China will be biggest contributor to us: Standard Chartered
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As for the propects of foreign banks' listing in China's A-share market, he said once that is possible, "we will be very keen to list but I think it is a little bit further away."
A common sense has been reached at the Davos meeting that the recovery is led by emerging markets.
First, there is a renewed confidence now in Asia, he said. Many people used to think that if the Western economies struggled then the emerging markets would collapse, but this has not happened, he added.
Secondly, unlike in the past when Asian economies and other emerging economies learnt from the West in terms of economics, financial management, banking, and industrial sector, now "they have the confidence to say maybe we should do it our way," said Bindra.
As for Western economies, Bindra said they are now still weak in recovery, but they will have a revival over a long term.
According to him, the fundamental difference between the Western economies and Eastern ones is the different balance sheets of the government, corporate and individual.
In the United States and Europe, governments are in huge debt and companies are highly leveraged including the banking system itself and individuals are living on zero-saving, he explained.
