Xinhua Finance: Harnessing Wisdom in Jiangbeizui, Embarking on a New Journey Successful Conclusion of the Fourth Jiangbeizui New Financial Summit

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Oct 30, 2023, 04:26 ET

CHONGQING, China, Oct. 30, 2023 /PRNewswire/ -- On October 24, the Fourth Jiangbeizui New Financial Summit concluded with success in Chongqing. With the theme of "New Journey, New Duty, New Finance-Speeding Up the Development of Financial Center in Western China", the summit gathered participants to discuss how to leverage the functions of financial services and advance the integration of financial markets, and offer advice and suggestions on how to build a financial center in western China embracing reform and innovation, thus enabling more diversified and pragmatic cooperation.

Venue of the Fourth Jiangbeizui New Financial Summit held on October 24

Multiple Achievements Released at the Opening Ceremony Attended by Guests From all Walks of Life

The year 2023 marks a critical year to implement the national strategy of building the Chengdu-Chongqing Twin-Hub Mega-Region, as well as a crucial year to initially build a financial center in western China.

Teng Hongwei, Secretary of the CPC Chongqing Jiangbei District Committee, delivered a speech at the opening ceremony. He indicated that Jiangbei District has been diligently aligning with Chongqing's Smart, Integrated, Inclusive and Facilitated Finance Program and concentrating on three significant aspects: gathering financial institutions, enhancing financial services, and developing financial talent, thereby achieving a multitude of landmark accomplishments. "We sincerely welcome friends from the financial and business circles to take the summit as an opportunity to further explore and invest in Jiangbei, creating new legends of wealth on this attractive land."

It is reported that the financial sector has developed into the pillar industry and a distinctive "signboard" of Jiangbei District. So far, Jiangbei District has attracted a total of more than 500 financial institutions, and 94 regional or higher-level financial headquarters, with more than 80% of the financial headquarters clustered in Jiangbeizui. Jiangbei District also boasts over RMB3.5 trillion of financial assets, accounting for nearly half of Chongqing's total.

Cao Wenzhong, President, Standing Member of the Party Committee and Director of China Economic Information Service, said that upgrading the development level of the financial industry in Jiangbei District, which serves as the core of the financial center in Western China, is of great significance to the building of the financial center in western China and the formation of high-quality economic growth poles. "We will continue to work closely with Chongqing, injecting new energy for the building of the financial center in western China and a new modernized Chongqing."

At the opening ceremony, a series of significant achievements and initiatives were released, including the "Jiangbeizui Financial Index", the CPC-Finance-Chongqing Initiative to Ease the Burden of Businesses and Increase the Well-Being of People, Guidance on Promoting Chongqing Commercial Banks to Accelerate Digital Transformation and Improve Financing Convenience, and the Initiative on Co-Building the Financial Center in Western China and Empowering Chengdu-Chongqing Economic Circle. On the same day, the 20th anniversary exhibition of Jiangbeizui's construction and development achievements and a series of interviews with Jiangbeizui's financial experts were also launched.

Meanwhile, many participants were attracted by the roundtable dialogue with the theme, "Co-Building the New International Land-Sea Trade Corridor in Western China and Sharing New Opportunities for RCEP". The consensus among the guests was that Chongqing is a prime location for investment and industrial development and an industrial rear area that aligns with the national development strategy. They believe that Chongqing will embrace a new bright future, as the construction of the New International Land-Sea Trade Corridor in the Western Region and the financial center in western China progresses.

The Plenary Meeting, a Confluence of Talents and Wisdom, Illuminating Insights Abound

The finance has been given new missions, as China has entered a new stage of development. Based on the national strategies and the features of the new development stage, two plenary meetings centering around "Taking New Actions for Innovation and Reform in Finance in Western China" and "Deepening Financial Cooperation to Facilitate the Development of Chengdu-Chongqing Economic Circle" were held during the summit.

"To advance the construction of the financial center in western China, it is crucial to accelerate the development of digital finance in the region." Xiao Gang, former chairman of the China Securities Regulatory Commission, said it is essential to fully utilize digital technology, promote digital inclusive finance, and further improve financial accessibility for low- and middle-income groups and small and micro enterprises.

