Xinhua Silk Road: Annual Conference of Financial Street Forum 2020 held to craft four platform functions to sharpen global influence

The Annual Conference of Financial Street Forum 2020, which opened on Wednesday and lasts till Friday, is crafted as a flagship international event characterized by four platform functions to sharpen its global influence.

Themed on “Financial Cooperation and Reform under Global Changes”, the annual conference aims to form itself as platforms for China’s participation in global financial governance, global financial industry communications and cooperation, interaction between financial sector and the real economy and national financial policies releasing.

This year, parallel forums are divided into four sections including financial cooperation and reform, financial services and development, financial opening and financial market, financial technology and innovation, centering upon 25 sessions.

The annual conference is jointly organized by the People’s Government of Beijing Municipality, the People’s Bank of China (PBOC), Xinhua News Agency, China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE).

PBOC hosts two keynote sub-forums under the annual conference and will release financial technology (fintech) development indicators to shape a set of scientific, quantifiable and comprehensive sector development appraisal standards applicable in China or even in the world.

Xu Yuchang, chairman and president of China Economic Information Service (CEIS) of Xinhua News Agency said the parallel forum themed on “Belt and Road Cooperation in the New Financial Landscape” is organized by Xinhua News Agency and implemented by CEIS. The Belt and Road Initiative is an important move of China to widen opening-up and share fruits of development with the world and has aroused wide attention from the international community. The parallel forum has attracted representatives from financial institutions, enterprises and research institutes to register for participation.

CSRC organizes two parallel forums of the annual conference and four sessions including capital market basic rules and ecology construction, building world class investment banks and wealth management institutions, small- and medium-sized enterprises development and high efficiency in direct financing, and deepening reform on the “new third board” to better serve the real economy.

SAFE undertakes hosting work of keynote sub-forums on cross-border capital flow and opening of RMB capital account of higher level and discussions over capital account convertibility, cross-border capital flow and financial risk prevention are carried out on the sub-forums.