Lujiazui Forum asks about finance's "towards reality", "towards innovation", and "towards openness". Lujiazui | Finance | Forum

Release time:Apr 13, 2024 20:58 PM

As a widely influential high-end international financial dialogue platform, the 14th Lujiazui Forum was held from June 8th to 9th. This is the first time that the main leaders of the national financial regulatory department have collectively voiced their opinions on public platforms simultaneously after announcing the reform of the national financial regulatory system during the National People's Congress and Chinese People's Political Consultative Conference, and have received numerous expectations. Since its first hosting in 2008, the Lujiazui Forum has gone through fifteen years. Over the past fifteen years, as a benchmark and leader in China's financial reform and development, the Lujiazui Forum has continuously strengthened its original intention of "finance oriented towards reality", enhanced its confidence in serving a new round of technological revolution and industrial transformation, conveyed China's determination to adhere to high-level financial openness, and also gave birth to numerous replicable and promotable "Shanghai experiences".

Financial Responsibility: Firmly Serving the "Original Aspiration" of the Real Economy

In the first four months of this year, the Shanghai headquarters of the People's Bank of China issued a total of nearly 50 billion yuan in rediscount funds for re loans, a year-on-year increase of 43%; In April, the weighted average interest rate for newly issued corporate loans in Shanghai was 3.57%, a year-on-year decrease of 16 basis points, at a historical low... A series of data reveal a strong signal of serving the real economy. At the age of 15, the Lujiazui Forum engages in ideological exchanges and opinion surges around current hot topics in each session. On the eve of this forum, how to consolidate the foundation of financial development and provide firm support for the real economy has become a topic of common focus for regulatory authorities and financial practitioners. "Insurance+futures" is a term unfamiliar to many professionals, but in Mengla County, Xishuangbanna Prefecture, Yunnan Province, it is a well-known path for many rubber farmers to increase their income. "Every year after the start of rubber cutting, I often open my phone to check the futures market situation in Shanghai," local rubber farmer Zhang Hua told reporters. The reason why rubber farmers pay attention to Shanghai prices is that "Shanghai rubber" is increasingly becoming a global market indicator. Since 2007, the Shanghai Futures Exchange has been carrying out rubber "insurance+futures" projects in major rubber production areas. The role of Shanghai finance in accurately supporting the real economy and helping various links in the industrial chain to manage risks has become increasingly popular. In addition to Shanghai glue, many Shanghai prices such as Shanghai oil, Shanghai gold, and Shanghai copper are also the same. The story of "Shanghai prices" is only a microcosm of Shanghai's financial market's firm commitment to serving the real economy. It is reported that in the first quarter of this year, Bank of China Shanghai Branch provided over 16 billion yuan in supply chain loans to "chain owners" and upstream and downstream enterprises in the industrial chain, supporting key industrial clusters such as strategic emerging and high-end manufacturing to "extend", "supplement", "strengthen", and "fix" the chain, injecting a continuous stream of financial vitality into the industrial chain. Zhou Xiaoquan, Director of the Shanghai Municipal Bureau of Financial Work, said, "We will jointly build an inclusive financial ecosystem, continuously explore core enterprises and platforms in the industrial chain and supply chain, and promote high-quality development of the real economy through the model of 'circle chain integration' in the Shanghai financial industry."

