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Zhang Xiaoyan: Join Hands for China-Europe Financial Cooperation and Innovation in the New Era

Time: 2022-09-16 08:27 Print

Speech of Professor ZHANG Xiaoyan at China-Europe Innovation Investment Conference, at 2022 China International Fair for Trade in Services (CIFTIS).

Photo: Zhang Xiaoyan delivers a speech

Distinguished guests:

Good morning!

I am honored to be invited to attend the China-Europe Innovation Investment Conference of the Global Innovation Investment Forum at the China International Fair for Trade in Services (CIFTIS) and to deliver a speech at the opening ceremony. On behalf of the PBC School of Finance (PBCSF), Tsinghua University, and myself, I would like to extend our sincere greetings to the guests present and congratulations on the successful event!

The year 2022 marks the 10th anniversary of the China International Fair for Trade in Services. China is constantly exploring the path of future development with friends from far and wide. As China's international influence grows, this event has become one of the three major exhibitions for China to open up to the outside world. This year's event is honored with the presence of distinguished guests, with over 400 of the world's Fortune Global 500 companies and international leading firms exhibiting offline, and 71 countries and international organizations organizing exhibitions and conferences in the name of their countries/regions or headquarters.

The world today is witnessing increasing risks and uncertainties where new opportunities are also revealing. Challenged by the pandemic, climate change, and digital governance, the trend of trade globalization, sustainable development, and technological innovation may seem irreversible. China and Europe, accounting for one-third of the world economy, are the main drivers of the global economy. With our destiny long linked, China and Europe are moving forward together to lead and create a community with a shared future for the times.

Finance is essential to the development of China-Europe business and trade today. On the Silk Road that used to connect China and Europe, silver became the monetary anchor for trade, bringing horses, grapes, and pomegranates to China and porcelain, tea and silk to Europe. Today, the Belt and Road Initiative promotes global exchanges and development. Finance plays a significant role in facilitating corporate investment and financing for foreign trade enterprises, promoting the development of cross-border e-commerce, and coping with exchange rate fluctuations and risk management. It will bring more investment opportunities for China-Europe trade and more employment opportunities for the people.

Finance is also indispensable for today's technological innovation in China and Europe. Financial capital guides the effective allocation of innovation resources through market mechanisms, facilitating the formation of innovation synergy in promoting emerging materials, cutting-edge technologies, high-end manufacturing, life sciences, and other science and technology fields. Finance will not develop without technology. Data has become the fifth major factor of production beyond labor, land, capital, and technology. Technology is also driving the digital transformation of the financial industry, featuring the emergence of new business forms such as digital RMB, digital banking, intelligent investment consulting, and intelligent risk assessment. It is always imperative for China to strengthen the interconnection of financial markets with Europe and to promote cooperation in technological innovation. It is necessary to keep reinforcing capital flows between China and Europe, identifying and preventing financial risks, and jointly developing market standards to promote cooperation in science, technology, and innovation.

With United Nations Framework Convention on Climate Change and the Paris Agreement, as well as the introduction of carbon peaking and carbon neutrality targets, green finance is growing rapidly and becoming increasingly important. In June 2022, China, Europe, together with other economies jointly released the Common Ground Taxonomy Table for Sustainable Finance, advancing the mutual recognition of standards in China and the European region and setting an example for the unification of standards in the international green finance market. The European region has been leading the world in this field. As such, China has been stepping up its exchanges in the global green revolution, offering China’s wisdom and solutions to the world.

As a sure choice in the face of uncertainties, it is of the common interest of China and Europe to strengthen the cooperation, to promote a comprehensive strategic partnership, and to jointly foster the progress of financial trade.

Finally, I would like to express my sincere thanks to you all for your presence and hope that friends from abroad will feel the enthusiasm and hospitality of China. I highly expect more closer exchanges and cooperation and stronger friendship between China and Europe, and I wish the China-Europe Innovation Investment Conference a great success!

Thank you!

About the Event:

From August 31 to September 5, 2022, the 2022 China International Fair for Trade in Services (CIFTIS), co-organized by the Ministry of Commerce and the Beijing Municipal People's Government, was held. This year's CIFTIS consisted of three special international forums: the Global Sovereign Wealth Fund Forum, the China-Europe Innovation Investment Conference, and the China-Gulf Innovation Investment Conference.

Over 70 speakers from 50 plus organizations in more than 20 countries were invited to speak at the three international forums, to explore development trends, analyze opportunities and challenges, share best practices, and find solutions with a global perspective.

On September 1st, the sub-forum of the Global Innovation Investment Forum: China-Europe Innovation Investment Conference was held. The PBC School of Finance (PBCSF) of Tsinghua University was co-host of this forum. Zhang Xiaoyan, Associate Dean and Chair Professor of Finance, PBC School of Finance (PBCSF), Tsinghua University, delivered the opening speech.