Financial reforms to accelerate for stability
Print Edition
CHINA will accelerate financial reforms to better serve the real economy in order to ensure stability is sustained, top financial leaders said at the Lujiazui Forum yesterday.
The forum, which began in 2008 as an international platform to solicit ideas for China’s financial sector, will hear suggestions on building up a multi-level capital market, boosting the convertibility of the yuan and internationalizing the currency in global markets from government officials, economists and corporate executives.
“Above all, the financial sector should serve the real economy and serve China’s target of creating higher quality growth,” Xiang Junbo, chairman of the China Insurance Regulatory Commission, said at the forum.
The securities industry will continue to innovate products and services to establish a multi-layered capital market, said Xiao Gang, chairman of the China Securities Regulatory Commission, who co-chaired this year’s forum which ends today.
“We have constructed different markets, including the main board and ChiNext, to cater to different needs of companies at different growth stages,” Xiao said.
“We need to further diversify and provide tailored products and services to support the growth of startups in technology and strategic industries that need money urgently.”
Xiao said that the Shanghai Stock Exchange will launch a “strategic emerging board” to complement Shenzhen’s existing ChiNext board.
Shanghai Mayor Yang Xiong, the forum’s other chairperson, said the city has made progress toward its ambition of transforming into a global financial center.
“We have seen the city’s global ranking rise in terms of financial importance,” Yang said, adding new business models such as mobile financing have grown rapidly.
Shanghai boasts 1,405 financial institutions which produced an output of 326.8 billion yuan (US$52.7 billion) last year, representing 13.6 percent of the city’s total economic production. Online trading doubled to above 8 trillion yuan in 2014, and the value of mobile financing surpassed 6 trillion yuan, up nearly four times from a year earlier.
“We will stick to the principle of making Shanghai an international financial center that is oriented by market and ruled by law, and we will further deepen various reforms, trying to contribute more to raising the global status of the yuan,” Fan Yifei, deputy governor of the People’s Bank of China, said at the forum.
Fan also said the yuan is nearing convertibility under the capital account.
“The yuan has become the world’s fifth largest settlement currency, with an increasing share on the global market,” Fan said.
“Shanghai has played an important role in the process of promoting the status of the yuan,” he added.
The cross-border settlement of the yuan in Shanghai reached 1.01 trillion yuan in the first five months of this year, according to the central bank.
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