BEIJING, Oct. 26 (Xinhua) – The COVID-19 pandemic and global economic slowdown are posing challenges to "going global" financial institutions and make closer international cooperation necessary under the new landscape of Belt and Road cooperation, said experts at a Belt and Road-related session at the Annual Conference of Financial Street Forum 2020 on October 23.
As one important session of this year's forum, the session of "Belt and Road Cooperation in the New Financial Landscape" organized by Xinhua News Agency and implemented by China Economic Information Service (CEIS) invited officials and experts at home and abroad to communicate over the theme.
Gong Xixiang, secretary general of Xinhua News Agency said that in the past seven years, finance has demonstrated a more and more explicit role in facilitating construction of the Belt and Road projects, and financial integration also became an important driving force to carry the Belt and Road cooperation further.
Photo I: Gong Xixiang, secretary general of Xinhua News Agency speaks at the session of "Belt and Road Cooperation in the New Financial Landscape".
Fongchinda SENGSOURIVONG, director general of International Cooperation Department of Bank of the Lao PDR, said that in order to support the BRI, the Bank of the Lao PDR is actively materializing commitments and guidelines from the government of the Lao PDR.
Photo II: Fongchinda SENGSOURIVONG, director general of International Cooperation Department of Bank of the Lao PDR delivers her speech online.
For instance, the bank has had very good cooperation and firm relations with relevant Chinese institutions, particularly with the People's Bank of China as shown in terms of courtesy visit of high-level management between the two central banks regularly and annual technical cooperation support for capacity building, promoting Lao and Chinese commercial banks and financial institutions cooperation.
Xie Duo, chairman of Silk Road Fund Co., Ltd. noted that under the new financial landscape, wider and diversified investment cooperation is needed so as to give full display to advantages of related countries through cooperation and fostering global economic recovery.
Photo III: Xie Duo, chairman of Silk Road Fund Co., Ltd. speaks the session of "Belt and Road Cooperation in the New Financial Landscape".
In international cooperation, equity investment shall be further exploited to boost economic development of developing countries while not increasing their sovereign liabilities, especially for green and sustainable investment, highlighted Xie.
Photo IV: Guo Lei, vice president of Global Finance of CDB makes a speech at the the session of "Belt and Road Cooperation in the New Financial Landscape".
To better facilitate high-quality Belt and Road cooperation, vice president of Global Finance of China Development Bank (CDB) Guo Leisuggested enhancement of financial sector cooperation to build a long term and stable supportive financing system and pressing ahead with cross-border RMB investment and financing cooperation and cooperating in risk prevention for long-term development of the Belt and Road cooperation.
Chen Zhong, vice president of China Communications Construction Company Ltd. believed that financial supports for the Belt and Road cooperation is a systemic project involving domestic and foreign governments, financial institutions, and enterprise participants and under the new financial landscape, roles of related parties shall be further reinforced for effective implementation of financial supports.
Photo V: Chen Zhong, vice president of China Communications Construction Company Ltd. makes a speech at the session of "Belt and Road Cooperation in the New Financial Landscape".
Paolo Andrea Panerai, Class Editori CEO & Editor in Chief, said China's investments in the equity of leading Italian companies represent the symbol of China's confidence toward Italy. It is desirable that China, through its companies and banks, would make investments in new activities, namely the so-called greenfield investments in order to create new job opportunities and new wealth.
As Paolo Andrea Panerai advised, China and the countries participating in the Belt and Road, particularly the central banks of the Euro zone (EU) countries should at least establish a permanent consultation mechanism, in order to limit severe and extreme fluctuations in exchange rates as much as possible.
Photo VI: Paolo Andrea Panerai, Class Editori CEO & Editor in Chief makes a speech via an online video.
Huang Yiping, deputy dean of the National School of Development (NSD) and Director of the Institute of Digital Finance (IDF), Peking University, suggested inclusion of digital financial cooperation and development into the Belt and Road cooperation.
Photo VII：Huang Yiping, deputy dean of the National School of Development (NSD) and Director of the Institute of Digital Finance (IDF), Peking University speaks at the session of "Belt and Road Cooperation in the New Financial Landscape".
China has formed some effective financial business modes in developing digital finance, in particular in mobile payment and large science and technology credit, all of which can be applied in related developing countries to serve their people and economy, Huang said.
Photo VIII: Xu Yuchang, chairman and president of CEIS of Xinhua News Agency hosts the session.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
A single purchase
