Financial opening-up, development under spotlight at key forum

By Xinhua Published: Oct 19, 2024 04:58 PM

The Annual Conference of Financial Street Forum 2024 is held in Beijing, capital of China, Oct. 18, 2024. The Annual Conference of Financial Street Forum 2024 opened here on Friday. (Photo: Xinhua)

Participants attend the Annual Conference of Financial Street Forum 2024 in Beijing, capital of China, Oct. 18, 2024. The Annual Conference of Financial Street Forum 2024 opened here on Friday. (Photo: Xinhua)

Heavyweight guests from home and abroad discussed financial opening-up and cooperation as well as economic development on Friday as they gathered in Beijing for the Annual Conference of Financial Street Forum 2024.

Yin Li, secretary of the Communist Party of China Beijing Municipal Committee, said as an important destination for global financial investment, the Chinese capital will move faster to develop a vibrant modern financial system and enhance its capacity to serve national financial management functions.

Toward that end, efforts will focus on improving financial service facilities, building a financial market system that fosters innovation, strengthening international financial exchanges, and maintaining a safe and sound financial environment, Yin said.

Pan Gongsheng, governor of the People's Bank of China, said the central bank will focus on serving high-quality development while strengthening counter-cyclical adjustments through monetary and macroprudential policies.

The central bank will work to make financial support policies more targeted and effective, create a favorable monetary and financial environment for stable economic growth and structural adjustments, and steadily push forward financial opening up, said Pan.

Li Yunze, head of the National Financial Regulatory Administration, said the administration will guide financial institutions to increase financial supply, improve resource allocation, and accelerate the flow of funds, therefore fully supporting the country's economic recovery.

Regarding the capital market, Wu Qing, chairman of the China Securities Regulatory Commission, said the regulator will deepen capital market reform, and improve institutions and mechanisms that promote the high-quality development of listed companies and strengthen the market's intrinsic stability.

Fu Hua, president of Xinhua News Agency, said media should move to create a favorable "soft" environment with boosted market confidence. Boosting trust and confidence is particularly of great significance when the Chinese economy is at a critical stage of overcoming challenges, he told the forum.

Fu said Xinhua will make every effort to amplify the "main theme" of economic development, and contribute new and greater strength to advancing Chinese modernization through high-quality financial development.

Zhu Hexin, head of the State Administration of Foreign Exchange, said the administration will make solid efforts to deepen reform and promote high-standard opening up in the field of foreign exchange.

Work will be done to improve the opening up of capital accounts, enhance the evaluation of policies and communication with the market, and boost regulation and risk control capabilities, according to Zhu.

Agustin Carstens, general manager of the Bank for International Settlements, said via video link that as a key engine for global growth, the strengthening of China's domestic demand will benefit the world, inject fresh momentum into the global economy and safeguard global monetary and financial stability.

Themed "Trust and Confidence -- Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth," this year's conference is jointly hosted by the People's Government of Beijing Municipality, the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, Xinhua News Agency, and the State Administration of Foreign Exchange.