On May 27-28, 2024, "80 Years after Bretton Woods: Building an International Monetary and Financial System for All" & 2024 Tsinghua PBCSF Global Finance Forum were successfully held in Hangzhou, Zhejiang Province, China. The Plenary Session I was dedicated to the release of the China Financial Policy Report 2024 and focused on the prospects for China's financial development. Experts, scholars, and leaders in the financial academia and industry convened to discuss the paths and strategies for constructing a financial powerhouse and promoting high-quality economic development.
The picture shows Ding Zhijie
Ding Zhijie, director of the Foreign Exchange Research Center of the State Administration of Foreign Exchange, released the China Financial Policy Report 2024. Tu Guangshao, Executive Director of Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, Huang Yiping, Dean of National School of Development, Peking University, Li Yang, Member of the Chinese Academy of Social Sciences and Chairman of the National Institution for Finance and Development, and Lu Jianqiang, China Zheshang Bank Co., Ltd., delivered keynote speeches. He Haifeng, Chief Economist of Guotai Junan Securities, served as the moderator.
The picture shows Hai Feng He hosting the meeting
The theme of the report was "Accelerating the Construction of a Financial Powerhouse and Promoting High-Quality Financial Development". The report elaborated on the significance of accelerating the construction of a financial powerhouse, summarized the stage-by-stage achievements in financial development with Chinese characteristics, and analyzed the modern financial system with Chinese characteristics and the road of financial development with Chinese characteristics. The report put forward the main ideas for building and perfecting a modern financial system with Chinese characteristics: first, to continue to deepen financial reform and promote innovative development; second, to promote high-level opening up of the financial sector; and third, to safeguard the bottom line of financial security under the conditions of opening up.
The picture shows Tu Guangshao
Tu Guangshao commented on the China Financial Policy Report 2024 as "comprehensive, new, deep, and practical". He then discussed three meanings of a truly financial powerhouse. First, China's financial development needs to realize the transformation from a quantity-driven to a quality-driven financial development model. Secondly, "we need to look both inside and outside of finance", finance needs to serve the real economy, economic and social development. Thirdly, the criteria for a financial powerhouse should be "both domestic and foreign", and it is necessary to consider how to enhance financial influence globally to realize a financial powerhouse.
The picture shows Huang Yiping
Huang Yiping, focusing on how China can enhance its financial influence in the international arena, put forward the idea of building a "Green Development Plan for the Global South", which will support developing countries in their green transformation, especially new energy transformation, through commercialized and policy-oriented tools. This will form an economic community with developing countries and enhance China's global leadership and influence in green development. It will also encourage Chinese enterprises to go global, avoid overcapacity in green industries, and ensure China's green industries continue to lead in international industrial development. Finally, it will promote the continuous internationalization of China's financial institutions and the RMB, and enhance the influence of the financial sector in the international arena.
The picture shows Li Yang
Li Yang delivered a keynote speech focusing on several issues of China's financial development. He analyzed GDP growth, the leverage ratio of China's residential sector, enterprises, government, and financial sector from multiple dimensions and suggested that the lack of effective demand is the main problem of the macroeconomy. He proposed that to consolidate the momentum of economic recovery, it is necessary to earnestly implement the strategic arrangements of the central government, play the fundamental role of consumption as a driver of economic growth, expand consumption by increasing the income of the population, drive effective supply through the demand, organically combine the implementation of the strategy of expanding domestic demand with the deepening of the supply-side structural reforms; establish a government debt management mechanism compatible with high-quality development, optimize the debt structure of the central and local governments, strengthen monetary policy and fiscal policy, and strengthen the financial and fiscal policies.
The picture shows Lu Jianqiang
Lu Jianqiang delivered a keynote speech based on the practical exploration of China Zheshang Bank. He proposed that in the face of two major changes in the modernization of financial services in China, it is necessary to examine the positioning of finance from the perspective of higher social value and reconstruct the operation of finance from the perspective of new digital technology, and thus put forward the concept of good financial services and intelligent operation. In terms of specific practices, on the one hand, we should adhere to financial functionality, promote the four practices of good financial services from the perspective of social value, and embed the gene of "goodness" in the financial service scenarios. On the other hand, we should build up the ballast of "weakly sensitive assets in the economic cycle" and drive the steady growth of the bank's business and enhance its ability to go through the cycle through intelligent management.
