今日上海
十四届陆家嘴论坛的精彩言论 - 2023年06月11日
Quotable quotes at Lujiazui Forum
A view of the Lujiazui area in Shanghai.
The 14th Lujiazui Forum kicked off in Shanghai on Thursday with the theme of "Global Financial Opening-up and Cooperation: New Drivers of Economic Recovery" including seven plenary meetings and three nighttime panel discussions.
The two-day event attracted over 70 distinguished Chinese and foreign guests to deliver speeches or join panel discussions on hot topics in the economic and financial fields, such as global monetary policy adjustment and financial risk prevention.
Now, let's take a look at some quotes from the guests.
A visitor checks the agenda at the 14th Lujiazui Forum held in Shanghai, June 8, 2023.
Li Yunze, Party secretary of the National Financial Regulatory Administration
The National Financial Regulatory Administration will increase financial support for new consumption and service consumption, as well as promote bulk consumption such as new energy vehicles and energy-saving home appliances.
The administration will strengthen financing guarantees for investment and support major project construction such as upgrading villages within mega-cities and public infrastructures.
The administration will improve foreign trade credit and export credit insurance services to help enterprises secure orders and expand their markets.
Moreover, the administration will continue to increase financial supply to advanced manufacturing, strategic emerging industries, and the transformation and upgrading of traditional industries, as well as give strong support to accelerating the development of a modern industrial system.
Yi Huiman, chairman of the China Securities Regulatory Commission, speaks at the opening ceremony of 14th Lujiazui Forum held in Shanghai, June 8, 2023.
Yi Huiman, chairman of the China Securities Regulatory Commission
The China Securities Regulatory Commission will thoroughly implement the innovation-driven development strategy, adhere to the differentiation and characteristic positioning of the Science and Technology Innovation Board, Second-board Market and Beijing Stock Exchange; explore establishing an all-round and full-cycle product system covering stocks, bonds and private equity; continue to improve the equity incentive and employee shareholding systems in listed companies; as well as promote deep integration of innovation chain, industrial chain, capital chain and talent chain.
The CSRC will introduce policies and measures of the capital market to support the high-level science and technology to self-reliance with a suitable time.
In addition, the CSRC attaches great importance to the capital market supervision and will continue to strengthen monitoring and supervision to the market trading behavior; track and analyze new trading methods such as quantitative trading; as well as resolutely crack down on insider trading, market manipulation and other violations, and practically maintaining a sound and healthy market order and ecology.
The exterior view of the People's Bank of China in Beijing.
Pan Gongsheng, deputy governor of the People's Bank of China
The renminbi assets have competitive real interest rates that provide a good ability to maintain the value of renminbi assets held by China's trade and investment partners. The real interest rate in China is around 1.7 percent which is similar to the real interest rate of the US Treasury bonds after a sharp interest rate hike, and significantly higher than the interest rate level of the same products in developed economies such as Germany and Japan.
From 2023, China's foreign exchange market is generally stable, the cross-border capital flows have become basically balanced from a relatively high surplus at the beginning of the year, the foreign exchange reserves rose steadily, and the renminbi exchange rate maintains basically stable at a reasonable and balanced level.
China's foreign exchange market still has a sound foundation for smooth operation, because the Chinese economy maintains a stable and moderately upward trend, while some market institutions predicted that the US economy may face a mild recession, and the economic fundamentals will support the renminbi exchange rate. Moreover, with the Federal Reserve's interest rate hike cycle to end, the strengthening of the US dollar is more difficult to sustain, and the spillover impact is expected to weaken.
Zhou Xiaochuan, vice-chairman and China's chief representative to the Boao Forum for Asia, speaks at a plenary session of 14th Lujiazui Forum held in Shanghai, June 8, 2023.
Zhou Xiaochuan, vice-chairman and China's chief representative to the Boao Forum for Asia
To further develop Shanghai into an international financial center, the focus should be on greater market opening for capital market staples such as stocks, bonds, foreign exchange, credit and payments. This requires increasing the level of convertibility of the renminbi, and further reforming the foreign exchange management system.
Shanghai may allow foreign enterprises, especially quality enterprises in countries and regions involved in the Belt and Road Initiative, to issue financing and list transactions in the Shanghai market through CDR (Chinese depositary receipt).
Although the action will involve some policy issues, it still has room for advancement, and it will also promote Shanghai's construction as an international financial center.
Source: China Daily
