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2018 Financial Forum “Towards a New Era of Finance in China” Opened in Guangzhou

Date: 2018-11-08
 On 6 November, with the support of the municipal government of Guangzhou, the 2018 Financial Forum Towards a New Era of Finance in China was successfully held in Nansha District of Guangzhou by the Financial Research Center of the Counselors Office of the State Council, the Finance Bureau of the municipal government of Guangzhou, and the Counselors Office of the municipal government, assisted by the Finance Bureau of Nansha Development Zone. Over 100 guests from government agencies, think tanks, higher education institutions, financial institutions, the business sector, and the media shared their insight on such subtopics as macro-financial policy and financial regulation, how to build a modern financial system, how financial services may facilitate the development of the Guangdong-Hong Kong-Macao Greater Bay Area. They reviewed the historic achievements in the financial sector since China began its reform program and the new opportunities and challenges facing this industry, and discussed how to further reform and open up Chinas financial sector to make the real economy and the financial sector part of a virtuous cycle for quality growth.
 
Mr. Zhang Yantong, member of the CPC Party Group of the COSC and Vice Chairman of the COCS, Mr Cai Chaolin, member of the Standing Committee of Guangzhou Municipal Committee of the CPC and Party Secretary of Nansha District, attended and addressed the forum. Mr. Zeng Jinze, Deputy Secretary of CPC Committe of Nansha District and Chief of Nansha District delivered a keynote speech to introduce the district. Other keynote speakers include Mr. Xia Bin, Counselor of the State Council and Honorary President of the Financial Research Institute of the Development Research Center of the State Council, and Ms. Zhang Xiaohui, former Assistant Governor of the People’s Bank of China.
 
Vice Chairman Zhang Yantong in his speech pointed out that over 40 years of reform and opening up, China’s financial industry has developed a financial market system, financial organization system, and financial regulation and supervision system that are adapted to the development of socialist market economy, and has become important forces to promote the sustainable and healthy growth of China’s economy, and become an important pillar of modern economic system. As socialism with Chinese characteristics enters a new era, new conditions and tasks have emerged. China, the largest developing country and one undergoing transformation, still needs to adherer to reform and opening-up. By “opening its eyes to the world”, China will be able to profit from the good experience of other countries for its own continued improvement. In this new era, following the guidance of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and 19th National Congress of the CPC, China’s financial industry needs to review its experience of reform and development over the past four decades, renew its focus on the three tasks of supporting the real economy, preventing and managing financial risks, and deepening financial reform, and make persistent efforts to reform and innovate itself, realize steady and sound development, and defuse various kinds of risks. Excellent and efficient financial services will contribute to the quality growth of the overall economy.
 
Mr. Cai Chaolin began his speech by expressing appreciation, on behalf of the CPC Guangzhou Committee and the municipal government of Guangzhou, to the Financial Research Center of the Counselors’ Office of the State Council for holding this forum in Guangzhou. He welcomes it as a good opportunity to take stock of the historic achievements in China’s financial industry in the past 40 years since China launched the reform and opening-up program, and to explore the pathway in the new era. He pointed that Guangzhou is one of the most prominent cities in China and a center for international business and trade and a transportation hub. It has been making dedicated efforts to build a modern financial service system that offers various types of services, enjoys a balanced structure, and works with efficiency and steadiness. The financial industry has been continuously improved in supporting the real economy, preventing and managing risks, and deepening reform and innovation. A center for the global allocation of financial resources is taking shape in the city. Recognizing the importance of the direct access to the central leadership enjoyed by the Counselors’ Office of the State Council, Cai expressed hope that this will provide Guangzhou with more inspiration, guidance, and advice in the process of reforming and innovation of the financial industry and will promote its opening development, so as to further deepen cooperation and seek common development.
 
District Chief Zeng Jinze introduced the geographical importance of Nansha District as the geometric center of the Guangdong-Hong Kong-Macao Greater Bay Area and its strategic strengths in being a state-level new zone, an FTA experiment zone, and a subsidiary administrative center of Guangzhou. He briefed the audience on the progress of Nansha FTA in the past three years since its creation in the six areas of economic growth, transport infrastructure, maritime shipping trade, innovation industries, business environment, and urban planning. He encouraged the business community to invest in Nansha and become part of the endeavor to make it a “pearl in the bay area”.
 
Mr. Xia Bin and Ms. Zhang Xiaohui also delivered keynote addresses under the titles of “40 Years of China’s Financial Sector: Review and Outlook” and “Features of Chinese Economy in the Current Stage” respectively. Both shared their observations on how to appreciate the current economic and financial situation in the context of China’s realities, the past 40 years of reform and opening up, and the goal of delivering quality growth; they called for more reform and openness to tackle the challenges lying ahead as China moves forward.  
 
Panel discussions were held on three topics, macro-financial policy and financial regulation, building a modern financial system, and how to facilitate the development of the Guangdong-Hong Kong-Macao Greater Bay Area with financial services. Representatives from financial institutions, including Shanghai Stock Exchange, Shenzhen Stock Exchange, Ping’an Bank, Guangzhou Rural Commercial Bank, Urtrust Insurance, and Chong Hing Bank had a lively discussion.
 
Guangzhou Rural Commercial Bank is one of the sponsors of the forum.
 
2018 Financial Forum “Towards a New Era of Finance in China”
 
Mr. Zhang Yantong delivering a speech
 
Panel discussion on building a modern financial system