Spotlight on practical efforts to facilitate high-level opening-up

Chinese and foreign guests exchanged views on topical issues at a session of this year's annual conference of the Financial Street Forum on Friday. Hosted by the State Administration of Foreign Exchange on Friday, the session was aimed at promoting high-level opening-up and achieving mutually beneficial cooperation.

Xu Zhibin, deputy administrator of the State Administration of Foreign Exchange and member of the SAFE Leadership Group of the Communist Party of China, said that since the 20th CPC National Congress, the foreign exchange authorities have further promoted in-depth reforms and high-level opening-up.

He said that they have resolutely followed the path of financial development with Chinese characteristics, continuously enriched and improved the supply of foreign exchange policies, and effectively enhanced the quality and efficiency of serving the real economy. In the future, they will deepen reforms in the foreign exchange field to promote Chinese modernization.

Zhang Jinliang, chairman of China Construction Bank, said the banking industry should strengthen its sense of responsibility and serve as a major financial force for high-level opening-up.

He called on the financial industry to focus on national strategies, serving the high-quality construction of the Belt and Road Initiative with greater efforts and promote the economic integration of the Regional Comprehensive Economic Partnership economies.

Zhang also called for active participation in the construction of international financial centers and for contributions to deepen international economic and trade cooperation.

Edward Robinson, deputy managing director and chief economist of the Monetary Authority of Singapore, said that as the global economy is currently facing multiple challenges, governments around the world should ensure sufficient macroeconomic policies to adjust economic structures.

For example, artificial intelligence as a new technology can improve production efficiency, transform production processes, and create more job opportunities. He called on government departments to ramp up funding for AI research and development, and train professionals in the industry, thus enhancing resilience to address risks and challenges.

Nathan Sheets, global chief economist at Citi, told the audience that current global inflationary pressures have weakened, allowing central banks worldwide to lower interest rates to stimulate investment, promote consumption and expand employment, in a bid to foster national economic development.

Looking at China specifically, from the perspective of macroeconomic policies, it needs to further strengthen consumer confidence, especially in terms of household spending, Sheets said.

Wang Chuanfu, chairman and president of new energy vehicle manufacturer BYD, said that finance has always efficiently empowered the expansion of BYD's businesses, especially in the field of new energy.

The growth of BYD can be seen as a microcosm of the close integration and mutual promotion between the financial industry and the manufacturing sector.

The company will continue to support the expansion of high-level opening-up in the field of NEVs, achieve high-level mutual benefit and win-win outcomes, he said.

Markus Kobler, DWS Group's chief financial officer, said China and Germany have close economic and financial ties and share some common cultural concepts. They also both face social challenges such as aging populations.

The two countries can expand bilateral investments, enhance cooperation in finance and asset management, jointly develop strategic emerging industries such as green technology and transportation automation, so as to achieve mutual benefits, Kobler said.