Financial openness should boost trade, business, investment and quality development

The logo of the Financial Street Forum’s annual conference. [Photo/the website of the Annual Conference of Financial Street Forum]

China will continue to expand high-level opening-up and further accelerate the opening up of its financial sector, officials and leaders said Monday at the Financial Street Forum 2022 annual conference.

The country will foster a world-class, market-oriented business environment governed by a sound legal framework, said Peng Chun, chairman and CEO of China Investment Corp.

The new development model that China is proactively implementing emphasizes the dual circulation strategy that combines the expansion of the domestic economy with strong support for global supply chains. China will promote circulation in international markets and continuously strengthen support to ensure the resilience of global supply and industrial chains, Peng said.

He said international investment has effectively boosted international trade and commerce, as well as promoted global interconnectivity and the integration of global industrial and supply chains.

China Investment Corp will join hands with other market players to explore innovative cooperation methods of cross-border investment, promote international industrial cooperation and contribute to high-quality and sustainable global economic development, he said.

Lu Lei, deputy administrator of the State Administration of Foreign Exchange, said China’s international industrial and investment cooperation has achieved high-quality development and entered a new phase of high-level opening up since. the 18th National Congress of the Communist Party of China.

In 2021, China’s foreign direct investment increased by almost 50% compared to the 2012 level. In particular, FDI in high-tech services recorded relatively rapid growth. Over the same period, China’s outward investment doubled, making a great contribution to promoting trade and investment interconnection, infrastructure construction and industrial development in relevant countries and regions. Mr. Lu said.

Going forward, the environmental, social and governance investment strategy will enable the long-term model of global investing, meaning digitalisation, energy transition and healthcare will become major areas of investment , did he declare.

Liu Jin, president of the Bank of China, said financial institutions should improve the efficiency of global financial resource allocation and promote investment innovation and high-quality development of the real economy.

China is accelerating the opening up of its financial sector, Liu said.

China’s financial sector has entered a new phase of high-level opening up. Since the 19th CPC National Congress, the total assets of foreign banks in China have increased by nearly 30 percent, while the total assets of foreign insurance companies in the country have increased by about 120 percent, said Guo Shuqing, chairman of China Banking and Insurance Regulatory. Commission.

China will continue to welcome quality foreign financial institutions that operate steadily and have important characteristics to participate in its market, share growth opportunities and jointly create a bright future for China’s economy and finance, said said Mr. Guo.

Officials, executives and experts attended the Financial Street Forum 2022 annual conference, which kicked off Monday in Beijing. The three-day event is themed “Moving Forward to a Shared Future – Economic Development and Financial Cooperation Amid Changes.”

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