Xinhua Silk Road: High-quality financial dev. discussed at Annual Conference of Financial Street Forum 2020

BEIJING, Oct. 26, 2020 /PRNewswire/ -- The Annual Conference of Financial Street Forum 2020 convened from Oct. 21 to 23 witnessed officials and experts talking about high-quality financial development.

The 3-day event, held in Beijing's downtown Financial Street, featured parallel forums centered on financial cooperation and reform, financial services and development, the opening-up of the financial sector and market, and financial technology and innovation.

At the opening ceremony and plenary session, central bank governor Yi Gang said that China's monetary policy has been timely and effective in response to the novel coronavirus outbreak and aims to better facilitate high-quality economic development. 

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC) said that China will further improve inclusive financial service as part of efforts to bolster financial development. Some 99 percent of the Chinese population has access to basic financial service, with banking networks covering 96.6 percent of towns.

For the next step, China will advance the opening up of financial service sector, with measures to improve the financial market system and deepen international economic and financial cooperation, Guo added.

Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC) noted that China will put in place an open and transparent capital market system, keep its hands off matters that are not subject to regulation, and foster a healthy market ecosystem.

Pan Gongsheng, deputy head of the central bank and head of State Administration of Foreign Exchange (SAFE), said China will continue to improve the macro-prudential policy framework, issue macro-prudential policy guidelines and enhance the overall design and governance mechanism of China's macro-prudential policies.

Emphasis will be placed on improving the macro-prudential monitoring, assessment and early warning systems in key areas such as real-estate finance, the foreign-exchange market, the bond market, shadow banking and cross-border capital flows, Pan said.

Founded in 2012, the forum is jointly organized by the People's Government of Beijing Municipality, the People's Bank of China, Xinhua News Agency, CBIRC, CSRC and SAFE, hailed as a bellwether of China's financial reform and development. 

This year, the annual conference attracted more than 300 guests from the world to exchange views over its theme - "Financial Cooperation and Reform under Global Changes" and around 3,500 people attended the conference offline, introduced Yin Yong, deputy mayor of Beijing at the closing ceremony.

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