BEIJING, May 22 (Xinhua) -- A plenary session under the 2021 Tsinghua PBCSF Global Finance Forum kicked off on Saturday morning in Beijing, attracting experts from home and abroad to discuss the topic on "New Dual Circulation Development Pattern and Financial Reform and Opening-up".
During the plenary session, experts including Zhou Xiaochuan, president of China Society for Finance and Banking and honorary dean of Tsinghua PBCSF, Li Bo, vice president of the People's Bank of China (PBOC), Xiao Yuanqi, vice chairman of China Banking and Insurance Regulatory Commission (CBIRC), Liu Liange, chairman of Bank of China (BOC), and Michael Spence, Nobel Laureate in Economics 2001, delivered keynote speeches.
Photo: Zhou Xiaochuan, president of China Society for Finance and Banking and honorary dean of Tsinghua PBCSF, delivered a keynote speech on digital RMB during the plenary session held on May 22.
Zhou Xiaochuan cleared up some misunderstandings about China's push for its digital currency, pointing out that digital yuan is not designed to replace U.S. dollar's status as a reserve currency and international payment currency or replace the role of third-party payments.
Photo: Li Bo, vice president of the People's Bank of China (PBOC), delivered a keynote speech during the plenary session held on May 22.
Suggested by Li Bo, in order to build a powerful and effective modern financial regulatory framework that meets the development characteristics of China's financial industry, China should further coordinate the macro policies and regulatory policies, and at the same time, strengthen prudential supervision and behavioral supervision.
Photo: Xiao Yuanqi, vice chairman of China Banking and Insurance Regulatory Commission (CBIRC), delivered a keynote speech during the plenary session held on May 22.
Xiao Yuanqi believed that green credit, green insurance, green bonds and carbon trading markets will embrace great development opportunities as the United Nations sets the goal of achieving net zero carbon emissions by 2050 and 1.6 to 3.8 trillion U.S. dollars will be invested annually.
In addition, climate change will also force adjustments in the energy structure and industrial structure, creating new industries such as information, biology, new materials, and new energy, and bringing more new growth points, Xiao added.
Photo: Liu Liange, chairman of Bank of China (BOC), delivered a keynote speech during the plenary session held on May 22.
Speaking on the banks' support for industrial transformation and upgrading, Liu Liange suggested that the banks should strengthen support for innovative activities, strengthen the classification support of industries, promote the industry to move towards the middle and high end of the value chain, increase the financial support of the supply chain, and promote the optimization and reorganization of production capacity.
Liu also suggested the banks to support international cooperation, focusing on creating new spaces for international cooperation and maintaining economic and financial security.
Photo: An online dialogue was held during the plenary session held on May 22.
An online dialogue was also held during the plenary session, participating by Michael Spence and Wei Chenyang, associate dean of Institute for Fintech Research of Tsinghua University, and director of China Insurance and Pension Research Center and the National Institute of Financial Research of Tsinghua University.
According to Michael Spence, the recovery of China's economic growth after the epidemic is currently mainly dependent on overall investment. China needs more targeted policies to promote domestic demand and the contribution rate of consumption can be further improved.
Consumption's contribution to economic growth is reasonable at around 60 percent, Michael Spence added.
(Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
A single purchase
