Xinhua Silk Road: Financial sector's role in real economy discussed at annual Financial Street Forum in Beijing

Published: Oct. 22, 2021 at 12:59 AM EDT

BEIJING, Oct. 22, 2021 /PRNewswire/ -- The Annual Conference of Financial Street Forum 2021 kicked off Wednesday in Beijing has pooled insights on financial sector's role in enhancing economic resilience and supporting high-quality development.

The Annual Conference of Financial Street Forum 2021 kicks off in Beijing on Oct.20, 2021.
The Annual Conference of Financial Street Forum 2021 kicks off in Beijing on Oct.20, 2021.

At present, there are more than 40 million market entities supported by inclusive small and micro loans, which speaks China's economic resilience and active financial actions, according to Yi Gang, governor of the People's Bank of China (PBOC), when addressing the conference.

The growth of money supply and social financing basically matches that of nominal GDP, which interprets right policy set and sufficient liquidity, according to Yi, noting that structurally, monetary and credit policy tools could better support small, medium and micro enterprises and green and low-carbon development.

The financial sector now shoulders a key role in fostering a new development paradigm and supporting high-quality development, according to Guo Shuqing, chairman of China Banking and Insurance Regulatory Commission (CBIRC), calling more financial actions for improving people's living environment, insurance protection, education system, among others.

A multi-layer equity market system with complementary functions and organic connections for meeting enterprises' various financing needs is an inherent requirement for enhancing the adaptability of finance to the real economy, according to Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC), calling for steadily advancing the reform of the registration system to promote a virtuous cycle of economy and finance.

Pan Gongsheng, deputy governor of the PBOC and head of the State Administration of Foreign Exchange (SAFE), noted that the stable domestic economic fundamentals would act as the basic guarantee for China's foreign exchange market in respond to external shocks.

Liu Siyang, Vice President of Xinhua News Agency, noted that Xinhua has witnessed and reported every historical moment in the development of China's financial industry and would further refine its economic news and information services, especially in the financial field, giving full play to its authoritative, intellectual, terminal, and global advantages to contribute to the healthy development of China's financial industry.

Founded in 2012, the forum is jointly organized by the People's Government of Beijing Municipality, the PBOC, Xinhua News Agency, CBIRC, CSRC, and SAFE, hailed as a bellwether of China's financial reform and development.

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