Chen Jining, Wang Jiang, Pan Gongsheng, Li Yunze, Wu Qing and Gong Zheng attended the 2024 Lujiazui Forum, which opened in Shanghai

Release time:Jun 19, 2024 15:26 PM

The 2024 Lujiazui Forum opened in Shanghai this morning. The theme of this forum is "Promoting world economic growth with high-quality financial development". Shanghai Municipal Party Committee Secretary Chen Jining attended the opening ceremony and the first plenary session and delivered a speech. Wang Jiang, deputy director of the Central Financial Office in charge of daily work, attended the forum. Pan Gongsheng, governor of the People's Bank of China, Li Yunze, director of the State Financial Supervision and Administration Bureau, Wu Qing, chairman of the China Securities Regulatory Commission and co-rotating chairman of the forum, and Gong Zheng, deputy secretary of the Shanghai Municipal Party Committee, mayor, and co-rotating chairman of the forum, delivered speeches respectively. At the forum, the Shanghai Regional Center of the International Monetary Fund was officially launched.

In his speech, Chen Jining said that Shanghai will continue to thoroughly implement the important instructions of General Secretary Xi Jinping on the construction of Shanghai as an international financial center, fully implement the decisions and arrangements of the Party Central Committee, and under the guidance of national financial management departments and with the strong support of all parties, play the role of a financial reform test field, better test systems, explore new paths, and make up for shortcomings for the country, solidly promote high-quality financial development, continuously enhance the competitiveness and influence of the international financial center, and give full play to its leading and exemplary role in promoting Chinese-style modernization.

Chen Jining said that we will focus on the real economy and strive to improve the efficiency and level of high-quality development of financial services. According to the funding needs at different stages of scientific and technological innovation, we will provide more efficient financial support, encourage and leverage more long-term capital and patient capital to invest in early, small and hard technologies. We will optimize and improve green financial standards, enrich the green financial system, and build a carbon footprint evaluation and certification system. With blockchain technology as the support, we will promote the innovative development of supply chain finance and create a concentrated ecology of financial technology. In combination with the high-quality joint construction of the "Belt and Road Initiative", we will better serve enterprises to "go global". Under the guidance of the People's Bank of China and other departments, we will innovate financial service models such as cross-border syndicated loans, and link professional service institutions to provide all-round and full-life cycle services for enterprises to "go global". Deepen high-level institutional opening up and enhance the internationalization level of financial markets. Actively and steadily develop cross-border finance and offshore finance, build a high-level reinsurance "international board", and support financial institutions to carry out cross-border data flows efficiently and in compliance. We will continue to create a market-oriented, rule-of-law, and internationalized first-class business environment to attract more foreign financial institutions, international financial organizations and long-term capital to develop and prosper. Accelerate the cultivation of world-class financial institutions. Better coordinate financial openness and security to create a good financial development ecology. Improve the financial legal environment, accelerate the construction of a high-level financial talent base, and build a risk management system that is compatible with financial openness and innovation.

Pan Gongsheng said that he welcomes the establishment of the IMF regional center in Shanghai and believes that the Shanghai center will deepen the cooperation between the IMF and China, enhance the macroeconomic policy exchanges and coordination among the countries in the Asia-Pacific region, and promote the maintenance of global and regional financial stability. Pan Gongsheng delivered a keynote speech on China's current monetary policy stance and the evolution of the future monetary policy framework. He said that a prudent monetary policy will adhere to a supportive stance, strengthen counter-cyclical and cross-cyclical adjustments, grasp and handle the three relationships between short-term and long-term, stable growth and risk prevention, and internal and external, support the consolidation and enhancement of the economic recovery and create a good monetary and financial environment for economic and social development. He proposed that the People's Bank of China will continue to study and improve the future monetary policy framework, optimize the intermediate variables of monetary policy regulation, improve the market-oriented interest rate regulation mechanism, enrich the monetary policy toolbox, optimize the structural monetary policy tools, strengthen monetary policy communication and enhance transparency.

