Source： | Date：2020-08-13
New Finance New Opening-up New Development
2020-07-16 12:20 Source: http://bj.people.com.cn/
[Beijing, July 16 (People.cn), Reporter Bao Congying] As the global epidemic continues to spread, the international economic and trade is facing extremely severe and complex challenges, how can the financial sector help maintain the “Six Stabilities” (stability in employment, financial operations, foreign trade, foreign investment, domestic investment and expectations) and ensure the “Six Securities” (security in job, people's basic livelihood, operations of market entities, food and energy security, stable industrial and supply chains and normal functioning of primary-level governments)? How to accelerate the implementation of financial reform and opening-up measures? What are the significance and new features of financial services for intensifying international economic and trade cooperation? The 2020 China International Fair for Trade in Service — Beijing International Finance Expo (“2020 CIFTIS — FINEXPO”), which will be held in Beijing early this September, will answer the above questions from an international and innovative perspective, highlighting the new trend of international financial trade in service.
The reporter learned that the FINEXPO, known as China’s “First Finance Exhibition” and the vane of China’s financial industry, was included in the 2020 CIFTIS for the first time this year. The 2020 CIFTIS — FINEXPO, hosted by the People's Government of Beijing Municipality, the People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and the State Administration of Foreign Exchange, follows the theme of "New Finance, New Opening-up, and New Development". Three activities will be held: exhibition and display, forum exchanges, and project signing.
The exhibition will highlight the concepts of national financial management center, gathering place of international financial institutions, financial technology innovation center with global influence, international center of green finance, international asset management center, etc., and focus on such hotspots as China's financial reform, opening-up of the financial industry, growth of capital markets, as well as financial technology innovation, and international asset management layout, aiming to deliver a financial feast that is international, diversified, high-end, and practical for the visitors.
Financial services provide support for real economy in the post-epidemic era
In the face of the unexpected epidemic, the financial system has provided strong financial support for the operation of real economy, effectively hedged the negative impact of the epidemic on the development of real economy, and accelerated China's economic and social recovery. In the background of regular epidemic prevention and control, at the exhibition, the three major policy banks — the China Development Bank, the Export-Import Bank of China and the Agricultural Development Bank of China will display centering on giving full play to the role of policy banks in “guidance, strengthening weak areas, counter-cycle regulation”, serving and building the "Belt and Road” and implementing the "Six Stabilities” and “Six Guarantees”, increasing precise financial supply, helping stabilize the basic foreign trade market, and promoting reform and opening-up. Based on the high-quality development of real economy in financial services, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, etc., take the initiative to meet the needs of people's livelihood consumption, health and epidemic prevention, scientific research, and enterprise development through innovative financial services, differentiated and characteristic financial services, demonstrating the strong resilience and driving force of financial services to ensure economic development in the post-epidemic era.
Focusing on the reform and opening-up of the financial sector, the national financial management center has achieved steady and sustainable progress
Beijing is home to the state financial regulatory authorities, major financial infrastructure, and many large financial institutions, serving as the financial management center of China with unique strengths in decision-making and regulation, asset management, standard establishment, payment and settlement, information exchange, and international cooperation. The state financial regulatory authorities have drawn up a roadmap for a new round of financial opening-up, and foreign financial institutions have accelerated their development in Beijing and in China. New steps have been taken in opening up the financial sector to the outside world. In order to effectively convey the positive signal of further opening up China’s financial sector to the rest of the world, many well-known financial institutions at home and abroad will gather at the FINEXPO to showcase the achievements of China’s financial industry reform and opening-up and the process of financial market development, as well as the financial resource allocation and radiation force of the National Financial Management Center, highlighting its status as a global financial management center.
Beijing financial technology leads the world by reconstructing the competitive landscape
As an important part of the digital economy infrastructure, financial technology promotes the transformation and upgrading of the financial industry, improves quality and efficiency, empowers financial institutions, and stimulates economic vitality. In December 2019, the People's Bank of China took the lead in launching the pilot regulation of financial technology innovation in Beijing, endeavoring to build the regulation tools of financial technology innovation in line with China's national conditions and international standards. The second batch of 11 projects was announced to the public on June 2, following the first batch of 6 projects formally tested and offered to users in Beijing on March 16, 2020. The Beijing pilot sticks to innovation, inclusiveness, prudence, and benefiting the people and enterprises, which not only reflects the latest achievements in the high-quality development of the capital’s financial industry driven by technological innovation, but also demonstrates Beijing’s efforts to build a financial technology center with global influence. It provides a "Beijing model" for China to deepen reform of the financial system and promote modernization of the financial governance system and governance capabilities.
According to the exhibition materials provided by the Organizing Committee, the Beijing Financial Technology and Professional Service Innovation Demonstration Zone will join hands with a large number of financial technology enterprises to demonstrate the integration of technologies such as 5G, Internet of Things, blockchain, virtual reality and artificial intelligence with the financial industry. Various financial institutions will promote the application of financial technology scenarios in offline retail, e-commerce, medical education, consumer finance, asset management, public services, smart cities, etc.
