The 2024 Financial Street Forum in Beijing convened leading figures from China and abroad to discuss the future of financial opening-up and economic cooperation. With global uncertainties on the rise, the forum highlighted China's efforts to strengthen its financial systems and support sustainable economic growth, particularly through modernized financial infrastructure and enhanced international cooperation.

Beijing's Commitment to Financial Modernization

Yin Li, Secretary of the Communist Party of China (CPC) Beijing Municipal Committee, opened the forum by emphasizing Beijing's role as a global financial hub. As the capital seeks to enhance its financial influence, it aims to accelerate the development of a modern, innovative financial system. Yin outlined several key priorities, including upgrading financial services, fostering international financial exchanges, and creating a secure financial environment. These efforts are designed to boost Beijing's capacity to serve national financial management while attracting more global financial investments.

Monetary Policy and Economic Stability

Pan Gongsheng, Governor of the People's Bank of China, echoed the importance of financial support for high-quality development. He highlighted the central bank's focus on implementing counter-cyclical adjustments and ensuring a favorable monetary environment for economic stability and structural reform. Pan also reiterated the bank's commitment to deepening China's financial opening-up, aiming to create a more resilient and open financial system.

Enhancing Capital Markets and Resource Allocation

Li Yunze, Head of the National Financial Regulatory Administration, focused on optimizing financial resource allocation to stimulate economic recovery. He outlined plans to guide financial institutions in increasing supply to key sectors, improving the efficiency of capital flows, and ultimately boosting support for the real economy. Li's comments reflect the administration's broader mission to align financial supply with China's economic goals.

Meanwhile, Wu Qing, Chairman of the China Securities Regulatory Commission, discussed reforms in the capital market aimed at promoting the high-quality development of listed companies. These reforms are intended to strengthen the market's intrinsic stability and ensure a supportive regulatory environment for long-term growth.

Media's Role in Building Market Confidence

Fu Hua, President of Xinhua News Agency, emphasized the crucial role of media in promoting trust and confidence in financial markets. As China navigates a critical stage of economic transformation, Fu called for media outlets to actively support the country's modernization efforts by amplifying positive narratives around economic growth. He pledged that Xinhua would continue to provide balanced and accurate coverage to boost market confidence and support high-quality development.

Foreign Exchange and International Financial Cooperation

Zhu Hexin, Head of the State Administration of Foreign Exchange, addressed the need for further reforms in China's foreign exchange sector. He highlighted plans to enhance the opening-up of capital accounts, improve policy evaluations, and strengthen regulatory risk controls. Zhu's remarks signaled the administration's ongoing efforts to foster a more transparent and open foreign exchange environment in line with global standards.

Global Perspectives on China's Role in Economic Growth

Agustín Carstens, General Manager of the Bank for International Settlements, participated via video link, offering a global perspective on China's role as a key driver of international growth. He highlighted how strengthening China's domestic demand will inject fresh momentum into the global economy, emphasizing that a stable Chinese financial system is crucial for global monetary and financial stability.

Spotlight on Technological Innovation in Finance

In addition to policy discussions, the forum showcased significant technological advancements within the financial sector. The 2023 Financial Technology Development Awards were presented, recognizing breakthroughs in areas such as digital transformation, risk management, and innovative applications of financial technology. These achievements highlight the increasing integration of technology with financial services, underscoring China's leadership in fintech innovation.

Zhang Qingsong, Vice Governor of the People's Bank of China, underscored the need for continued progress in financial technology. He called for renewed efforts to deepen the digital transformation of financial services, ensuring that the fusion of technology and finance yields tangible results in driving high-quality growth.

Promoting Green Finance and SME Support

The forum also underscored the importance of finance in supporting the real economy, particularly through low-carbon initiatives and SME development. A declaration promoting financial support for green development was issued, alongside announcements of new policies aimed at fostering collaboration between financial institutions and SMEs. The forum featured various events such as corporate roadshows and fund-specific forums, facilitating dialogue between SMEs and investors and fostering numerous partnerships.

Deepening International Financial Cooperation

Reflecting its growing global influence, the Financial Street Forum welcomed over 40% of its speakers from international markets, including interactive sessions held in Hong Kong, Tokyo, and Luxembourg. Key topics of discussion included China-Southeast Asia cross-border investment, China-Japan economic cooperation, and opportunities under the Belt and Road Initiative. The forum also addressed pressing concerns such as systemic financial risk prevention, global financial governance, and the creation of a world-class business environment.

One of the forum's notable achievements was the launch of a foreign financial law services platform, jointly developed by the National Financial Regulatory Administration, the China Securities Regulatory Commission, Beijing Financial Court, and Bank of China. This platform provides comprehensive legal support for Chinese enterprises engaging in cross-border investments, offering access to over 800 regulations across banking, securities, insurance, and trust sectors.