In terms of green finance reform, Erik Solheim, former Under-Secretary-General of the United Nations and Chairman of BRI International Green Development Coalition (BRGDIC), said that Chongqing, as an important city in western China, has attracted many financial institutions and investors to participate in renewable energy projects, ecological protection and restoration, and other projects. Financial institutions should view green development as an opportunity, instead of a hindrance, to drive business prosperity.

Li Daokui, Academic Advisor of China Society of World Economics (CSWE) and Director of Tsinghua University's Academic Center for Chinese Economic Practice and Thinking (ACCEPT), asserted that when finance serves the local economic development, the government should delegate power while strengthening regulation. For example, in terms of strengthening regulation, "taking the construction of a financial center in western China as an example, it is suggested that Chongqing explore the establishment of a long-term capital center and take the lead in debt restructuring, especially local debt restructuring".

To solve the new challenges in building the financial center, Li Yang, Academic Member of the Chinese Academy of Social Sciences and Chairman of the National Institution for Finance & Development, proposed that the future development of the western financial center is no longer just a development of scale and extension, such as setting up institutions, opening markets, and introducing foreign capital, but more about the improvement of financial development quality and the finance ability to serve the real economy, as well as the prevention of systemic financial risks.

Regarding the current global economic situation, Yu Xuejun, a former vice minister level official of China Banking and Insurance Regulatory Commission published his views. In his opinion, inflation and its control are the primary focus of the global economy this year. According to his analysis, it will take at the very least a year for Europe and America to alter their monetary policies.

Diverse Agenda Designed for Parallel Sessions, Providing Intellectual Support from Multiple Aspects

With three sessions held, the Jiangbeizui New Financial Summit has become an annual event that has gained recognition and influence, as well as an important window to keep abreast with the financial development of western China. The summit this year was upgraded with diverse agendas.

Three parallel forums were organized for the summit, during which experts and scholars delivered keynote speeches, held roundtable meetings and presentations centering around "Upgrading Jiangbeizui Financial Party Building Pilot Area, Empowering the Construction of the Financial Center in Western China", "Empowering the Modern Industrial System with the Digital Finance", "Creating a Favorable Capital Market Ecology to Promote the Construction of the Financial Center in Western China", offering intellectual support for taking new steps in building a high-level financial center in western China.

In terms of party building, the participants agreed that upholding the leadership of the CPC is the most significant political task in the financial industry and that affinity to the people is the fundamental requirement for financial work. They suggested that by promoting the construction of factor markets, linking with services for listed companies, and leading by strengthening ESG-enhanced index funds, the district could achieve the "Three Gatherings" of financial institutions, financial functions and financial talents, thus promoting Chongqing's financial services to be higher quality, more efficient, fairer, more sustainable and securer.

In terms of digital finance, the participants agreed that digital finance is an accelerator of the real economy, but as finance, science and technology develop, financial security becomes more important. Data security, network security, computing power security, and personnel training are among the four major challenges facing fintech development. The participants suggested speeding up the coordination between regulatory provisions and industry compliance, while providing strengthened guarantees for computing power, optimizing the layout of financial computing power network, and improving the comprehensive supply capacity of financial computing power.

As for capital market, the guests proposed that by actively striving for domestic and foreign exchanges to set up service bases in Chongqing, as well as carrying out regional equity system and business innovation pilot projects, Chongqing enterprises' listing links, mechanisms, policies, and cultivation system have been formed, which offers a good opportunity for enterprises to go public. However, with the expansion of the registration-based IPO system across the A-share market, we should both seize opportunities and respect market rules, making good use of capital market financing tools to enable capital market and truly empower enterprises' high-quality development.

The summit was held under the guidance of Xinhua News Agency and the Chongqing Municipal Government. It was co-hosted by multiple organizations, featuring the Publicity Department of the CPC Chongqing Municipal Committee, the Chongqing Financial Regulatory Bureau, the CPC Chongqing Jiangbei District Committee, the People's Government of Jiangbei District, the Xinhua News Agency Chongqing Branch, and the China Economic Information Service, while co-organized by China Forum for Digital Finance Cooperation.

SOURCE Xinhua Finance