The Annual Conference of Financial Street Forum 2024 commenced on October 18 in Beijing, gathering global financial experts and policymakers to discuss strategies for financial openness and cooperation to ensure global economic stability. Running until October 20, the event, themed “Trust and Confidence - Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth,” aims to foster dialogue around the crucial role of financial reforms in promoting economic recovery and growth.
The forum is jointly hosted by the People's Government of Beijing Municipality, People’s Bank of China (PBOC), National Financial Regulatory Administration (NFRA), China Securities Regulatory Commission (CSRC), Xinhua News Agency, and the State Administration of Foreign Exchange (SAFE).
PBOC’s Focus on Economic Recovery
Pan Gongsheng, Governor of the PBOC, emphasized that the central bank will implement counter-cyclical adjustments through both monetary and macroprudential policies to promote high-quality development and smooth financial operations. Recent government policies have played a key role in boosting market confidence and fostering economic recovery.
NFRA’s Commitment to Financial Supply
Li Yunze, Minister of the NFRA, highlighted the administration’s goals of guiding financial institutions to increase financial supply, optimize resource allocation, and ensure the efficient circulation of capital to accelerate China’s economic recovery.
CSRC’s Reforms for Market Stability
Wu Qing, Chairman of the CSRC, discussed the deepening of investment and financing reforms. The regulatory body is committed to refining institutional mechanisms to promote the high-quality development of listed companies, reinforcing market stability to safeguard long-term growth.
The Role of Media in Economic Confidence
Fu Hua, President of Xinhua News Agency, underscored the media's role in fostering market confidence. Xinhua will focus on expanding coverage of China’s economic development and guiding public opinion to create a favorable environment for both domestic and international investors.
SAFE’s Foreign Exchange Reform
Zhu Hexin, Administrator of the SAFE, shared plans to promote the high-standard opening-up of China’s foreign exchange sector, enhancing risk control and market communication to facilitate smoother capital flows and global financial stability.
Global Perspectives on China’s Economic Influence
Agustin Carstens, General Manager of the Bank for International Settlements, praised China’s growing domestic demand, noting that it will benefit the global economy and contribute to monetary and financial stability worldwide.
The Financial Street Forum 2024 provides a vital platform for addressing financial strategies that align with global economic growth, further underscoring China's pivotal role in shaping the future of global finance.