Zhou Liang, vice chairman of the China Banking and Insurance Regulatory Commission, on December 2Asian FinanceSummit Forum andAsian FinanceThe think tank said at the 2021 meeting that Asian economies should work together to strengthen financial cooperation, enhance financial inclusiveness and competitiveness, and provide strong support for sustainable economic recovery.
Zhou Liang emphasized the need to promote the healthy operation of the industrial chain.Encourage financial institutions to actively participate in supply chain finance, trade finance, transnationalM&ASuch as cross-border business, open up the regional economic cycle blockage. Make full use of digital technology, strengthen financial product and model innovation, improve the efficiency of capital allocation, and promote the extension of the industrial chain and the upgrading of the value chain. Give full play to the risk hedging and mitigation functions of financial instruments, promote resource sharing and risk sharing in the region, and enhance the resilience of the industrial chain.
In support of green and low-carbon development, Zhou Liang said that it is necessary to promote innovation in the financial institution system, market system, and product system to enrich greenCredit,greeninsurance, Green bonds, greenfundAnd other green financial products, accelerate the integration of regional carbon financial markets, and mobilize more funds to participate in green investment. Under the framework of the United Nations Framework Convention on Climate Change and the Paris Agreement, improve regional green finance rules, practice environmental, social and governance concepts, and explore ways and models of financial support for carbon peak and carbon neutrality.
At the same time, we must steadily promote development and sharing. More financial resources must be pooled to support the international fight against the epidemic, and to support joint research and development of vaccines, cooperative production, and fair distribution, so as to bridge the “immunity gap.” Use financial technology to accelerate digital transformation, increase policy support, and enhance the inclusiveness and availability of financial services. Cultivate a wealth management culture suitable for Asian characteristics, establish and improve financial infrastructure, enhance coordination and cooperation in the areas of credit evaluation systems, data sharing platforms, regional financial standards, payment and settlement systems, and strive to improve the supply of regional financial public products.
In terms of improving regional financial governance, Zhou Liang proposed to promoteAsian FinanceThe establishment of regulations and standards, explore cross-border financial risk prevention and control mechanisms, promote dialogue and consultation on risk management and financial supervision, strengthen risk early warning, assessment, and disposal, and maintain financial stability. Actively participate in the reform of the international financial system and the formulation of rules, and contribute Asian solutions to global financial governance.
Zhou Liang emphasized that China is a supporter and participant of globalization, and a promoter and beneficiary of Asian cooperation. “We are coordinating epidemic prevention and control and economic and social development, focusing on the’six stability’ and’six guarantees’. We have a good policy combination, and the economy will continue to recover steadily and improve stability. In the next step, we will scientifically grasp the new development stage and firmly implement it New development concepts, actively build a new development pattern, and firmly and steadily promote the two-way opening of the financial industry.”
Specifically, Zhou Liang said, one is to promote high-quality “bringing in.” In accordance with the principle of consistent domestic and foreign investment, continue to promote the implementation of opening-up measures and take effect. Actively introduce high-quality foreign-funded institutions with professional characteristics to operate in China, stimulate market vitality, optimize resource allocation, and jointly build a more open and win-win financial ecosystem. The second is to promote high-level “going out”. Steadily promote the development of overseas business by Chinese-funded institutions, encourage optimizing the layout in countries along the “Belt and Road”, and actively participate in international financial cooperation. The third is to promote the formulation and improvement of rules. Construct an institutional system and a regulatory model that are in line with internationally accepted rules, and fully implement the pre-access national treatment plus negative list management system. Improve the legal and policy system for overseas investment, continue to improve the risk prevention and control mechanism, and create a market-oriented, legalized and international business environment.