Technology background: Finance adds "wings" to science and technology innovation

On June 5th, the Sci Tech Innovation 50 ETF option was listed on the Shanghai Stock Exchange. As the first financial risk management tool listed on the Science and Technology Innovation Board, the Science and Technology Innovation 50 ETF option helps to further guide funds to invest in the field of technology innovation, continuously enhancing the influence of international financial centers and science and technology innovation centers. Data shows that as of May 2023, there were 528 listed companies on the Science and Technology Innovation Board, with a total market value of 6.73 trillion yuan and a total IPO fundraising of 822.362 billion yuan. The agglomeration demonstration effect of supporting and encouraging "hard technology" enterprises to go public is becoming increasingly significant, promoting profound changes in the structure and ecology of the capital market. "In 2022, high-tech enterprises accounted for nearly 90% of newly listed companies. Currently, the market value of high-tech industries in the A-share market has increased from about 20% in early 2017 to nearly 40%." Wang Dengyong, Deputy Director of the Shanghai Securities Regulatory Bureau, said that the positioning of the "hard technology" on the Science and Technology Innovation Board has been highlighted, for example, in the integrated circuit industry, an industrial cluster consisting of nearly 90 listed companies has been formed. Opening up the "last mile" of listing financing is a crucial step for the development and growth of sci-tech innovation enterprises, and supporting the "first mile" also plays an important guiding role for early-stage sci-tech innovation enterprises. "Private equity funds adhere to the principle of 'early investment, small investment, and long-term investment in technology', playing a positive role in promoting corporate capital formation and supporting innovation and entrepreneurship." Wang Dengyong introduced that since the registration system reform, nearly 90% of listed companies on the Science and Technology Innovation Board and 60% of listed companies on the Growth Enterprise Board have received support from private equity funds, providing precise support for key technological innovation fields such as computers, semiconductors, and biopharmaceuticals. With the continuous improvement of technology exclusive credit products such as "Technology Fulfillment Loans" and "Science and Technology Innovation Assistance Loans", innovative achievements have been formed, such as patent licensing revenue pledge financing models and exclusive rating credit models for science and technology innovation enterprises. As of the end of 2022, the loan balance of technology-based enterprises in Shanghai has increased by 52% compared to the beginning of the year. This year, the Lujiazui Forum has added a "Science and Technology Innovation Finance Studio" for the first time, focusing on topics such as "Innovation in Registration System and Direct Financing Mechanism for Science and Technology Innovation Enterprises", "New Path for Technological Innovation in Intellectual Property Finance", and "Venture Capital Helps Start ups Accelerate Development".

Institutional openness: creating a high-level open "experimental field"

Steadily promoting high-level opening up of the financial industry to the outside world is an inherent requirement for achieving high-quality economic development and an urgent need for the development of the financial industry itself. "Commodities themselves are internationalized." Senior futures expert Zhang Yisheng believes that with the introduction of overseas traders in crude oil futures in 2018, a number of Shanghai financial products such as international copper and No. 20 rubber have gradually opened up to the outside world, making a "Shanghai voice" and outputting "Shanghai standards" in the international financial market. At present, a large number of foreign-funded institutions are regularly participating in the Shanghai financial market. On May 30th, the world's first RMB "Yulan Bond" was successfully registered at the Shanghai Clearing House. "Yulan Bond", jointly launched by the Shanghai Clearing House and the European Clearing Bank, named after the city flower of Shanghai, is an innovative business that serves Chinese issuers in issuing bonds to the international market through cross-border connectivity of financial infrastructure. Compared with the euro and dollar "yulan bonds", the RMB "yulan bonds" provide international investors with new channels for RMB investment other than Bond Connect. Similar innovations are piloted in Shanghai every year, attracting foreign institutions to come from afar. At present, there are over 50 foreign-funded bank insurance legal entities and over 70 foreign-funded insurance representative offices in Shanghai; Shanghai has taken the lead in increasing the foreign equity ratio limit for life insurance companies from 51% to 100%; Five foreign-owned wealth management companies nationwide have all settled in Shanghai... Since 2013, the China Pilot Free Trade Zone and the China Pilot Free Trade Zone Lingang New Area have been successively established. Over the past 10 years, Shanghai has actively explored deepening financial reform and expanding financial openness, forming a group of replicable and promotable "Shanghai experiences". With the construction of the Shanghai International Financial Center entering version 3.0, Shanghai will reach a new level of financial institutional openness, and a global international reinsurance trading market will soon be opened. Zhang Zhongning, Deputy Director of the General Office of the State Administration for Financial Supervision and Administration, stated that it is necessary to seize the opportunity of the global underwriting capacity "re layout" window period, and establish a strategic framework for the construction of the Shanghai International Reinsurance Center with the "international board" as the core, that is, to build an "international reinsurance functional zone" in the Lingang New Area of the Shanghai Pilot Free Trade Zone; Establish an international board rules system for reinsurance that is in line with international standards, guided by high-level institutional openness; Closely integrate the construction of the international reinsurance center with the financial opening of the Lingang New Area, and build a reinsurance functional zone that is suitable for the domestic and international business environment. Tu Guangshao, Executive Director of Shanghai Advanced School of Finance at Shanghai Jiao Tong University, believes that the construction of Shanghai International Financial Center 3.0 should focus on "new elements, new fields, and new functions". The sustained development of the digital economy increasingly requires cross-border flow and openness of data, and cross-border financial data is also an important component of globalization. "As an international financial center, Shanghai needs to take a step forward in the cross-border flow of financial data, expanding the pilot scope of cross-border flow from Lingang to Pudong, and taking the lead in the institutional opening of cross-border financial data flow," said Tu Guangshao.