With green finance on fast track, Beijing will build a new height for international green finance center
The development of green finance has become a key national strategy. Beijing is deepening international cooperation in green finance and actively building a global center for green finance and sustainability. As the main host, the Beijing Municipal Administrative Center will organize institutions to showcase its green finance development roadmap, the construction of “China-UK Green Technology Innovation and Investment Center” in the Canal Business District, and the exploration on the development of green financial tools. Postal Savings Bank of China, China Asset Management and other financial institutions will also launch innovative green financial products and services, covering green financing, green leasing, green funds, green investment and green consumption, as well as financial support for new energy, energy conservation and environmental protection, construction, transportation, industry and other sectors. The FINEXPO will actively demonstrate China's exploration in the field of green finance, promote Beijing's practical experience in green finance to the world, and become a powerful boost to the sustainable development of China's economy.
Asset management giants step up deployment as international wealth management center steadily advances
China's asset management industry enjoys a huge development room and wealth effect. With the gradual opening-up of domestic policies, foreign institutions are rushing to enter the Chinese market. Beijing gives full play to its strengths as national capital in gathering financial resources and assets, actively enriches market players in the field of wealth management, introduces internationally advanced wealth management practices and professional experience, meets investors' demands for diversified services, and actively builds a global wealth management center. Leading players in the domestic foreign investment management industry, including UBS Securities, Goldman Sachs Gaohua, China International Capital Corporation, China Securities, China Asset Management, ICBC Credit Suisse Asset Management, Daiwa Securities, will gather at the exhibition to display their professional investment experience and practice in the Chinese market, diversified cross-border investment channels, and high-quality investment products.
Status as a global financial center is demonstrated by leading the expansion of opening-up of financial industry
As China’s first comprehensive pilot city for expanding the opening-up of the service industry, Beijing has been promoting the expansion of opening-up of the financial industry in recent years, creating an open financial development environment, actively promoting the pilot opening-up of the financial industry, and building a gathering place for international financial institutions, thus becoming an important window for China's financial opening-up and improving the business environment. Goldman Sachs, UBS, Standard Chartered, Refinitiv and SWIFT will showcase integrated cross-border financial services and global financial products at the exhibition. Financial institutions such as the Export-Import Bank of China, China Taiping, and China Export & Credit Insurance Corporation will showcase the financial services for the “Belt and Road” initiative, financial services for export-oriented economy, support for enterprises to go global, etc., as well as Chinese wisdom in participating in international trade and investment, which will highlight the practice of financial services in the new era of China’s foreign trade transformation and upgrading and supply-side structural reforms.
Multi-tiered capital market system has been gradually improved to serve real economy
China's capital market has further deepened its reform and innovation, improved inclusiveness and openness, and enhanced its ability to serve the real economy. As a frontier for innovation-driven development, Beijing, by relying on its geographical advantages in technology, culture and finance, has been vigorously developing the capital market, seeking a new positioning that matches the capital's overall development plan, and supporting qualified and high-quality enterprises to be listed on a certain sector based on their own characteristics and development stages, intensively cultivating the reserve resources for listing, reasonably guiding market expectations, strengthening information disclosure regulation, promoting the improvement of the quality of listed companies in the jurisdiction, and actively contributing to the deepening of financial supply-side structural reform and high-quality economic development.
As major players in the capital market, China Securities Depository and Clearing Co., Ltd., Beijing Equity Exchange, Beijing Financial Assets Exchange, etc. will showcase the progress of financial services for the real economy, support for cultural construction, support for small and micro businesses, and development of property rights transactions, etc.
Blossomed financial industry park and flourished modern financial industry
Beijing actively cultivates and develops a modern financial industry that matches the status of a capital city. Industrial parks such as Beijing Financial Technology International Industrial Park, Beijing Financial Security Industrial Park, Banking and Insurance Industrial Park, and Beijing Emerging Financial Cluster with distinctive characteristics help the modern financial industry to develop vigorously. All districts in Beijing give full play to their own strengths, quicken the construction of characteristic financial industry zones, and further optimize the layout of Beijing's financial regions. In Xicheng District, efforts are made to serve the functions of the national financial management center, highlight RMB internationalization, financial technology, risk management, financial regulation, explore the " Sandbox ", develop financial technology, and undertake the tasks of reform and opening-up of the national financial industry; Haidian District, where the Zhongguancun Science Park and a major area of Beijing’s financial technology are located, strives to develop the technology-based finance; the Beijing Banking and Insurance Business Park in Shijingshan District is committed to building a “Financial Silicon Valley on Chang'an Street" and building a new financial landmark in Beijing; Fangshan District underlines the building of Beijing Fund Town and Beijing Financial Security Industrial Park, promotes industrial upgrading through two characteristic financial parks, and strives to build an ecologically livable demonstration zone and a technological and financial innovation town.
During the 2020 CIFTIS, the 2020 China International Finance Forum will also be held to release major national policies on financial industry, facilitate the exchanges and discussions on epidemic response, financial industry opening-up, cross-border capital flows, financial technology innovation and challenges, financial boosting of new infrastructure, capital market development and risk prevention, international financial regulation cooperation, etc., so as to explore new directions and seek new impetus for the reform and development of the financial industry in China and the world, and provide suggestions for the healthy and sustainable development of the financial industry.
In recent years, relying on the two hard-core strengths of the national financial management center and the science and technology innovation center, Beijing keeps improving the infrastructure and facilities to attract investors in opening up the financial industry and developing cross-border financial services. At present, 42 foreign financial institutions and projects have settled or been implemented in Beijing.
In order to further improve the level of financial services, the 2020 CIFTIS will also organize signing events for major cooperation projects in the financial industry, boost the precise matching of the two parties, and effectively promote project cooperation by leveraging the communication and gathering advantages of the Fair.
(Editors in charge: Bao Congying, Gao Xing)