On the evening of October 22, the closed-door meeting on Global Systemically Important Financial Institutions (G-SIFIs) jointly hosted by the People's Government of Beijing Municipality and the Industrial and Commercial Bank of China (ICBC) was held through video. Chen Jining, Deputy Secretary of the CPC Beijing Municipal Committee and Mayor of Beijing Municipality, addressed the meeting.

G-SIFIs are an important part of the international financial system and play a pivotal role in maintaining global financial stability, Chen noted. As the national financial management center, Beijing shoulders the critical responsibility for promoting high-quality development of the financial sector and maintaining financial stability. In line with the guiding principles of the remarks delivered by General Secretary Xi Jinping at the Global Trade in Services Summit of the 2020 China International Fair for Trade in Services, Beijing is now stepping up the development of a national integrated demonstration zone for greater openness in the services sector and Beijing Pilot Free Trade Zone featuring scientific and technological innovation, a more open services sector, and digital economy. In this process, openness and innovation in the financial sector is a top priority. Beijing will roll out new measures to strengthen international financial cooperation, attract financial institutions from home and abroad, improve the regulatory system aimed at maintaining financial stability and forestalling financial risk, explore new institutions and rules adapted to the new situation, improve government services and create an enabling environment for financial institutions.

At the closed-door meeting themed “Responding to Global Changes to Safeguard Financial Stability”, the attendees from around the world shared their views on a wide range of topics such as how to advance economic development, maintain financial stability, strengthen exchanges and cooperation, and increase communication in supervision. 

Pan Gongsheng, Deputy Governor of the People's Bank of China (PBOC) and Director General of the State Administration of Foreign Exchange (SAFE), Zhou Liang, Vice Chairman of China Banking and Insurance Regulatory Commission, and Chen Siqing, Chairman of ICBC, delivered speeches. Keynote speakers also included heads of prestigious financial institutions. Fang Xinghai, Vice Chairman of China Securities Regulatory Commission, leaders from relevant central financial institutions, and Jin Wei, Secretary General of the People's Government of Beijing Municipality were present at the meeting.

(Reporter: Yang Qi)