Two women were stabbed to death and reported to have committed a crime 4 days before the follow-up visit for schizophrenia. Suspect of a bloody murder case in a Hong Kong shopping mall appeared in court today. Male | Last Friday | Murder case

According to Hong Kong's Wen Wei Po, a bloody knife stabbing case occurred at Hollywood Square in Diamond Hill last Friday. The police arrested a 39 year old man on suspicion of stabbing two young women, one of whom was stabbed over 30 times. The suspect appeared in the Kwun Tong Magistrates Court this morning. The police at the Kwun Tong Magistrate's Court temporarily charged the suspect with two counts of murder last Sunday. The suspect appeared in court this morning at the Kwun Tong Magistrate's Court. Acting Chief Magistrate Zheng Jihang, after listening to the opinions of both the prosecution and defense, decided to postpone the hearing for two weeks until 9:30 am on June 19th, waiting for two psychiatric expert reports to be obtained. The defense did not object. Zheng Jihang approved the application, and the defendant needs to be temporarily detained at Xiaolan Mental Hospital. When the suspect appeared in court, he wore black framed glasses, a light gray shirt, and camouflage green shorts, and was able to answer the judge's questions normally. accordingly

Currently, the highly anticipated summer harvest work in Henan has shifted its focus to the northern region of Henan. According to the Henan Daily client, on June 4th, Lou Yangsheng, Secretary of the Henan Provincial Party Committee, presided over a special video scheduling meeting on the "Three Summers" work in the province, listened to the situation report, analyzed and judged the situation, and arranged and deployed the next steps of work. Governor Wang Kai made specific arrangements. On the evening of May 31, 2023, in Xiafutou Village, Xuliang Town, Boai County, Jiaozuo, Henan Province, villagers braved light rain in the wheat fields to harvest wheat. Visual China Map Lou Yangsheng pointed out that the current summer harvest battle in the province has entered the decisive stage. Doing a good job in summer harvest in northern Henan Province is related to the summer grain yield and seed safety. We should focus on seizing opportunities and make every effort to organize the wheat harvesting work in the northern Henan region, minimize losses, and protect the interests of farmers to the greatest extent possible. Accurate forecasting is essential

Xinhua All Media+| Welcome home! What innovative technologies are protecting the return journey of Shenzhou 15? Spaceship | Shenzhou | Technology

