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Heavyweight guests share insights into financial opening-up, cooperation

Source:Xinhua 2023-11-09

File photo shows an exterior view of the People's Bank of China in Beijing, capital of China. (Xinhua/Peng Ziyang)

BEIJING, Nov. 8 (Xinhua) -- The Annual Conference of Financial Street Forum 2023 commenced Wednesday in Beijing, with guests from home and abroad reaching a consensus on promoting openness and cooperation in the financial sector.

Yin Li, secretary of the Communist Party of China Beijing Municipal Committee, said that the Chinese capital city would continue to build itself into a national center for financial management and scale up support for the financial sector.

While improving services on all fronts to cater to more diverse demands in the financial market, the city will strive to create a more open and orderly environment for financial development, said Yin.

Speaking of China's monetary policy, Pan Gongsheng, governor of the People's Bank of China as well as head of the State Administration of Foreign Exchange, said that the country would place more emphasis on cross-cyclical and countercyclical adjustments.

The country will take "prudent and solid steps" to advance renminbi internationalization and take an active part in global economic and financial governance, he added.

Li Yunze, head of the National Financial Regulatory Administration, said that China would optimize the model of pre-establishment national treatment plus a negative list for foreign investment and further relax the restrictions for foreign investors to enter the Chinese market.

Efforts will also be made to increase the transparency, stability, and predictability of the country's financial system and policies and foster an environment characterized by prudent operation and fair competition, Li said.

Regarding financial regulation, Yi Huiman, chairman of the China Securities Regulatory Commission, said the commission would continuously aim to safeguard the baseline of preventing risks, ensure the steady operation of the capital market, and boost investors' confidence.

Fu Hua, president of Xinhua News Agency, said that the media should play an active role in building China into a nation with a strong financial sector.

Xinhua will thoroughly implement the spirit of the Central Financial Work Conference and continue to capitalize on its unique advantages to provide authoritative interpretation for the study and implementation of Xi Jinping's economic thought.

It will also gather strong confidence for promoting high-quality financial development, increase intellectual support for deepening the supply-side structural reform of the financial sector, and bridge cooperation in promoting high-level financial opening-up.

Agustin Carstens, General Manager of the Bank for International Settlements, said via video link that China has provided momentum for world economic growth over the years.

The bank looks forward to working closely with the central banks of China and other member countries to safeguard global financial stability jointly.

Themed "Better China Better World -- Enhancing Financial Openness and Cooperation for Shared Growth and Mutual Benefits," this year's conference is jointly hosted by the People's Government of Beijing Municipality, the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, Xinhua News Agency, and the State Administration of Foreign Exchange.  

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