From November 30 to December 1, the fourth Qiantang River Forum (2022) was held in Zhejiang. With the theme of “inclusive, scientific and innovative, green and open – exploration of Chinese path to modernization of financial services”, this forum adopts the form of multi regional linkage, including a main forum, three home summits, five parallel summits and a closed door meeting. Government leaders, experts and scholars, business representatives, financial institutions, industry organizations from home and abroad jointly discuss how to serve Chinese path to modernization with financial services.
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Zhejiang first tries to write new financial practice
Zhejiang has developed economy and abundant private capital, and the development of financial industry has always been in the forefront of the country.
Zhang Yanyun, Vice Governor of the People’s Government of Zhejiang Province, pointed out in his speech that Zhejiang Province took the regional financial reform as the starting point to promote the first trial, took the digital reform as the traction to promote quality and efficiency improvement, vigorously promoted the exploration and practice of inclusive finance, science and technology innovation finance, green finance and open finance, and achieved positive results.
In recent years, Zhejiang has promoted the deep integration and innovative development of industry, finance and science and technology, continued to deepen financial reform, and fully reached financial services, which has played a huge role in promoting the development of the real economy and promoting the supply side structural reform. As of the third quarter of this year, Zhejiang’s social financing stock reached 26.9 trillion yuan, an increase of 3.03 trillion yuan over the beginning of the year. At the end of October, the balance of deposits and loans was 19.2 trillion yuan and 18.8 trillion yuan, respectively, ranking fourth and third in China. There are more than 800 domestic and overseas listed companies in Zhejiang Province, with a market value of more than 10 trillion yuan. The non-performing loan ratio was 0.67%, the lowest in China.
From Huzhou and Quzhou green financial reform and innovation pilot areas to Taizhou small and micro enterprise financial service reform and innovation pilot areas, Zhejiang’s regional financial reform pilot has continued to deepen, creating a number of landmark projects.
In the Report on the Development Competitiveness of Green Finance in the Yangtze River Delta (2022) released by the main forum, Huzhou and Quzhou in Zhejiang ranked among the 41 cities in the Yangtze River Delta with the highest scores in 2022. The two cities’ advanced green finance development concepts and other experiences gradually spread to Zhoubian City, fully demonstrating the great achievements made in the establishment of a national green finance reform and innovation pilot zone.
Zhu Congjiu, member of the Party Leadership Group of the CPPCC Zhejiang Provincial Committee and co chairman of the Qiantang River Forum, said that in the face of new journey and new tasks, Zhejiang should further strengthen reform and integration on the basis of the results of the existing regional financial reform, so as to promote the financial system to provide more focused, more accurate and higher level financial services, build a strong province with high-quality financial development and a leading demonstration province of modern regional financial governance, and build a national first-class emerging financial center.
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Today, the “golden card” of Zhejiang regional financial reform has added new highlights. Lishui Inclusive Financial Service Rural Revitalization and Reform Pilot Zone, Hangzhou and Jiaxing Scientific Innovation Financial Reform Pilot Zone, and Jinhua Open Economy and Financial Service Reform and Innovation Pilot Zone were officially launched at the main forum.
Next, Zhejiang Province will deeply implement the financing unblocked project and the “Phoenix Action” plan, promote the demonstration of regional financial reform, promote the construction of the Qiantang River financial harbor, the leading province of digital and intelligent finance and the emerging financial center, develop the modern financial industry closely coordinated with the real economy, scientific and technological innovation, and human resources, build a highly adaptive, competitive, and inclusive modern financial system, and promote digital, intelligent, scientific The platform based modern financial operation system firmly holds the bottom line of avoiding regional systemic financial risks, and makes greater contributions to the Chinese style modernization of financial services through Zhejiang’s financial modernization.
Chinese and foreign celebrities offer innovative financial services
At the main forum, guests from all walks of life brought keynote speeches online and offline to share their suggestions and thoughts on Chinese path to modernization of financial services from different levels and perspectives, focusing on such keywords as inclusive, scientific innovation, green and open.
Common prosperity is an important feature of Chinese path to modernization. To achieve common prosperity, we cannot do without developing inclusive finance.
In April 2022, the “first order” of the national rural credit cooperatives reform was officially launched in Zhejiang. Zhejiang Rural Commercial Union Bank is actively exploring to build a rural commercial bank system that is conducive to promoting common prosperity and promoting high-quality development, so as to provide more adequate, convenient and cheap financial services for the real economy.
“Today, it is of great theoretical and practical significance to explore the modernization of financial services in China based on Zhejiang.” Lu Lei, a member of the Party Leadership Group and Deputy Director of the State Administration of Foreign Exchange, affirmed the practice of inclusive finance in Zhejiang, “The biggest difficulty of inclusive finance is sustainability. With the inclusive financial services represented by Zhejiang Rural Credit Union, the key to sustainability is to focus on promoting positive interaction and feedback between finance and economy under the support of inclusive financial policies, adhere to the quality and efficiency of financial services for ‘agriculture, rural areas and farmers’ and small and micro enterprises, provide diversified financial services for rural revitalization, give play to the resource allocation function between different periods of time and industries, and successfully span the whole system The cycle, realizing self-regulation and better serving the real economy provide a Zhejiang example. “
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Bei Duoguang, president of the China Institute of Inclusive Finance at Renmin University of China, analyzed that the past five-year plan for inclusive finance focused on promoting the development of inclusive finance. Now, after solving the “whether there is” problem, inclusive finance should enter the stage of high-quality development, incorporate financial health into the monitoring system of inclusive finance, and promote inclusive finance to deal with the “whether it is good” problem.
In addition to inclusive, green has become the focus of many experts under the “dual carbon” goal. Li Zhiqing, Executive Director of the Green Finance Research Center of Fudan University, pointed out that the development of green finance is a necessary measure to achieve green and low-carbon development. “Finance can often become a bridge between capital elements and environmental protection. Making good use of green financial tools and relevant policies can play a key role in actively guiding social capital to invest in green industries, effectively curbing polluting investment and serving green development.”
Based on global climate change, Steven Allen Barnett, the chief representative of China of the International Monetary Fund, also stressed in his speech that it is vital for the earth and economic prosperity for countries to actively address climate change. With the right policies, the world can respond to the rising temperature in a way that is beneficial to the economy and the environment, including carbon pricing through taxation or other means, and green investment involving the private sector.
In 2022, in the face of complex domestic and international situations and multiple shocks, China’s economy has fully demonstrated its strong resilience and huge potential. At present, China is also actively promoting openness and cooperation, and exploring the path of stable and sustainable development with the world.
“It is possible for us to overcome the challenges facing the global economy. The best way is for all countries to take action now and act together. The major economies of the world can achieve this goal by strengthening the multilateral trading system.” Barnett pointed out.
With regard to the trend of globalization in the next five to 10 years, Zhu Xian, Vice President of the International Financial Forum and former Vice President and Chief Operating Officer of the New Development Bank, believes that China should promote new economy, new finance and new technology in the new situation. On the one hand, China should make more and better use of the platforms of multilateral international organizations, including the World Bank, WTO, etc., on the other hand, it should still participate more deeply in global and regional trade and investment arrangements, such as RCEP, CPTPP, etc.