Financial Street Forum annual conference opens in Beijing
The Financial Street Forum 2024 is ongoing from October 18 to 20 in Beijing under the theme "Trust and Confidence – Work Together To Promote Financial Openness, Cooperate For Shared Economic Stability and Growth". In this feast of ideas, industry heavyweights will share their insights on China's economic recovery and foreign investment confidence in the country.
Markets have responded favorably since the People's Bank of China (PBOC), the country's central bank, issued a stimulus package last month. The required reserve ratio is expected to be further lowered by 0.25-0.5 percentage point before year end depending on market liquidity, announced Pan Gongsheng, governor of the PBOC, at the opening ceremony on Friday.
China encourages financial companies to play a greater role in supporting technological innovation, said Li Yunze, director of the National Financial Regulatory Administration. At present, the scale of contract intention for the new batch of 18 pilot investment cities has exceeded 250 billion yuan ($35 billion), Li added.
To promote foreign investment, China Securities Regulatory Commission Chairman Wu Qing said that the commission will continue to promote the all-round institutional opening up of markets, expand overseas listing channels, and encourage foreign institutions to invest and expand their businesses in China.
Meanwhile, the tone of future developments in the currency market will continue to center around the stable operation of China's foreign exchange market and the balance of international payments, said Zhu Hexin, administrators of the State Administration of Foreign Exchange.
With continued recovery of the Chinese market, stronger Chinese domestic demand would benefit the world and inject new momentum into the global economy, and maintain global monetary and financial stability, said Bank for International Settlements General Manager Agustín Carstens at the forum.