PR99142

SHANGHAI, Dec. 9, 2022 /PRNewswire=KYODO JBN/ --

- Dishui Lake Emerging Finance Conference Focuses on Financial Innovation and

Openness

On December 8, the Dishui Lake Emerging Finance Conference, themed Financial

Innovation and Openness in China's New March to Modernization, took place at

the permanent venue for the World Laureates Forum, located on the shore of

Dishui Lake in the China (Shanghai) Pilot Free Trade Zone Lin-gang Special

Area. The event highlighted the area's strengths in artificial intelligence,

integrated circuits, intelligent electric vehicles, high-end equipment

manufacturing, and other cutting-edge sci-tech industries, and invited leaders

from government and financial regulatory authorities, as well as industry

experts and leaders. The event reinforces the area's tagline "China's Dishui

Lake - World's Financial Bay", with discussions on finance, technology and

openness.

The conference included an opening ceremony, a keynote speech, and three

symposia. The symposia focused respectively on financial technology, technology

finance, and cross-border finance, and were led by world-renowned experts in

the relevant fields, who discussed cutting-edge issues related to and

perspectives on the development of new and emerging financial models. Thomas J.

Sargent, 2011 Nobel Laureate in Economics, Michael Descheneaux, President of

Silicon Valley Bank, Tommaso Mancini-Griffoli, Division Chief in the Monetary

and Capital Markets Department at the International Monetary Fund (IMF),

Whitfield Diffie, Turing Award winner and one of the pioneers of public key

cryptography, and Bénédicte Nolens, head of the Bank for International

Settlements (BIS) Innovation Hub Centre Hong Kong, were among the keynote

speakers.

Promoting financial openness and innovative development in every respect is an

important strategic move towards the goal of transforming the new area into a

special economic functional zone with international influence and

competitiveness. To this end, new and emerging financial models will provide a

powerful solution for the zone's efforts in seeking new areas for industrial

growth and creating a new ecosystem for financial services.

Previously, China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area had

proposed what it has referred to as the "1+4" primary goals in its Action Plan

for Accelerating the Development of the Emerging Financial Industry.

The "1" represents an overall goal to transform Dishui Lake Financial Bay into:

- a new locale for emerging financial clusters;

- a prototype for the development of new financial technologies;

- a pilot project for complying with international regulations; and

- a sought-after location for financial talent from both home and abroad by

2025.

The "4" refers to:

- fostering an emerging yet mature financial ecosystem capable of serving

multiple business formats; persuading at least 800 financial and investment

institutions to establish operations there;

- building a nation-leading financial and sci-tech center housing the

operations of three to five companies with international reputation and

influence, along with a number of single champions in niche areas.

- Meanwhile, major progress is already being made in a pilot project focused on

financial reform and opening-up, which will lead to the establishment of a

financial service system with international high standards, and an anticipated

growth rate of both direct and cross-border finance exceeding 30%.

- The key driver of the overall project is to be the financial industry, with

both traditional and emerging finance to be developed in tandem, with the

expectation of the added value of the financial industry increasing by more

than 25% annually.

At present, with China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area

already the home of several financial infrastructures serving the whole of

China including Shanghai Petroleum and Natural Gas Exchange (SHPGX), in tandem

with a number of landmark cross-border financial service institutions including

Amundi BOC Wealth Management, HSBC Financial Technology and BOCOM Financial

Technology, the synergy of offshore finance, technology finance and other new

business formats is already being felt. The financial center of the future is

taking shape, with Dishui Lake Financial Bay well on its way to becoming a

world-class financial hub at the forefront of financial opening, promoting

value innovation and paving the way for the next generation of new and emerging

industries.

SOURCE  Dishui Lake Emerging Finance Conference