It is a basic and very simple point in economics that the efficient operation of markets is dependent on the availability of information''.

As the Chinese economy opens up and becomes increasingly market-oriented, the need for good financial and economic reporting is self-evident.

This is necessary on a number of levels: at the level of companies, for example, how do we assess the performance of companies in order to have the confidence to invest in the stock markets? At a sectoral level, we need to know what is going on, for example, in the property market. At the macro-level, we need to understand what are the dynamic forces driving the Chinese economy.

This is necessary not only for the smooth functioning of the market but it is also vital for investor confidence. Sometimes the news will be good and sometimes the news will be bad but the point is that to foster confidence, investors do not need propaganda, they need timely, accurate and objective information. The importance of the availability of dependable information in English for foreign investors in China is surely obvious.

Moreover there are great benefits to society as a whole from a flourishing financial press, as it can help to ensure greater transparency and accountability within the economy and to act as a deterrent to fraud and corruption. This allows for a more productive allocation of resources which, in turn, helps to raise the prosperity of the whole country.

I first came across the China Business Weekly through the website of the China Daily and, in fact, it is saved among my favourites on my computer at home. I should like to compliment its designers for its clean layout and ease of navigation. What I have found most interesting personally speaking is the economic analysis given by both foreign and Chinese experts and academics. The analysis and commentary of the Chinese experts is particularly valuable, in my view, for two reasons: first it can be better-informed and more up-to-date than commentary written by people outside China and, secondly, it can be difficult for English-speakers who do not read Chinese to get this type of information from other sources.

I would like to offer my congratulations to the editors of Business Weekly and everyone working on the paper for their high production values and to wish the paper every success as China continues to develop andgrow.

(This is the text of a speech given by Geoffrey Keating, the Consul-General for Ireland in Shanghai, at the anniversary celebrations of the China Business Weekly in Pudong last week.)