Li Yunze said that in the process of building a modern socialist country in an all-round way, the insurance industry is facing a historic opportunity with great potential. The Financial Supervision Administration will make every effort to promote the integration of the insurance industry into the overall situation of China's modernization construction, strive to write the insurance chapter of the "five major articles", and effectively play the role of economic shock absorber and social stabilizer. Guide insurance institutions to accurately and efficiently serve the new quality productivity, better meet the people's needs for a better life, promote the improvement of social governance efficiency, and help build a solid economic safety net, social security net and disaster protection net. Urge insurance institutions to establish a correct business outlook, performance outlook, and risk outlook, focus on reducing costs and increasing efficiency, strengthen asset-liability linkage, accelerate the transformation to a development model centered on value and efficiency, and lay a solid foundation for sustainable development. Unswervingly expand the high-level opening of finance, welcome more foreign financial institutions and long-term capital to come to China to develop and prosper, promote more financial opening-up measures to be piloted in Shanghai, and fully support the construction of Shanghai International Financial Center and the integrated development of the Yangtze River Delta.

Wu Qing said that high-quality development is the hard truth of the new era and the essential requirement of Chinese-style modernization. The capital market must obey and serve this overall situation, closely follow the main line of risk prevention, strong supervision, and promotion of high-quality development, highlight the strengthening of the foundation, strict supervision, and strict management, and vigorously implement the new "Nine National Policies". Actively embrace the development of new quality productivity, improve the service coverage and accuracy of the multi-level market, strengthen patient capital, solve the problem of inclusive innovation from the perspective of institutional mechanisms and concepts, and allow investors to better share the dividends of high-quality economic development. The China Securities Regulatory Commission will issue 8 measures to deepen the reform of the Science and Technology Innovation Board. Vigorously promote listed companies to enhance their value, better return investors, and support listed companies to enhance their core competitiveness through mergers and acquisitions and restructuring. Adhere to the protection of investors throughout the entire process of system construction and supervision and law enforcement, further build a comprehensive punishment and prevention system for financial fraud, strengthen three-dimensional accountability, and provide more powerful support for investors to obtain compensation and relief. The China Securities Regulatory Commission will establish a regular cooperation mechanism with Shanghai to support Shanghai in accelerating the construction of the "Five Centers" with greater efforts.

Gong Zheng said that promoting high-quality financial development has always been a distinctive theme in the construction of Shanghai International Financial Center. We should focus on enhancing the competitiveness and influence of Shanghai International Financial Center, make good use of multiple favorable conditions, strive to build a strong international financial center, and contribute Shanghai's strength to building a financial power. We should focus on improving the financial market system and promote the accelerated aggregation and efficient allocation of global high-end factor resources. We should focus on improving the financial product system and strengthen the supply of financial resources for scientific and technological innovation, advanced manufacturing, green development and small and medium-sized enterprises. We should focus on improving the financial institution system and create a more open, dynamic and attractive financial ecology. We should focus on improving the financial infrastructure system and provide more efficient, interconnected, convenient and secure cross-border financial services. To promote high-quality financial development, we must enhance the security and controllability of Shanghai International Financial Center, strengthen supervision, prevent and control at the source, accurately deal with it, and firmly hold the bottom line of no systemic financial risks.

Kristalina Georgieva, Managing Director of the International Monetary Fund, attended the event and delivered a speech. Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, delivered a keynote speech.

Huang Lixin, Chairperson of the Shanghai Municipal People's Congress Standing Committee, Hu Wenrong, Chairman of the Shanghai Municipal CPPCC, Zhu Zhisong and Li Zheng, municipal leaders, Xuan Changneng, Deputy Governor of the People's Bank of China, Li Chao and Fang Xinghai, Vice Chairmen of the China Securities Regulatory Commission, and others attended the meeting. Jie Dong, Vice Mayor of Shanghai, presided over the meeting.

Officials in charge of the national financial regulatory department and financial institutions, leaders of relevant international financial organizations, domestic and foreign financial markets and financial institutions, leaders of relevant departments and units in Shanghai, and representatives of entrepreneurs, experts and scholars from universities and research institutions attended the forum.

The IMF Shanghai Regional Center, which was launched this time, is one of the regional centers established by the IMF around the world. It aims to strengthen exchanges and cooperation between the IMF and economies in the Asia-Pacific region, conduct relevant research on areas of concern to emerging markets and middle-income countries, provide targeted capacity building support for economies in the region, and maintain global and regional financial stability.

Chen Jining, Wang Jiang, Pan Gongsheng, Li Yunze, Wu Qing and Gong Zheng attended the 2024 Lujiazui Forum, which opened in Shanghai

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