SHANGHAI, June 13, 2024 /PRNewswire/ — A news report from english.shanghai.gov.cn:
The 2024 Lujiazui Forum will be held in Shanghai from June 19 to 20. Inaugurated in 2008,14 editions of the forum have been successfully held, with government officials, financial regulators, market mavens and scholars converging to share their views on the most heatedly discussed industry topics. Over time, the forum has grown into an important platform via which Shanghai consolidates its role as an international financial center. It is also a platform for China’s financial regulators to release important announcements. More importantly, it has contributed to China’s financial reform, opening-up measures, as well as the global financial governance sector.
I. Highlights of this year’s forum
– Forum theme: Promoting World Economic Growth with High-quality Financial Development
– Plenary meetings:
Strengthen the coordination of international monetary policies to address the challenges posed during world economic recoveryThe relationship between technology innovation and capital market’s high-quality developmentInstitutional innovation and related market incentives created for the green finance sectorAdvancing China’s institutional opening-up by aligning with high-standard international economic and trade rulesSilver economy and ageing financeInnovation and governance for digital financeConstruction of a high-quality inclusive finance system
– Workshop centered on financial services that facilitate technology innovation
Discussion on how multi-level capital flow can improve the capacity of technology industriesDiscussion on how an optimized financing ecosystem can accelerate AI development
– Participants
Government and regulatory bodiesPeople’s Bank of ChinaNational Financial Regulatory AdministrationChina Securities Regulatory CommissionState Administration of Foreign ExchangeThe municipal government of ShanghaiMonetary Authority of SingaporeHungarian National BankThe City of London CorporationFinancial Services and the Treasury Bureau of Hong Kong SARInternational financial organizationsInternational Monetary FundTrading venuesShanghai Stock ExchangeHong Kong Exchanges and Clearing LimitedDeutsche Borse GroupChina Foreign Exchange Trade SystemShanghai Clearing HouseShanghai Futures ExchangeFinancial services providersThink tanks
– CSRC agenda
CSRC (China Securities Regulatory Commission) Chairman Wu Qing to attend the opening ceremony on June 19 and deliver a keynote speechCSRC vice-chairman Fang Xinghai to deliver a speech on June 19 on the relationship between technology innovation and the high-quality development of the capital marketNew capital market policies will be released by the CSRC during the forum
II. Highlights of Shanghai’s achievements in financial opening-up
– Advancing inter-connectivity programs
Interest rate Swap ConnectStock connect program between Shanghai and Hong Kong stock exchangesShanghai-Singapore ETF ConnectThe international reinsurance trading center was launched, attracting the reinsurance operation centers of 15 property and casualty insurance companies
– Further facilitating cross-border investment and financing
Shanghai’s cross-border RMB settlement volume exceeded 20 trillion yuan in 2023, accounting for more than 43 percent of the country’s total
– Accelerating the launch of international financial products
The world’s first futures shipping product, the Containerized Freight Index (Europe Service) futures contract, launched in AugustA total of six international futures trading at the Shanghai Futures Exchange directly accessible to international investors. The 30-year government bond futures were listed on the China Financial Futures Exchange in April
– Attracting more financial institutions from home and abroad
All of China’s six new wholly foreign-owned mutual fund companies are based in ShanghaiMore than half of China’s newly registered foreign-controlled securities brokerages are based in Shanghai92 global asset management firms participated in Shanghai’s pilot QFLP program63 global asset management firms participated in Shanghai’s pilot QDLP program
– Nurturing technology innovation with better financial services
Balance of loans rendered to technology companies spiked 36 percent year-on-year to reach over 1 trillion yuan as of end of MarchProviding over 48.5 billion yuan in special loans and subsidies to approximately 6,500 technology startupsOver 2 trillion yuan to be allocated to the Shanghai technology innovation finance alliance in order to develop new quality productive forces
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SOURCE english.shanghai.gov.cn
