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BEIJING, Oct. 26, 2020 /PRNewswire-=KYODO JBN/ --

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(https://en.imsilkroad.com/policy/index.html ) has

been timely and effective in response to the novel coronavirus

(https://en.imsilkroad.com/z/200318-1/index.shtml ) 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(https://en.imsilkroad.com/policy/index.html ) 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.

Original link: https://en.imsilkroad.com/p/317051.html 

SOURCE  Xinhua Silk Road

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   Caption: High-quality financial dev. discussed at Annual Conference of Financial Street

Forum 2020