The Annual Conference of the Financial Street Forum 2023 (hereinafter referred to as the "Conference") opened in Beijing on November 8. Under the theme "Better China, Better World: Enhancing Financial Openness and Cooperation for Shared Growth and Mutual Benefits", participants exchanged views and ideas to build consensus.
Yin Li, Secretary of the CPC Beijing Municipal Committee, said that Beijing will follow through with the guiding principles laid out in the central financial work conference, support the country's financial management efforts, and strengthen its role in promoting the financial sector. Financial services will be upgraded to better meet the diversified needs of the public. Financial reforms and openness will be further advanced for higher quality development of the financial sector. Beijing will make no compromise in financial security, modernize the financial governance system and capacity, and expedite the process of building a modern financial system with Beijing characteristics. The city will also create a more open and orderly environment to help boost the high-quality development of the financial sector.
Pan Gongsheng, Governor of the People's Bank of China (PBC) and Administrator of the State Administration of Foreign Exchange (SAFE), said that monetary policies will show greater emphasis on cross-cyclical and counter-cyclical adjustments, and maintaining the balance between the short-term and the long-term, stable growth and risk prevention, and internal and external markets. In doing so, the PBC aims to create a favorable monetary and financial environment for stabilizing prices, boosting economic growth, expanding employment, and maintaining balance of payments. In promoting the high-level two-way opening up of the financial sector, it is imperative to advance the internationalization of the RMB through prudent and solid steps, promote international financial cooperation, and actively participate in international economic and financial governance.
Li Yunze, Head of the National Financial Regulatory Administration (NFRA), said that China's economy offers a solid foundation for the sustainable and healthy growth of the financial sector, thanks to its sound fundamentals, huge potential, and vast room for maneuver. Opening up proves a crucial driver for the reform and development of China's financial industry. The administration will move faster to improve the management model based on pre-establishment national treatment and negative list, further ease market access for foreign institutions, and continue to make the financial system and policies more transparent, stable, and predictable, so as to create a sound system that encourages prudent business operations and fair competition.
Yi Huiman, Chairman of the China Securities Regulatory Commission (CSRC), highlighted stronger regulation and risk prevention as the key to high-quality development. Going forward, the CSRC will implement the guiding principles laid out in the central financial work conference and fully recognize the political and social significance of capital market regulation. Greater efforts will be made to strengthen penetrative and constant supervision over institutions, market behaviors, and functions. With increasingly adaptive and targeted regulation, the CSRC will safeguard the red line in risk prevention, maintain the smooth operation of the capital market, and shore up investors' confidence, so that China can develop a modern capital market with its own characteristics.
Fu Hua, President of Xinhua News Agency, said that the financial sector should provide high-quality services for socio-economic development and the media should also play an active role in China's efforts to become a financial powerhouse. Xinhua News Agency will thoroughly implement the guiding principles of the central financial work conference and press home its unique advantages. It will continue to provide official interpretations for the study and implementation of Xi Jinping’s economic thought, foster confidence for the high-quality development of the financial sector, offer intellectual support for the supply-side structural reform, and build bridges for the high-level opening up of the financial sector.
Agustín Carstens, General Manager of the Bank for International Settlements (BIS), said in his video speech that China, the world's second-largest economy, has been driving global economic growth for many years and contributing to the global and regional financial sectors. The BIS looks forward to working closely with the central banks of China and other member countries to maintain global financial stability.
This year's conference is co-hosted by the People's Government of Beijing Municipality, PBC, NFRA, CSRC, Xinhua News Agency, and SAFE.
