China News Service, Beijing, November 11 (Reporter Chen Kangliang) On the 10th, the 10 Financial Street Forum Annual Conference came to a successful conclusion. Those who participated in the closing ceremony believed that strengthening financial openness and cooperation is an important measure to promote economic sharing and win-win, and the annual meeting of this forum widely conveyed the confidence and determination of openness and cooperation, fully demonstrated the depth and breadth of professional discussions, and effectively promoted the implementation and transformation of a number of achievements.
David Rubenstein, founder of The Carlyle Group, said that history has proven that strengthening international cooperation, especially trade cooperation, is a key element of sustained growth in a large economy. The 2023 Financial Street Forum Annual Meeting discussed many useful topics on trade, economic and financial cooperation, and I believe that as long as all parties cooperate with a long-term perspective, they will be able to achieve common prosperity.
Manuela Firo, Vice President of the World Bank's East Asia and Pacific Region, said in a video speech that due to the impact of the epidemic, global economic growth is sluggish, and global financial development is facing challenges such as climate change, capital shortage, and lack of basic services. Establish a more robust global governance mechanism and system to address various challenges; Make the most of capital and create more jobs and jobs to revive the economy.
The Mayor of the City of London, Liang Yousi, said in a video speech that China is a partner of the City of London, London is the world's largest offshore RMB trading center, and Chinese financial institutions have a long history of operation in the City, and are willing to further promote cooperation and exchanges between the UK and China through the Financial Street Forum, and strengthen cooperation with relevant Chinese institutions in the fields of sustainable development and green finance.
As far as China's financial development is concerned, Li Daokui, dean of the Institute of Chinese Economic Thought and Practice at Tsinghua University, proposed that to speed up the construction of a financial power, we can focus on starting from the aspect of making the treasury bond market bigger and stronger. Treasury bonds have the function of asset pricing in the financial market, which is an important foundation of the financial market and an important asset for international capital allocation. At present, there is a lot of room for improvement in terms of the proportion of foreign institutions holding Chinese government bonds, and expanding and strengthening the treasury bond market will also help establish a long-term mechanism to prevent and resolve local debt risks.
Li Yang, chairman of the National Finance and Development Laboratory and former vice president of the Chinese Academy of Social Sciences, said that the Central Financial Work Conference put forward the goal of "building a financial power". "Building a financial power" should have both world commonality and Chinese characteristics. In recent years, China has developed rapidly in terms of financial institutions and the size of the financial market, but the cost of financial intermediation is still high, and the development of the stock market is slow. The Chinese government has more capacity, space, and resilience to respond to shocks. As the Belt and Road Initiative takes root in the hearts of the people, China's influence in the international financial system will also increase.
In his closing speech, Yin Yong, Deputy Secretary of the Beijing Municipal Party Committee and Mayor of Beijing, said that the 2023 Financial Street Forum Annual Conference fully implemented the spirit of the Central Financial Work Conference, deeply grasped the requirements of finance to provide high-quality services for economic and social development, and achieved fruitful results. The forum widely conveyed the confidence and determination to learn from each other, open and shared.
It is reported that the 2023 Financial Street Forum Annual Conference focuses on hot issues such as improving the financial system, optimizing financial services, promoting high-level financial opening-up, and preventing and resolving financial risks, and forms more than 30 important achievements from the dimensions of policy norms, advocacy conventions, annual report indexes, platform cases, and unveiling selection. (ENDS)