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Financial Development and Financial Security under Global Geo-economics Changes - Parallel Session of the Annual Conference of Financial Street Forum 2022 Held

Time: 2022-11-22 21:49 Print

The Annual Conference of Financial Street Forum 2022 kicked off in Beijing, on November 21. On the evening of November 21, a parallel session of the Forum-"Financial Development and Financial Security under Global Geo-economics Changes", was held.

Security is the premise of development, while development guarantees security. Safeguarding financial security is a strategic and fundamental task that concerns the overall economic and social development. It is an integral part of national security. In the context of the new global geo-economic changes, how to better integrate financial development and financial security, and make finance better serve high-quality development, this parallel forum focused on the topic of "Financial Development and Financial Security under Global Geo-economics Changes". Experts, academics and distinguished guests from home and abroad, were invited to share their insights on financial development and security, in an effort to build common consensus, deepen international cooperation and promote common development.

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(Photo of Wang Zhengwei)

This parallel forum was presided over by Wang Zhengwei, Associate Dean of PBC School of Finance (PBCSF), Tsinghua University.

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(Photo of Xiao Gang)

In the keynote speech, Xiao Gang, a member of the CPPCC National Committee and former Chairman of the China Securities Regulatory Commission, shared his views on "Improving financial security governance system". He noted that in recent years, following the plans and fundamental national principles-maintaining overall stability, ensuring coordination, implementing category based policies, and defusing risks through targeted efforts-great progress has been made in preventing and defusing financial risks. Xiao Gang believed that financial security is an integral part of national security. China is at a critical stage of developing from a middle- to high-income economy to a high-income economy. The implementation of financial security strategy is the key to ensuring China's high-quality economic development. Xiao Gang made four proposals on how to improve financial security governance system: 1. strengthen the centralized and comprehensive leadership of the Party; 2. enhance economic quality and maintain reasonable growth in quantity; 3. improve the rule of law; 4. build a solid financial safety net.

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(Photo of Liu Shunda)

Liu Shunda, former Chairman of the Supervisory Board for Key Large State-Owned Enterprises, delivered a keynote speech. He pointed out that it is crucial to promote financial development and financial security and prevent systemic financial risks. The priority is to be pragmatic and united, in order to achieve higher system effectiveness. Liu Shunda emphasized the importance of the real economy, the role of science and technology as the first productive force, the role of human resources as the primary resource, and the role of innovation as the first driving force for development.

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(Photo of Li Jun)

Li Jun, member of the Party Committee and Vice President of the Export-Import Bank of China, delivered a speech. He pointed out that from the perspective of financial security, the international financial environment continues to tighten, with potential and hidden risks, resulting in enormous challenges to economic and financial stability in the recovery and development of trade and investment, energy security and green transition, international financial security, and the free flow of resource factors. Li Jun believes that to focus on financial services, coordinate development and security, maintain financial stability, expand financial cooperation and promote financial development, we shall make efforts in the following four aspects: 1. enhance the quality and efficiency of financial services, promote the growth of world trade and investment and the smooth flow of supply chains; 2. increase financial support and enhance the capability of low-carbon, green and sustainable development of the economy; 3. build a solid financial security bottom line and continually raise the awareness of and the ability to prevent and resolve potential risks; 4. deepen financial exchanges and cooperation and form a synergy of information sharing, advantage complementarity, and common development.

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(Photo of Ambassador Ali Obaid AI Dhaheri)

H.E. Ali Obaid AI Dhaheri, UAE Ambassador to China, delivered a speech. He said that the UAE has been prioritizing the development of its financial sector for more than four decades and ranks first in the Arab world in terms of attracting foreign investment. Chairman Xi Jinping's state visit to the UAE in 2018 has expanded the scope of China-Arab cooperation and the UAE has become an important logistics hub for the Belt and Road initiative. Going forward, the UAE and China will cooperate in areas such as bilateral financial cooperation, fighting money laundering and terrorist financing, economic recovery after the pandemic, and other geopolitical challenges.

