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nHONG KONG: WORLD BANK/IMF ANNUAL SUMMIT PREVIEW\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eMandarin/Eng/NatChina's chief economic planner, Vice Premier Zhu Rongji said the country's course of  reform was irreversible.Zhu - addressing a seminar at the World Bank/I-M-F annual gathering in Hong Kong  Monday - said China risks...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eMandarin/Eng/Nat\u003cbr/\u003eChina's chief economic planner, Vice Premier Zhu Rongji said the country's course of  reform was irreversible.\u003cbr/\u003eZhu - addressing a seminar at the World Bank/I-M-F annual gathering in Hong Kong  Monday - said China risks economic and political stability if it implements new reforms  without reaching popular consensus.\u003cbr/\u003eAt China's 15th Communist Party Congress last week, Chinese President Jiang Zemin  called for a broad restructuring of the state sector, including mergers, sell-offs and  shares of debt-ridden companies.\u003cbr/\u003eZhu is due to deliver a full speech at the World Bank/I-M-F's summit later in the day.\u003cbr/\u003eIn one of the many bilateral gatherings taking place on the sidelines of the annual World  Bank/I-M-F (International Monetary Fund) summit, Chinese Premier Li Peng met  France's finance minister Dominique Strauss-Kahn.\u003cbr/\u003eFrance has been a cautious investor in China, with Germany leading the way among  European business partners.\u003cbr/\u003eWith the European Monetary Union due for completion soon, many Asian countries are  trying to work out if and how this might affect trade.\u003cbr/\u003eWestern leaders have been trying to knock down Asian trade barriers for years and are  still aggressively pursuing commerce in China and the rest of the continent.\u003cbr/\u003eLi will have the attention of the whole world when he addresses the conference Tuesday  morning.\u003cbr/\u003eOne issue he is likely to touch on is the public offering of stock in Chinese state-owned  enterprises.\u003cbr/\u003eInvestment in infrastructure on the Chinese mainland has been in the spotlight while  leaders have gathered here.\u003cbr/\u003eAt a World Bank seminar Monday, the governor of China's State Development bank  invited investors to examine all forms of business in his country.\u003cbr/\u003eSOUNDBITE: (Mandarin)\u003cbr/\u003e\"We strongly encourage friends from any country in any region and any financial  institutions to come to invest in China. Our national banks are eager to cooperate  and  fix the economic development and the stability of China's economic growth.\"\u003cbr/\u003eSUPER CAPTION: Yao Zhenyan, Governor, State Development Bank of China\u003cbr/\u003eThe World Bank sponsors many infrastructure projects in China.\u003cbr/\u003eBut private capital is needed to develop the vast resources needed in the huge nation.\u003cbr/\u003eA French businessman with direct knowledge of working in China, commented on the  country's need for continued foreign investment.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"In order to achieve its objectives, China must overcome technological, environmental  protection, management and most of all financial hurdles.  This is why China cannot  refuse foreign capital to ensure the development of its power generation infrastructure.\"\u003cbr/\u003eSUPER CAPTION: Jack Cizain, Executive Vice President, Electricite de France\u003cbr/\u003eOther Asian nations have taken the opportunity to spotlight their own situation.\u003cbr/\u003eThe South Korean deputy prime minister began by admitting that some pessimism has  focused on his country's financial situation.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"And although the currency turbulence did not directly affect Korea, it compounded the  situation by putting pressure on markets all over Asia. Sentiments on Korean economy  are moving towards uncertainty and instability.\" \u003cbr/\u003eSUPER CAPTION: Kyong Shik-kang, South Korean Finance Minister\u003cbr/\u003eSeoul has seen a huge run of scandals drive down the strength of their currency - the  won - and tarnish their image as an economic tiger.