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2021 Annual Conference of Financial Street Forum | Parallel Session of “Governance System and Financial Security” Successfully Held

Time: 2021-10-26 13:45 Print


On the afternoon of October 20th, themed on “Economic Resilience and Financial Actions”, the 2021 Annual Conference of Financial Street Forum starts. As the academic support of the Forum, Tsinghua PBCSF successfully held the parallel forum of “Governance System and Financial Security”.

Guests from international organizations, top financial institutions, industry associations, enterprises and academia joined the forum for in-depth discussions around the topics of “RCEP Promotes the Reform of Global Governance System”, and “Prosperous Regional Opening-up and Innovation Practice”.

The session is presided over by JU Jiandong, Unigroup Chair Professor at Tsinghua University PBC School of Finance, and Director of Center for International Finance and Economic Research (CIFER) at Tsinghua NIFR.

Topic 1 - RCEP Promotes the Reform of Global Governance System

Around the topic, ZHANG Xiangchen, Deputy Director-General of WTO, Robert Koopman, WTO Chief Economist, JU Jiandong, ZHAI Jingli, Vice President of APP (China) of Sinar Mas Group, delivered keynote speeches. 


ZHANG Xiangchen

According to ZHANG Xiangchen, the recent global economy shows 2 features: susceptibility and resilience, which reveals that the WTO’s basic rules are still playing its part, supporting the major functioning of the global trade system. He pointed out that, in order for global governance to maintain, strengthen and utilize multilateral trading system, sincere policy dialogues need to be carried among nations. International trade is related to everyone’s daily life and every enterprise and the related researches should not be limited to the academic studies. Thus, the studies should break the barrier and carry out full exchanges. He calls for China’s domestic studies to bring positive impact to the global governance. 


Robert Koopman

Robert Koopman talks on how WTO reacts to the covid-19 and promotes world trade. He pointed out that there are obvious rises in global economy in 2021, especially in the exportations of emerging economies, like China. But slowdowns are also shown due to the covid-19. The change of supply and demand are gradually shaping global supply chain. He believes that WTO should promote the vaccine related trade to contribute to the stable and sustainable development of global economy.


JU Jiandong

According to JU Jiandong, the present Asian trade system is in fragmentations, such as ASEAN 10+3, ASEAN 10+6, RCEP and etc. But it does not match with the status quo of the current Asian trade. He thinks that, due to the absence of Asia’s regional governance system, the unparalleled governance system and economic structure is leading to disorder and difficulty in regional co-ordinations. Under the unbiased rule, the remove of market barriers and the integration of Asian technology market should be promoted. Ju also raised suggestions to further improvements.


ZHAI Jingli

ZHAI Jingli made her speech over “Asian Market Integration Promotes Enterprises’ Development”. She pointed out that, the further opening of Asian market leads to more efficient resource complementarity and policy collaboration among Asian economies. A more open, efficient, fast and convenient trading environment by RCEP, provides the enterprises with new development opportunities. From the perspective of a global enterprise, she shared her view that deepening RCEP multilateral collaborations is the import basis for promoting “One Belt One Road” policy. She also called for the further lifting of entry threshold of the economies, and further resource and factor exchanges.

Topic 2 - Prosperous Regional Opening-up and Innovation Practice

Over the topic, guests including CHEN Wenling, Chief Economist and Deputy Director of the Executive Board and Academic Committee at the China Center for International Economic Exchanges, DONG Yan, Director of International Trade Office of Institute of World Economics and Politics at Chinese Academy of Social Sciences, GENG Qiu, Chairman of Hong Kong Institution for International Finance, CUI Fan, Professor of School of International Trade and Economics at University of International Business and Economics, DENG Zhiguo, Director of Financial Research Institute of the Bank of Beijing, joined the round table discussion.


CHEN Wenling

According to CHEN Wenling, the international financial risks originated from several hard-to-solve issues: the current low/negative interest rate and the predicted high interest rate in the future; the risks behind the negative rate of return of government bond (e.g. US); the liquidity flooding, liquidity contraction and liquidity shortage are alternating; the function of central banks are breaking their original barriers. She said that we are now facing more inputted risks. The era of liquidity flooding is passing, while the risks of liquidity contraction may not be very far.



DONG Yan thinks that, in the face of current global industry structure change, national policy adjustment and international company innovation is the key for development. At present, China is actively building new development patterns, taking its roles in global trade pilot zone, and achieving positive interactions between policy innovation and industry structure adjustment. She pointed out that facing the competitions, the enterprises should see themselves as the innovative unit, and achieve self-improvement during the building of new development patterns to better integrate into world trade system. 



XIAO Geng shared his views over how to promote development vitality of the Guangdong-Hong Kong-Macao Greater Bay Area through policy innovation. From the current situation and the importance of dual circulation, he points out that Hong Kong is playing an important role in promoting China’s external circulation. Learning from the Hengqing and Qianhai example, Hong Kong is more suitable for enterprises. Facing the challenges by external circulation, while building a strong domestic circulation, China should utilize the open policy of Hong Kong, and integrates the advantages of mainland and the Hong Kong area, promoting China’s international competition capability.



CUI Fan shared his view on free trade zone promotion strategy. He thinks that the free trade zone should include two aspects: international economic collaboration zone and domestic free trade pilot zone, both of which have made great progress in financial openness. There are multi dimensions in financial openness: to foreign capital; in cross broader financial services; and in cross broader capital flow. He thinks that the building of RCEP and CPTPP shows China’s confidence and capability in opening-up and policy reform. It is of great expectations that the achievements are to be promoted.


DENG Zhiguo

DENG Zhiguo delivered his speech titled “opening-up and innovative development - from Bank of Beijing’s practice”. He said that regional opening-up lies the main concept of dual circulation development pattern. It is the necessary action to build an open economic system, and promote high quality development. He shares the practice of Bank of Beijing from 3 perspectives and actions: take the opportunity of financial reform, and promote Bank of Beijing as a listed bank with domestic and foreign capital; take the opportunity of “One Belt One Road” and free trade zone construction, and promote Bank of Beijing as global top banks with diversified financial services; take the opportunity of Beijing’s “two zone” construction, and promote Bank of Beijing as old traditional bank that carries high standard.


Round Table Discussion

During the round table discussion, guests carries in-depth discussions on how to prevent and resolve financial risks, the development of free trade zones, and etc. 

The Financial Street Forum was founded in 2012. Since 2020, the annual conference of the Forum has been upgraded to be a state-level, international professional symposium. The Financial Street Forum has become an important platform and a professional brand for Beijing’s high-quality development and opening-up.