BEIJING, Oct. 21, 2024 /PRNewswire/ -- The Annual Conference of Financial Street Forum 2024 kicked off on Friday in Beijing, gathering industry heavyweights to share their insights into financial opening-up and cooperation for shared economic stability.

Photo shows the opening ceremony of the Annual Conference of Financial Street Forum 2024 in Beijing on October 18, 2024. (Provided by the secretariat of the organizing committee of the Annual Conference of Financial Street Forum 2024)

The ongoing forum from October 18 to 20 is themed "Trust and Confidence - Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth". It is jointly hosted by the People's Government of Beijing Municipality, the People's Bank of China (PBOC), the National Financial Regulatory Administration (NFRA), the China Securities Regulatory Commission (CSRC), Xinhua News Agency, and the State Administration of Foreign Exchange (SAFE).

The recent implementation of a package of policies has boosted market confidence and played a positive role in promoting smooth economic and financial operation, said Pan Gongsheng, Governor of the PBOC. According to Pan, the central bank will strengthen counter-cyclical adjustments through monetary and macroprudential policies to serve high-quality development.

Li Yunze, Minister of the NFRA, told the forum that the administration will guide financial institutions to increase financial supply, optimize resource allocation, and accelerate smooth circulation of capital to boost China's economic recovery.

Regarding the capital market, Wu Qing, Chairman of the CSRC, said the regulator will deepen a market- and law-based comprehensive investment and financing reform. It will also refine institutional mechanisms that promote the high-quality development of listed companies and strengthen market stability.

As a favorable "soft" environment created by media institutions is needed to boost trust and market confidence for the Chinese economy, Xinhua News Agency will spare no effort to expand themed coverage on economic development, and be a front-runner in orienting public opinions, according to Fu Hua, President of Xinhua News Agency.

The SAFE will intensify reform and promote high-standard opening-up of the foreign exchange sector. Efforts will be made to enhance policy evaluation and communication with the market as well as to enhance regulation and risk control capabilities, Zhu Hexin, Administrator of the authority said.

Agustin Carstens, General Manager of the Bank for International Settlements, said via video link that an increasing domestic demand of China will benefit the world, inject fresh momentum into the global economy and safeguard global monetary and financial stability.

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