\u003cbr/\u003eThe scandal around the collapse of the steel giant Hanbo was particularly damaging.\u003cbr/\u003eBut Kyong said that his government has come up with many reforms that will prevent  future problems.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"We are developing an early warning system to guard against asset mismanagement  by financial institutions and working to improve this management through the  consolidated supervisor system.  I'm confident these measures will secure the stability  required to make our long term reforms truly effective.\"\u003cbr/\u003eSUPER CAPTION: Kyong Shik-kang, South Korean Finance Minister\u003cbr/\u003eWhile the Koreans were worried about business that might be lost due to the Southeast  Asian economic disaster, non-governmental organisations (NGOs) said the poor in  those countries are the real losers.\u003cbr/\u003eOxfam International had particularly harsh words for the I-M-F's program to bail out  Thailand and how it would affect the country's smallest wage earners.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The recent currency crisis is likely to exacerbate poverty and inequality.  The poor of  Thailand will be paying the price of the economic mismanagement of their government  and speculative activities of foreign predators, for years through the I-M-F's harsh  austerity measures.\"    \u003cbr/\u003eSUPER CAPTION: Veena Siddharth, Oxfam International\u003cbr/\u003eOxfam said authoritarian governments are to blame for the income disparity in  Southeast Asia.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Participation in civil society and decisions related to economic and social policies is  fragmented in East Asia.  And governments cannot be accountable when the media and  civil society are restricted.\"\u003cbr/\u003eSUPER CAPTION: Veena Siddharth, Oxfam International\u003cbr/\u003eThe likelihood of political change in Indonesia or Malaysia appears unlikely, although  Thailand has a new constitution that could be enacted this month.\u003cbr/\u003eThe new regime in Hong Kong welcomed their Beijing counterparts late in the afternoon  Monday.\u003cbr/\u003eTung Chee-hwa, the territory's chief executive, met Chinese Premier Li Peng as well as  Li's likely successor, Zhu Rongji.\u003cbr/\u003eZhu earlier on Monday was quoted as saying China won't break from its cautious  course of reform and jeopardise economic and political stability.\u003cbr/\u003eHe's due to deliver a full speech to the World Bank/I-M-F summit later on Monday.\u003cbr/\u003eHong Kong - 22 September 1997 and File\u003cbr/\u003e1. Various of Chinese Prime Minister Li Peng meeting French Finance Minister\u003cbr/\u003e2. Wide shot of World Bank China seminar\u003cbr/\u003e3. Audience cutaway\u003cbr/\u003e4. SOUNDBITE (Mandarin): Yao Zhenyan, Governor, State Development Bank of China\u003cbr/\u003e5. Various of World Bank infrastructure projects in China - File\u003cbr/\u003e6. SOUNDBITE: (English) Jack Cizain, Executive Vice President, Electricite de France\u003cbr/\u003e7. Press conference\u003cbr/\u003e8. SOUNDBITE: (English) Kang Kyong-Shik, South Korean Finance Minister\u003cbr/\u003e9. Pan of factory - File \u003cbr/\u003e10. Aerial pan of factory - File\u003cbr/\u003e11. SOUNDBITE: (English) Kang Kyong-shik, South Korean Finance Minister\u003cbr/\u003e12. Audience clapping\u003cbr/\u003e13. Wide shot of Oxfam press conference\u003cbr/\u003e14. SOUNDBITE: (English) Veena Siddharth, Oxfam International\u003cbr/\u003e15. Two wide shots of Thai village - File\u003cbr/\u003e16. Wide shot of dirt path in Thai village - File\u003cbr/\u003e17. Two market scenes in Jakarta - 11 September 1997\u003cbr/\u003e18. SOUNDBITE: (English) Veena Siddharth, Oxfam International\u003cbr/\u003e19. Jakarta businesses - 11 September 1997\u003cbr/\u003e20. Various of Li Peng entering and shaking hands, followed by Zhu Rongji\u003cbr/\u003e21. Zhu Rongji\u003cbr/\u003e22. Wide shot of table\u003cbr/\u003e23. Side shot of Zhu Rongji, Li Peng and Hong Kong leaders (from right: Chief Secretary  Anson Chan, Chief Executive Tung Chee-hwa, Financial Secretary Donald Tsang)\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out 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