Editor's note: During the 5th China International Private Equity Forum, finance experts, business leaders, and government officials shared their insights on private equity funds and other areas of finance in China and the rest of the world.

Long Yongtu, fomer secretary-general of Bo'ao Forum for Asia and former senior WTO negotiator:

China needs to strengthen its service industries, especially the financial industry, to accelerate the pace and raise the quality of its overseas investments.