Experts discuss international economy
Thousands of people attend conference in Beijing in spirit of global cooperation
The Annual Conference of Financial Street Forum 2020, held in Beijing last week, attracted thousands of attendees from China and abroad, seeking cooperation and reform in the industry under global exchanges.
Among the attendees of this year’s forum were nearly 300 VIP guests, including renowned economists, financiers, experts, foreign diplomats and representatives from the business community and international organizations.
The number of overseas participants created a record in the annual forum’s history.
The event, which ran on Oct 21- 23, aimed to increase international cooperation in building an open global economy, exploring crossborder financial collaboration and risk control, and promoting innovation in rules and governance, said Sun Shuo, head of Xicheng district and chief of the Beijing Financial Street Service Bureau.
It was designed to create four major platforms for global financial governance, in- depth international exchanges in the financial industry, constructive interactions between finance and the real economy, and authoritative release of national financial policies, thus contributing solutions to economic and financial governance amid the COVID- 19 pandemic, organizers said.
The outbreak of the pandemic has heavily affected the global economy, sparking a rise in protectionism and unilateralism, global economic sluggishness and sharp decrease in international trade and investment, Sun said.
To help address these issues, the forum revolved around the themes of financial cooperation and reform, services and development, openingup and market, and fintech and innovation, providing insights into and inspiration for the industry’s sustainable growth.
The host city of Beijing is advancing the construction of a pilot free trade zone and a comprehensive national demonstration area for opening- up expansion in the service industry, both of which are expected to create more opportunities to further open up the financial market.
To meet demand, organizers set up a special session to showcase the capital’s achievements in reform and opening- up in the financial industry and its business- friendly environment, poised to attract high- quality financial service providers.
Debuted in 2012, the Financial Street Forum is regarded as one of the bellwethers for China’s financial reform and development, Sun said.
Finance has gathered momentum as a pillar of the Beijing economy.
Government data show the sector registered an average annual increase of 12 percent from 2012- 18, contributing 25 percent to local economic growth. In 2019, the added value of the sector reached 654.48 billion yuan ($ 97.7 billion), taking up 18.5 percent of the city’s GDP.
The city is home to more than 800 headquarters of financial corporations, with their combined assets surpassing 148 trillion yuan
Despite the pandemic, Beijing’s financial industry has bucked a declining market, reporting a 5.7 percent year- on- year rise in its added value in the first half of this year.