On the morning of October 18, the Annual Conference of Financial Street Forum 2024, themed “Trust and Confidence - Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth”, opened in Beijing. Yin Li, Member of the Political Bureau of the CPC Central Committee and Secretary of the CPC Beijing Municipal Committee, attended the opening ceremony and delivered a speech. Other distinguished speakers included Wang Jiang, Executive Deputy Director of the Office of the Central Financial Commission; Pan Gongsheng, Governor of the People’s Bank of China (PBOC); Li Yunze, Head of the National Financial Regulatory Administration (NFRA); Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC); Fu Hua, President of Xinhua News Agency; and Zhu Hexin, Administrator of State Administration of Foreign Exchange (SAFE). The event was presided over by Yin Yong, Deputy Secretary of the CPC Beijing Municipal Committee and Mayor of Beijing. Notable attendees also included Li Xiuling, Chairman of the Standing Committee of the Beijing Municipal People’s Congress, and Wei Xiaodong, Chairman of the CPPCC Beijing Municipal Committee.

In his speech, Yin Li stated that finance serves as the lifeblood of the national economy and the core of the modern economy. President Xi Jinping attaches great importance to financial work and has made a series of significant statements. The Third Plenary Session of the 20th CPC Central Committee has laid out comprehensive plans for deepening reforms and advancing Chinese modernization, outlining a series of tasks to reform the financial system and inject new momentum and vitality into financial growth. The world today is undergoing accelerated changes unseen in a century, with a new round of technological and industrial revolutions unfolding. The financial sector is assuming greater significance while encountering many new situations and challenges. The Chinese government remains committed to pursuing a financial development path that aligns with its national conditions, dedicated to driving the Chinese modernization through high-quality financial growth. Since the reform and opening up, China has sustained rapid economic growth and long-term social stability, contributing over 30% to global economic growth over the years.

Yin noted that as the capital city, Beijing is home to numerous national financial infrastructure platforms and headquarters of financial institutions. It plays a vital role in national financial management and houses substantial financial assets. In recent years, Beijing’s financial sector has experienced rapid growth, leading the nation in various aspects such as the number of financial legal entities and professionals, total financial assets, insurance penetration, insurance density, and the number of listed companies. This has significantly boosted socio-economic progress, establishing Beijing as a hub for international financial investment. Going forward, Beijing will move faster to build a vibrant modern financial system and comprehensively improve its ability to serve national financial management. The city will prioritize the enhancement of financial service facilities, support important national financial platforms, and encourage international financial institutions to settle in Beijing. Additionally, it will strengthen the roles of the Financial Street, the Lize Financial Business District, and the Beijing Municipal Administrative Center (BMC) as green financial demonstration areas, providing stronger support for financial development. Yin called for efforts to build a financial market system that facilitates innovation. This includes advocating reforms at the Beijing Stock Exchange to cultivate top-notch investment institutions, as well as developing patient capital to ensure the well-regulated and sound development of the venture capital industry. These initiatives aim to better establish the city as an international innovation center and a global model city for digital economy. He also highlighted the creation of a vibrant financial ecosystem. Measures encompass expanding systematic openness in the financial sector, improving investor protection mechanisms, exploring cross-border investment and financing facilitation, and boosting international financial exchanges and cooperation. To maintain a secure and stable financial environment, it is essential to establish a sound financial regulatory system, enhance the legal environment for finance, prevent risks in key areas, and ensure financial security. He expressed his hope for participants to leverage the Financial Street Forum as an important platform for in-depth communication and practical cooperation, thus jointly contributing to financial stability and prosperous development.

Agustín Carstens, General Manager of the Bank for International Settlements (BIS), delivered a video address. Leaders from competent national authorities and the Beijing Municipal Government, foreign diplomatic envoys in China, heads of financial institutions and companies, experts, scholars, and officials from relevant municipal departments and districts attended the event.

(Written by Qi Mengzhu and Fan Junsheng)