The Annual Conference of Financial Street Forum 2020, which themed on financial cooperation and reform in the context of global changes, officially opened in Beijing on the afternoon of October 21. Liu He, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, and Cai Qi, member of the Political Bureau of CPC Central Committee and Secretary of the CPC Beijing Municipal Committee, addressed the opening ceremony. Also present at the ceremony was Yi Gang, Governor of the People's Bank of China, Guo Shuqing, Secretary of Party Committee of the People's Bank of China and Chairman of the China Banking and Insurance Regulatory Commission, He Ping, President, Secretary of Party Leadership Group and Chief Editor of Xinhua News Agency, Yi Huiman, Chairman of China Securities Regulatory Commission, Chen Jining, Deputy Secretary of CPC Beijing Municipal Committee and Mayor of Beijing, Li Wei, Chairman of the Standing Committee of Beijing Municipal People's Congress, and Ji Lin, Chairman of Beijing Municipal People's Political Consultative Conference.

Liu He noted that under the leadership of the CPC Central Committee and the State Council, the decision to give top priority to people's safety and health, bring the covid-19 under and then reopen the economy was fully justified. With the effective work on ensuring stability on six fronts and security in six areas and the improving economic indicators, China is highly likely to achieve positive economic growth in the year. Considering the new trends in the Chinese economy and greater drive of innovation on development, China is attaching more importance to new industries oriented toward the ultimate demand of the markets and green development.

Liu He stressed the need to pursue a prudent monetary policy in a flexible and appropriate way, and to ensure policy consistency. Efforts will be made to develop multi-tiered capital market, and improve the quality of listed companies on the principle of building and improving institutions, non-interference in market activities, and zero tolerance for illegal activities. Work will be done to form a multi-layered system of banking institutions, improving big banks' operating and development approaches at a faster pace, and deepen the reform of medium- and small-sized banks. China will resolutely defuse various risks, bring fintech into full play, and continue to push all-round opening-up to bring in a growing number of excellent international competitors. After the fifth plenary session of the 19th CPC Central Committee was convened, the 14th Five-Year Plan will be implemented in the financial system to drive a new round of development through deeper reform and greater openness. Given the current situation, strengthening international cooperation is very important. All parties should embrace the vision of a community with a shared future for mankind, stand in solidarity against the pandemic, and bring the economy back on track. Support will be given to Beijing in making it a frontrunner in financial reform and opening-up, an exemplar of promoting a synergy among technology, finance and industry and a new development paradigm.

Cai Qi said that in light of the current situation, the CPC Central Committee made a strategic decision that bears on China's overall and long-term development, namely to move faster to foster the new development paradigm with domestic circulation as the mainstay and domestic and international circulation reinforcing each other. As China's capital, Beijing will take stronger pioneering measures to seize the opportunities of building the Demonstration Zone for Greater Openness in the Service Sector and the Beijing Pilot Free Trade Zone. It will foster a modern financial industry commensurate with the capital of a major country, and take solid actions to contribute to the new development paradigm. 

According to Cai Qi, Beijing will enhance its financial sector's capability of serving the real economy by deepening the sector's supply-side structural reform and advancing the reform of the National Equities Exchange and Quotations (NEEQ). The city will develop technology-driven finance, cultural finance, green finance and inclusive finance, foster new functions of the refinancing center, the center for initial borrowers and the certification & financing center, and support fintech innovations. Greater efforts will be made to promote financial opening-up and cooperation on a higher level. Beijing will actively explore how to further open up the financial market, promote cross-border capital flow and facilitate investment and financing, so as to gather a larger number of top-notch international financial institutions and organizations to create a global hub of innovation investment. Steps will be taken to nurture a world-class financial ecosystem. The capital city will go all out to develop the national financial management center, provide convenient, efficient and quality services for financial institutions in investment and development and for financial professionals in work and life. It will firmly safeguard the healthy and stable development of its financial market.

Agustín Carstens, General Manager of the Bank for International Settlements, delivered a speech via video link. Pakistani Ambassador to China Moin ul Haque, Luxemburg's Ambassador to China Marc Hübsch, Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange Pan Gongsheng, Deputy Governor of the People's Bank of China Fan Yifei, Secretary-General of Xinhua News Agency Gong Xixiang, leaders of relevant central financial institutions and colleges, leaders of Beijing Municipality Cui Shuqiang, Yin Yong, Zhang Jiaming and Yang Jinbai, and Secretary-General of the Municipal Government Jin Wei attended the opening ceremony.

(Reporters: Qi Mengzhu, Fan Junsheng)