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Lujiazui Forum: Focus on global economic growth & financial reform

CCTV.com

06-12-2016 12:52 BJT

A forum on overcoming the challenges to global economic growth and financial reform has opened in the Chinese city of Shanghai.

A forum on overcoming the challenges to global economic growth and financial reform has opened in the Chinese city of Shanghai.

A forum on overcoming the challenges to global economic growth and financial reform has opened in the Chinese city of Shanghai.

The forum is named after its location "Lu-jia-zui" in Shanghai's Pudong district, a major financial hub. Discussions this year focus on supply-side reform, financial innovation and regulation, as well as China’s financial opening up.

Top officials from the country's financial regulators, including the central bank and the banking, insurance and securities watchdog, have delivered keynote speeches.

"Since the international financial crisis, the global economy has entered a period of deep tuning. The Chinese government proposed the supply-side structural reform, as a key innovation to adapt to the 'new normal' of economic growth. It is a key task of China’s financial sectors to provide services to the supply-side structural reform. This is also a key area for the insurance sector to reform and seek innovation," said Xiang Junbo, chaiman of China Insurance Regulatory Commission.

"Serving the real economy has always been the top priority of the finance sector. Enterprises will enjoy better services and the market will have stronger vitality. The five key tasks of supply-side reform are: remove overcapacity, de-stock, de-leverage, reduce costs, and make up for the disadvantages, which are all closely related to finance. We will encourage the development of a multi-level capital market, continue to increase the scale and percentage of direct financing, and actively open the channel allowing social investment to flow into the real economy," said Yang Xiong, Shanghai mayor.

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