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(The photo shows Michael Spence (right) and Wei Chenyang's online dialog)

Michael Spence, the 2001 Nobel Prize Laureete in Economics, talks with Wei Chenyang, Associate Dean of the Institute for Fintech Research, Tsinghua University. Spence noted that the world's major economies are facing supply chain shortages and inflationary pressures, employment issues, aging populations. Inflation has become a systemic problem. And the US Federal Reserve's policy of interest rate raise has a significant impact on economies around the world, making some European countries more vulnerable. Regarding China's economic growth, Spence pointed out that China has taken a unique path to maintain financial security and stability. Innovation, as well as more sustained and robust reform policies should be encouraged.

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(Photo of Zhou Daoxu)

The White Paper on Financial and Insurance Cybersecurity Compliance Technologies (the White Paper) was officially released at the forum. Zhou Daoxu, Director of the Research Center for Finance Security, PBC School of Finance (PBCSF), Tsinghua University, introduced the White Paper. He pointed out that the current overall climate of network security is not promising, network attackers may circumvent network security defenses to attack the financial industry, and it is imperative to implement a compliance system given the attributes of the financial industry. Currently, financial institutions are also facing a new round of challenges in infrastructure development. The White Paper mainly focuses on the cybersecurity in the insurance industry, grade-based cybersecurity protection, thematic measure programs and recommendations.

In the roundtable discussion session, Zhang Jianhua, Director of the Research Center for Financial Development and Regtech, PBC School of Finance (PBCSF), Tsinghua University, Xiu Jun, a senior expert and Deputy Director of the Investment Committee of China Development Bank Capital, Luo Decheng, Senior Managing Director and Head of Asia Pacific, Invesco, and Ma Xiaolan, CEO of Financial Security Industrial Park, joined the roundtable discussion.

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(Photo of Zhang Jianhua)

Zhang Jianhua shared his views on "Data Security and Governance". It is of importance to identify the relationship between protecting data security and regulating data application. He also pointed out the data as a production factor, "the more you use it, the more value it brings". He also emphasized the necessity for financial institutions to explore the value of data under the regulatory framework, and the need to formulate policies to facilitate the digital transformation of enterprises.

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(Photo of Xiu Jun)

Xiu Jun pointed out that there are still some defect and inconsistencies in China's financial system. He placed special emphasis on more efficient allocations of financial resources to serve the general micro, small and medium-sized enterprises and high-tech enterprises that benefit from financial markets. Meanwhile, while working to avoid the idling and bubbling of financial instruments, regulators should strive to address the difficulties of private enterprises in securing finance, intensify the reform of the financial system, improve the means of direct financing, prevent financial risks, and serve innovation-driven economic development.

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(The photo shows the online speech of Luo Decheng)

Luo Decheng said that it is necessary to balance the relationship between growth and stability in facing the challenges of deglobalization. He also stressed that globalization and international trade are closely linked with economic and political security. China, as a large economy, is an influential player in the development of global green finance, which is undergoing a critical period of ESG transition. The Chinese government can play a greater role, driving global recovery through China's economic growth and bringing stability to global capital markets through the stability of China's capital markets. Luo Decheng also called for enhanced cooperation to create a stable, secure and prosperous world.

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(Photo of Ma Xiaolan)

Ma Xiaolan expressed her views on how the financial security industry should serve the real economy in the era of digital economy. She believed that there are several important dimensions of innovation in financial security services, including: the establishment of the underlying technical standards and services; the service for network security environment; consolidate the digital base with emerging information technology such as mobile internet, block chain, and cloud computing; and financial technology should serve the real economy and promote financial inclusion.

Over the free discussion session, the guests discussed and exchanged views on how to strengthen financial regulation and governance, ensure financial security and boost the real economy.

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(Site of the parallel forum)

 Founded in 2012, the Annual Conference of Financial Street Forum was upgraded to a national and international professional forum in 2020. As the first national and international professional forum held in Beijing after the 20th CPC National Congress, the Annual Conference of Financial Street Forum 2022 came with the theme "Forge Ahead Toward a Shared Future, Economic Development and Financial Cooperation amid Changes". It consisted of one main forum and four parallel forums: "Real Economy & Financial Services", "Global Market & Financial Growth", "Fintech and Digital Economy", and "Governance System & Financial Stability", with 27 programs and 39 topics, attended by nearly 400 guests from all over the world, raising the level of international participation. The PBC School of Finance (PBCSF) of Tsinghua University was a co-host of this forum.