On June 4th, the return capsule of the Shenzhou-15 manned spacecraft successfully landed at the Dongfeng landing site. Astronauts Fei Junlong, Deng Qingming, and Zhang Lu all safely and smoothly exited the spacecraft, and the Shenzhou-15 manned flight mission was a complete success. What innovative technologies are there to safeguard the return journey of Shenzhou 15 in this mission? On June 4th, the return capsule of the Shenzhou-15 manned spacecraft successfully landed at the Dongfeng landing site. Xinhua News Agency reporter Lian Zhen photographed that "the sky and the ground" ensure the high-precision return of spacecraft. For the Shenzhou series spacecraft, the return and re-entry GNC technology is directly related to the life safety of astronauts. Taking the success of this return mission as a symbol, China has comprehensively upgraded its GNC system since the Shenzhou-12 manned spacecraft, which features autonomous rapid rendezvous and docking, autonomous adaptive prediction and re-entry return guidance, and has completed a comprehensive update and replacement

The Chinese naval fleet has arrived! Assembly | Navy | Chinese Fleet

At noon today, a Chinese naval fleet consisting of Zhanjiang and Xuchang ships arrived at the assembly area of the "Comodo-2023" multinational maritime joint exercise. It is understood that the assembly anchorage for this exercise is 3 nautical miles long and 1.5 nautical miles wide, capable of anchoring up to 50 ships. Naval vessels from various countries participating in the exercise will also arrive at the anchorage today to complete the assembly of the "Komodo 2023" multinational maritime joint exercise, which is held every two years by the Indonesian Navy. This year is already the fourth edition of the exercise. The exercise will be held from June 5th to 8th in the city of Jakarta, South Sulawesi Province, Indonesia, including the port and sea phases. In the coming days, participating navies from various countries will participate in ship reading style search and rescue exercises, maritime interception and damage management exercises, aerial exercises, and other course objectives exercises

New comment: Donkey like "morale" limit pulls US debt "bomb" fuse hard to dismantle US | debt | morale

On the evening of June 1st, the US Senate passed a bill on the federal government's debt ceiling and budget, and the flame of the US debt bomb was temporarily extinguished at the last moment. The two parties in the United States have staged an extreme tug of war over the US debt bomb. Some experts believe that the US debt crisis is the result of the reckless politics promoted by the US dollar hegemony, and the underlying cause of this crisis is the highly polarized political system of the US. Since the end of World War II, the US Congress has adjusted the debt ceiling more than a hundred times. The recurring debt crisis will not only have a catastrophic impact on the US economy and people's livelihoods, but also continuously erode the value of US dollar assets such as government credit and US bonds, bringing significant and far-reaching impacts to the global economic landscape. 【

Important news

The boundless scenery is always new-General Secretary Xi Jinping guides the construction of digital society, review and development | education | society Unswervingly Promote and Improve the Comprehensive and Strict Party Governance System Xi Jinping | Strict Party Governance | System "Seeking Truth" magazine published an important article by General Secretary Xi Jinping "Improving the Comprehensive and Strict Party Governance System and Promoting the New Great Project of Party Building in the New Era to Develop in Depth" State | President | Xi Jinping General Secretary's thoughts are still in my mind, learning from the season | building a modern marine ranching power | developing | the ocean Leading the way with a heavy load | More vitality in opening up to the outside world, stronger momentum in science and technology innovation - Strong development momentum in the ancient capital of Xi'an Automotive | New energy | Opening up to the outside world Chinese Stars | 210 Seconds Review of the Victory of Aerospace Heroes on their Way Home! Flying | Divine Boat | Hero

Political situation

What are the remaining obstacles in the investigation and undercover investigation by the law enforcement inspection team of the Municipal People's Congress? This work evaluates that Shanghai has always been at the forefront of garbage classification | garbage | law enforcement Looking forward to the global high-quality engineering enterprise layout in Shanghai, Mayor Gong Zheng meets with the President elect of the World Federation of Engineering Organizations | Global | Quality To jointly discuss and deepen cooperation and exchange in counterpart support, Chen Jining and Nie Zhuang led a discussion on the work of the party and government delegation in Kashgar, Xinjiang Chen Jining and Gong Zheng jointly inspected and discussed, jointly serving the overall development of the country! Yin Li and Yin Yong led a Beijing delegation to Shanghai to inspect the delegation's development and overall situation Contributed about 1/4 of the GDP of Shanghai, currently with 70000 foreign-funded enterprises in Shanghai. The Youth Association of Shanghai Foreign Countries has helped each other in terms of membership and GDP The representative group of Yangpu Street helps to alleviate public concerns, with garbage belts turning back into green belts and street lights lighting up again in residential areas | Representative | Yangpu

