This year marks the 30th anniversary of the Financial Street. The annual meeting of the 2022 Financial Street Forum took place in Beijing on the afternoon of November 21 with the theme "Forge Ahead Toward a Shared Future – Economic Development and Financial Cooperation Amid Changes". Yin Li, member of the Political Bureau of the CPC Central Committee and Secretary of the CPC Beijing Municipal Committee, delivered an address and declared the commencement of the annual meeting; Yi Gang, Governor of the People's Bank of China (PBOC), delivered a video message; Guo Shuqing, Secretary of the CPC PBOC Committee and Chairman of China Banking and Insurance Regulatory Commission (CBIRC), Fu Hua, President of Xinhua News Agency, and Yi Huiman, Chairman of the China Securities Regulatory Commission (CSRC) attended the meeting and made speeches; Yin Yong, Deputy Secretary of the CPC Beijing Municipal Committee and Acting Mayor of Beijing, Li Wei, Chairman of the Standing Committee of the Beijing Municipal People's Congress, and Wei Xiaodong, Chairman of the Beijing Municipal Committee of the Chinese People's Political Consultative Conference, were present.
Yin Li Delivers an Address
Yin Yong Presides over the Meeting
Yin Li noted that the 20th CPC National Congress has drawn a grand blueprint for advancing the great rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization. The Congress highlighted high-quality development as the top priority for building a modern socialist country in all respects and prioritized the real economy as the focus of economic growth. It also provided guidelines on developing the financial sector and charted the course for work on the economic front. Beijing, the national financial regulation center, is home to abundant financial resources and a large number of financial institutions and talents. With the financial industry as its largest pillar, Beijing also boasts half of the country's financial assets. The municipality will act on the guiding principles of both the 20th CPC National Congress and General Secretary Xi Jinping's important remarks on Beijing's development. With the support of the PBOC, CBIRC, CSRC, State Administration of Foreign Exchange (SAFE) and other government bodies, Beijing will strive to foster a modern financial industry that is commensurate with the city's status as the capital of a major country, and better serve and integrate into the new development pattern by tapping into its resource endowment and meeting the highest standards.
He also pointed out that Beijing will focus on strengthening its role as the national financial regulation center, ensure the implementation of major national financial strategies and policies, promote the development of national financial infrastructure in Beijing, and support financial institutions in upgrading their headquarters. Beijing will ensure that the financial sector serves the real economy with greater quality and efficiency by increasing financial support to major strategies, key areas, major projects and weak links and providing targeted financial services for micro, small and medium-sized enterprises. The city's multi-tiered financial market system will be improved through deeper reform of the National Equities Exchange and Quotations (NEEQ) and greater support to the Beijing Stock Exchange. Beijing will advance financial reform and innovation with efforts to facilitate the sound interaction among the science and technology space, the financial sector and industries, and promote the integrated development of fintech and digital economy. Beijing will open up its financial sector to a higher level. In this regard, pilot projects on financial market opening-up, cross-border capital flows, and investment and financing facilitation will be pioneered in the "two zones" to build a hub of financial cooperation for the Belt and Road Initiative. Beijing will forestall and defuse financial risks by consolidating the rule of law in the financial sector and enhancing the competence of local financial regulators. Beijing will build a better platform for development by fostering a world-class international business environment that is market-oriented and law-based to attract financial institutions at home and abroad to invest and develop in Beijing.
Kristalina Georgieva, Managing Director of the International Monetary Fund, and Agustin Carstens, General Manager of the Bank for International Settlements, delivered video speeches; Pan Gongsheng, Deputy Governor of PBOC and Administrator of SAFE, gave an address. Other attendees included leaders of relevant state ministries and commissions and the Beijing Municipality, heads of financial regulators, financial institutions and corporations in Beijing, and experts, scholars and diplomatic envoys in China.
(Written by Qi Mengzhu, Gao Zhi; Photos by Zhang Lizhao, Sun Yue)
