China News Service, Shanghai, November 11 (Gao Zhimiao) "All parts of the country have actively gathered financial living water, which has played an important role in moistening the real economy. Xie Dong, vice mayor of Shanghai, said at the sub-forum of the 5th Hongqiao International Economic Forum on the 5th "Financial 'Living Water' Cohesion to Serve the Real Economy".

The opening ceremony of the 5th China International Import Expo and Hongqiao International Economic Forum was held in Shanghai on the <>th. The sub-forum on "Financial 'Living Water' Cohesion to Serve the Real Economy" was held on the same day. The participants generally agreed that finance has played an important role as a "connector" in activating economic growth.

Shanghai is an international financial center where financial elements are concentrated, and Xie Dong pointed out that various financial institutions in Shanghai continue to improve the quality and efficiency of financial services for the real economy, and meet the financing needs of enterprises throughout the life cycle in multiple dimensions. As of the end of the third quarter of 2023, the balance of loans to technology-based enterprises in Shanghai increased by 37% compared with the beginning of the year, and the balance of loans to inclusive small and micro enterprises increased by 19% compared with the beginning of the year.

Chen Siqing, chairman of the Industrial and Commercial Bank of China, observed that in recent years, the development of the real economy has shown many new characteristics. First, scientific and technological innovation has become more active, and the cycle of transforming new technology into new industries has been continuously shortened; Second, the impact of digital technology on economic development has deepened, and industrial digitization and digital industrialization have been accelerating. Third, the pace of green and low-carbon transformation of the development mode has accelerated, the industrial structure has been continuously optimized, and the utilization efficiency of energy resources has been continuously improved; Fourth, global trade has been disturbed by non-economic factors, and the stability and security of industrial and supply chains are facing more challenges.

The new situation and new characteristics of the development of the real economy have put forward new demands for financial services. The Central Financial Work Conference held a few days ago emphasized that we must adhere to the fundamental purpose of financial services for the real economy, and do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance.

The "water of finance" comes from the convergence of many rivers. Zhang Wei, deputy dean of the National Institute of Financial Research of Tsinghua University, believes that the development of the real economy is involved in all aspects, and the real "life" lies in more marketization, so that market forces can play a decisive role in the allocation of resources.

How do foreign financial institutions understand the role of finance as a "connector" in activating the real economy? Zhang Xiaoming, president of the Shanghai branch of Swedbank Co., Ltd., told China News Service at the forum that the Riksbank has played a "bridge" role in supporting Swedish enterprises in their trade with China.

"We help Swedish companies to facilitate their trade with China at lower prices and in a more convenient way, and help them grow in China by providing supporting services, especially in the areas of trade finance and credit. This is also in line with the concept of the Expo, and many of our customers have also become exhibitors of the Expo. Zhang Xiaoming said.

Chen Siqing emphasized that in the future, he hopes to strengthen service linkage, based on their respective positioning, give full play to their respective advantages, provide diversified and relay financial services for various business entities and innovative entities, and help form a virtuous circle of science and technology, industry and finance. "I hope that we will jointly promote openness and cooperation, give full play to the role of finance as a connector, actively build a platform for bilateral and multilateral economic and trade cooperation, maintain the stability of industrial and supply chains with financial strength, and promote the vigorous development of global trade." (ENDS)