Top level financial forum to open in Shanghai next week
The 14th Lujiazui Forum will be held on June 8 and 9 in Shanghai under the theme "Global Financial Opening and Cooperation: New Drives of Economic Recovery."
A total of seven plenary sessions and three sub-forums, as well as "Pujiang Night Talks," will be held.
Shanghai continues to lead the way in terms of financial opening up and has been offering targeted measures to support economic development, a top official told a press briefing in Shanghai on Wednesday.
Shanghai has the most complete financial market system in China, and is home to a number of leading asset management institutions and an increasingly rich system of asset management products, a relatively abundant financial talent pool, and a continuously improving business environment.
Ge Ping, deputy director of the Shanghai Financial Regulatory Bureau, said it's essential to explore ways to strengthen financial cooperation among countries and regions, boost the high-quality development of the real economy, and promote global economic recovery and financial stability.
The bureau would give full play to the guiding role of the Lujiazui Forum in China's financial reform and development, and continue to convey China's determination and initiatives to deepen the high-level financial opening up to industry players at home and abroad, he added.
Luxembourg will be this year's Lujiazui Forum's partnership city and a special session will be held to share the experience and practices of China and Europe in promoting ESG (environmental, social and governance) development with financial support.
China's new financial regulatory body, the National Administration of Financial Regulation, will make a public appearance at the forum since its inauguration in May.
The newly-added "Science and Innovation Finance Workshop" will shed light on topics such as "the registration system and direct financing mechanism for science and innovation enterprises," "leveraging venture capital to accelerate the development of startups," "intellectual property financing to facilitate new path of science and technology innovation."
Detailed rules for pushing forward the construction of Shanghai's reinsurance market, a new global-facing international reinsurance board, will be unveiled in the near future, according to Zhang Zhongning, deputy director of the General Office at the National Administration of Financial Regulation.
Sun Hui, deputy director of the People's Bank of China Shanghai Head Office, said Shanghai's loan balance increased by 8.6 percent by the end of April, with combined new loans of 371.4 billion yuan (US$52.3 billion) in the first four months of this year. Newly issued corporate loans have an average interest rate of 3.57 percent.
"We have dedicated efforts to promote the high-quality development of small and micro private enterprises, and also enhanced support for key areas such as science and technology innovation and green finance, where structural monetary policy tools have been fully utilized," he added.