Economics

What else can I rely on for growing vegetables?, Agricultural Experiment of a Group of Young People: Lettuce without Heaven or Earth | Physical Strength | Agriculture Very few have been rejected at once... Shanghai Automotive Engine Factory has presented 49 automotive grade chips to solicit domestic alternatives to SAIC | Netherlands | United States | Lingang Pujiang International Science and Technology City | Substitution | Import | Localization | Automotive grade chips Is there still a "flower head" in domestic blockchain?, No Bitcoin, First Blockchain Technology National Standard Released Web3.0 | Blockchain | Domestic These top domestic and international beverage cold drink brands have rolled up like this, in order to welcome the overall recovery of the consumer market as a brand | Sugar Tea | International Making a dojo inside a snail shell allows the city's scraps to make a comeback. This European style garden in Shanghai used to be a "stone" on the road. Shanghai Pocket Park | Sparrow Little Dirty | Making a dojo inside a snail shell 23 industry associations (business and academic) in the Yangtze River Delta have established alliances to provide trade adjustment assistance, and the foreign trade situation is complex and severe. | Trade | Alliance

Regional situation

Shanghai Charity Foundation Successfully Issued First Electronic Donation Receipt Community | Activity | Shanghai Charity Foundation Carry out normalized social theater performance activities, and the "hometown of drama" Songjiang Xinbang will resume stage and social theater | Drama | Songjiang Xinbang How to promote and replicate the "near rail model"? Changfeng Xincun Street Building Party Building 4.0 Model | Building Committee | Jintie The largest single scale near zero energy consumption building in Shanghai will be built, and the construction area of the first batch of "Jiabao Smart Bay" in Jiading New City will start | plot | first batch Jing'an creates "one park, one theme", and the art exhibition "Painting Life and Coloring" opens at Jing'an Sculpture Park to experience | Art | Jing'an The highlights of the Xuhui exhibition area at the first Carbon Expo are frequent, including waste plastic recycling and environmental protection roads, Shanghai's first near zero carbon community, low-carbon | green | community

Viewpoint

"White carbon" is on the rise, and there are many colors of carbon? This is definitely not sensationalism, carbon dioxide emissions, color Where does the trend go: "China-Chic" cultural and creative market status, development trend and innovation path Cultural and creative | Chinese goods | China-Chic He demonstrated the essence of the revolutionary ideology and spiritual qualities of communists, and during his brief 40 years of life, Secretary Yu Xiusong's ideology What is the relationship between the "four major functions" and the "five centers"? Accurately grasp these two key elements | functions | relationships Why mention "Clean Your Plate Campaign" again?, Today's life | leftovers | CDs To find the balance between digitization and greening, experts say that excessive digitization may increase energy consumption. Digital | Green | Digitization

Vision

Celebrating the Second Anniversary of the US Army's Withdrawal, [Looking at the World] Afghan Taliban Armed Security Personnel March Typhoon | Taliban | Afghanistan It's more convenient to buy book exhibition tickets offline today, including ID card, cash, and old-fashioned mobile phones. Lu Xun | Book Exhibition | Mobile Phone These spaces create multiple interactive viewing experiences for citizens and tourists, playing with weekend aesthetics | Design | Citizens The opening ceremony will continue as usual. [Looking at the World] The opening match of the Women's World Cup. A shooting occurred in Auckland City, resulting in three deaths. The World Cup | Event | Opening match World Blood Donor Day: Oriental Pearl TV Tower, Shanghai center and other city landmarks light up Life Red World Blood Donor Day Take the artwork home for a thousand yuan? Many people come to this exhibition for their "treasure hunting" works | gallery | to take home