On the afternoon of October 20, the Annual Conference of Financial Street Forum 2024 concluded in Beijing. Zhou Xiaochuan, Vice Chairman of Boao Forum for Asia, Vice Chairman of the 12th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), and Former Governor of People’s Bank of China, attended the closing ceremony. John KC Lee, Chief Executive of the Hong Kong Special Administrative Region, and Yin Yong, Deputy Secretary of the CPC Beijing Municipal Committee and Mayor of Beijing, delivered speeches.
Lee stated that this year’s forum, themed “Trust and Confidence - Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth”, focused on deepening win-win cooperation and shared development opportunities, making it particularly relevant. The Third Plenary Session of the 20th CPC Central Committee highlighted the importance of leveraging the institutional strengths of the “One Country, Two Systems” policy, strengthening Hong Kong’s role as an international financial, shipping, and trading center, and refining mechanisms for Hong Kong to further support China’s opening-up. Hong Kong will continue to reinforce its position as the world’s largest offshore RMB business center and promote the internationalization of the RMB. The feasibility of introducing offshore sovereign bond futures and other products is being explored, with efforts aimed at guiding international capital to meet the financing needs of high-quality projects on the Chinese mainland, thereby supporting the nation’s financial opening up. Measures will also be taken to optimize the connectivity mechanisms between the financial markets of the mainland and Hong Kong. These measures will encourage more mainland and international enterprises to list in Hong Kong, and contribute to the two-way opening of the mainland capital market to the global economy. In addition, Hong Kong will enhance its role as an international center for wealth and risk management, attract more global funds to be managed in Hong Kong, and diversify the asset portfolios of insurance companies. Green finance will also be strengthened to inject new momentum into economic growth.
Yin noted that the extensive exchange among participants contributed to the success of the event, resulting in fruitful outcomes. First, the forum further highlighted China’s role as a bellwether for financial reform and development. Participants delivered in-depth analyses of the Chinese and international economic and financial landscape, authoritative interpretations of macroeconomic and industrial policies, as well as mainstream views. These discussions addressed societal concerns and indicated important policies and reform initiatives, significantly bolstering market confidence and guiding public expectations. Second, the forum’s internationalization and professionalism were further enhanced. Government officials, senior executives of leading institutions, renowned scholars, and business leaders shared insightful perspectives and contributed valuable insights toward improving global financial governance and promoting global economic stability. Third, the financial sector’s role in supporting the real economy was further reinforced. Beyond significant outcomes, the forum also launched a declaration calling on financial institutions to support the low-carbon development of the real economy. It also organized a special fund forum, inviting representatives of government investment funds, leading foreign investment funds, and industry sectors. There were also activities such as corporate roadshows and industry-finance matchmaking events, allowing specialized and sophisticated enterprises to engage face-to-face with investment institutions, leading to a number of cooperative projects. Yin called for joint efforts to deepen financial cooperation, share stable economic growth, and create a brighter future.
During the high-level dialogue session, Zhou engaged in discussions with Mark Carney, Chair of Brookfield Asset Management and Former Governor of Bank of England, as well as Philipp Hildebrand, Vice Chairman of BlackRock and Former Chairman of the Governing Board of the Swiss National Bank.
The event was also attended by leaders of relevant departments of the Central Government and the Beijing Municipal Government.
(Written by Yang Qi)
