The 2021 Financial Street Forum Annual Meeting was closed, and a number of important achievements were achieved - serving the real economy and enhancing the resilience of development

From October 20 to 22, the 2021 Financial Street Forum Annual Conference was held in Beijing. Focusing on the theme of "Economic Resilience and Financial Behavior", 5 parallel forums and 35 topics were intensively exchanged, and special activities, special exhibitions, multiple side meetings and series of activities were brilliant. Through online and offline means, more than 400 Chinese and foreign guests conducted in-depth dialogues and collisions to discuss financial innovation and development, exchanges and cooperation.

At the forum, authoritative analysis such as "the RMB exchange rate will remain basically stable at a reasonable equilibrium level" boosted the market and enhanced confidence. In 3 days, the activities of the annual meeting of the forum were successfully completed and a number of important achievements were achieved.

Support small and micro enterprises and develop inclusive finance

Since the beginning of this year, in the face of the complex and changeable international situation and the multiple impacts of the domestic epidemic and flood disasters, China's economy has shown strong resilience.

"The system and mechanism of the socialist market economy are the source and fundamental guarantee for the resilience of Our country's economy." Yi Gang, president of the Chinese People's Bank, believes that China has favorable conditions such as large economic scale, complete economic structure, continuous acceleration of technological innovation, and continuous release of reform dividends. He said that at present, more than 40 million market entities supported by inclusive small and micro loans are prominent highlights of China's economic resilience.

Yi Huiman, chairman of the China Securities Regulatory Commission, said that accelerating the construction of a multi-level equity market system with complementary functions and organic connections to meet the financing needs of enterprises of different types and stages of development is an inherent requirement for enhancing the adaptability of finance to the real economy.

"Financial institutions to help build a manufacturing power is not only the responsibility of adhering to the service entity and returning to the source, but also an inevitable choice to seize market opportunities and promote their own high-quality development." Liao Lin, president of the Industrial and Commercial Bank of China, said that in the first half of this year, ICBC became the first bank with a manufacturing loan balance of more than 2 trillion yuan, and the industrial chain financing of the manufacturing industry maintained an increase of more than 30% for two consecutive years.

Xu Ming, chairman of the National Stock Transfer Company and chairman of the Beijing Stock Exchange, said that the Beijing Stock Exchange will closely focus on the main body of small and medium-sized enterprises, continuously deepen reform, optimize services, build a financial service system covering the entire chain of small and medium-sized enterprises, and explore the "Chinese plan" for the development of inclusive finance in the capital market.

Financial transformation and innovation to help high-quality development

Green and low-carbon, financial technology, rural revitalization... At a number of parallel forums, the participants made suggestions and suggestions on the high-quality development of finance to help the economy and society.

Chen Yulu, vice president of Chinese Min min bank, said that in 2020, China's clean energy consumption accounted for 1 percentage point higher than in 2019, which shows that China still adheres to the main tone of green development during the epidemic. Up to now, the balance of China's green loans is close to 14 trillion yuan, and the stock of green bonds is close to 1 trillion yuan, ranking among the top in the world.

Chen Bowen, president of Kathy Thai Bank, said China has become a global leader in environmentally friendly and sustainable technologies. Uvi Florici, co-CEO of the German Central Cooperative Bank, believes that China has made great achievements in green and sustainable development.

"Financial empowerment of rural revitalization has great potential and great achievements." Xia Gengsheng, deputy director of the National Rural Revitalization Bureau, believes that the financial industry can play an important role in consolidating and expanding the achievements in poverty alleviation, empowering rural industrial development, rural construction, and rural governance.

"Fintech has become an important driving force for the high-quality development of the capital market." Zhao Zhengping, member of the Party Committee and vice chairman of the China Securities Regulatory Commission, said that based on the new development stage, the CSRC will accelerate the in-depth integration of technology and business, and will work with all parties in the capital market to promote financial technology innovation and digital transformation.

"Vigorously developing the financial technology industry and promoting the deep integration of scientific and technological innovation and capital markets is the proper meaning of Beijing's construction of an international science and technology innovation center, the improvement of the function of the national financial management center, and the promotion of high-quality economic development in the capital." Yin Yong, member of the Standing Committee of the Beijing Municipal Party Committee and vice mayor, said that Beijing will actively build a good ecosystem for the development of financial technology in the capital market, and promote relevant work around increasing the cultivation of financial technology industry entities, expanding digital financial application scenarios, improving the financial technology regulatory mechanism and adhering to the bottom line of no financial risks.

In-depth implementation of the pilot project of trade balance facilitation; continue to carry out the pilot of the integration of local and foreign currencies of multinational companies; accelerate the promotion of the digital yuan pilot to achieve full coverage of the scene; and enhance the degree of cross-border trade and investment liberalization and facilitation in Beijing... On the afternoon of October 22, the 2021 Financial Street Forum Annual Meeting held a special policy release event, and Chinese Minmin Bank, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange issued more than 10 financial support policies to help Beijing's high-quality development.

Adhere to the bottom line thinking, do a good job in risk prevention and control

Compared with last year, the annual meeting of this forum has specially added topic arrangements such as financial rule of law, and included in the parallel section of "Governance System and Financial Security". Sun Qian, a member of the party leading group and deputy procurator general of the Supreme People's Procuratorate, said that at present and for some time to come, procuratorial organs should focus on punishing serious financial crimes and deepen the connection between administrative law enforcement and criminal justice in preventing and resolving major financial risks.

"We must pay more attention to the systematic, integrated, and coordinated construction of the financial rule of law, and ensure the healthy and sustainable development of the financial industry with good law and good governance." Liu Zhao, a member of the party group and vice minister of the Ministry of Justice, said that it is necessary to properly handle the relationship between development and security and keep the bottom line of no systemic financial risks. At present, the Ministry of Justice, together with the People's Bank of China, is speeding up the review and formulation of the Regulations on the Administration of Non-bank Payment Institutions to improve the regulatory rules for third-party payment institutions.

Cai Huiyong, secretary of the party group and president of the Beijing Financial Court, believes that to achieve good law and good governance in the financial field, it is necessary for the legislative, law enforcement, judicial and other departments to coordinate and cooperate, as well as scholars engaged in the research of the theory and practice of financial rule of law, the vast number of financial industry practitioners and all sectors of society to work together, and also need to strengthen domestic and international two-way exchanges and actively participate in the construction of a new international financial order.

Pan Gongsheng, deputy governor of the Chinese Bank and director of the State Administration of Foreign Exchange, said that compared with the previous round of fed monetary policy tightening cycle, the current Chinese economy is in a better cyclical position, and the solid economic fundamentals at home will be the basic guarantee for China's foreign exchange market to cope with external shocks. "It is expected that China's foreign exchange market will be controlled by the impact of this round of Fed policy shifts, China's cross-border capital is expected to continue to flow in both directions, and the RMB exchange rate will remain basically stable at a reasonable equilibrium level." (Reporter Wang Haonan)

Source: People's Daily