On December 23, 2023, the 10th Annual Conference of the China Wealth Management 50 Forum was grandly opened in Futian District, Shenzhen. With the theme of "The Road to High-quality Financial Development under the New Development Pattern", this annual meeting invites first-class departments, experts, scholars, and industry leaders to carry out high-level exchange of ideas, share insights, and look forward to cutting-edge trends. Shang Fulin, Chairman of the China Wealth Management 50 Forum, former Chairman of the China Banking Regulatory Commission, and former Chairman of the China Securities Regulatory CommissionAttended the conference and delivered a speech.
In his speech, Shang Fulin said that first of all, it is necessary to have a deep understanding of the new characteristics of the current economic development. China is on a new journey of building a modern socialist country in an all-round way, and it is necessary to take a correct view of the new situation of the economy, not only to see the difficulties and challenges we are currently facing, but also to see the basic trend of long-term economic development. Second, it is necessary to accurately grasp the focus of high-quality financial development. The high-quality development of finance should be based on serving the real economy, and achieve its own high-quality development in supporting the real economy to become stronger, stronger and better. With the high-quality development of the financial industry, we will promote the high-quality development of the economy and society, and serve the comprehensive construction of a modern socialist country. Third, firmly grasp the key points of preventing and defusing financial risks. It is necessary to improve the financial rule of law, improve the regulatory framework, and prevent risks from transmitting resonances across regions, markets and borders.
The following is the full text of Shang Fulin's speech.
Speech at the 2023 Annual Meeting of the China Wealth Management 50 Forum
December 23, 2023 Shenzhen).
Shang Fulin
Ladies and gentlemen: Good morning!It is a great pleasure to gather with you in Shenzhen to attend the annual meeting of the China Wealth Management 50 Forum. First of all, on behalf of the forum, I would like to extend a sincere welcome to all of you and thank the relevant units for their strong support for the holding of the annual meeting.
Shenzhen is the window of reform and opening up and the epitome of China's economic development process. 2023 is the first year for the full implementation of the spirit of the 20th National Congress of the Communist Party of China, and a year for China's economic recovery after three years of new crown epidemic and a steady transition in prevention and control. 2023 is also the 45th anniversary of reform and opening up. With the theme of "The Road to High-quality Financial Development under the New Development Pattern", the annual meeting was held in Shenzhen at this time, which is timely and of practical significance. I would like to take this opportunity to talk about some learning experiences in combination with the spirit of the **Financial Work Conference and the **Economic Work Conference held not long ago, for your reference.
First of all, it is necessary to have a deep understanding of the new characteristics of the current economic development. China is on a new journey of building a modern socialist country in an all-round way, and it is necessary to take a correct view of the new situation of the economy, not only to see the difficulties and challenges we are currently facing, but also to see the basic trend of long-term economic development. **Where does the confidence and confidence come from in the economic work conference?From the longitudinal and self-contrastThe overall economic situation is showing a trend of upward improvement. As the world's largest market, demand is steadily unleashing. High-quality development has been steadily promoted, breakthroughs have been made in the digital economy, green development, and scientific and technological innovation, and reform and opening up have been promoted in depth. Horizontally compared with other major economiesChina's economy has performed prominently in the global recovery challenges, and its growth rate is among the highest among major economies. Over the past decade, China has contributed more than 30% of global economic growth annually on average, and is an important stabilizer and driving force for global economic growth. That's the confidence we have**.
At the same time, China is in a new era, facing major changes unseen in a century, and the complexity, severity and uncertainty of the external environment are rising. In this case, it is even more important to keep in mind that adhering to high-quality development is the last word. As the lifeblood of the national economy, finance is inseparable from its own high-quality development to inject impetus into accelerating Chinese-style modernization. In accordance with the first financial work conference, with the goal of accelerating the construction of a financial power, with the theme of promoting high-quality financial development, and with the deepening of financial supply-side structural reform as the main line, we should grasp the connotation of the road of financial development with Chinese characteristics and serve the economic work in the new era.
Second, accurately grasp the focus of high-quality financial development. Finance plays an important role in the overall situation of China's modernization. Especially since the 18th National Congress of the Communist Party of China, the financial sector has deepened its understanding of the nature and laws of finance, regarded serving the real economy as the foundation of its business, and gradually formed a virtuous circle with the real economy, providing strong support for the overall economic and social development. In the new era, the high-quality development of finance should be based on serving the real economy, and achieve its own high-quality development while supporting the real economy to become stronger, stronger and better. With the high-quality development of the financial industry, we will promote the high-quality development of the economy and society, and serve the comprehensive construction of a modern socialist country.
The first financial work conference held not long ago clarified the overall requirements for promoting high-quality financial development under the new development pattern, and put forward five articles, with science and technology finance ranking first. This first-class economic work conference also put "leading the construction of a modern industrial system with scientific and technological innovation" in the first place, reflecting the characteristics of the times that economic development in the new era should rely on scientific and technological innovation to enhance development momentum, and also reflected that financial support should find a point of convergence and force with the real economy. To this end, it is necessary to continuously improve the accuracy and effectiveness of financial services in the economic work of serving the new era. Efforts should be made to create a favorable monetary and financial environment, and strengthen high-quality financial services for major strategies, key areas and weak links. Optimize the ability to provide financial services to the real economy, and innovate financial products and services. We will increase financial support for scientific and technological innovation, green transformation, inclusive small and micro enterprises, and the digital economy, serve a new round of scientific and technological revolution and industrial transformation, and promote the construction of ecological civilization and green and low-carbon development.
Third, firmly grasp the key points of preventing and defusing financial risks. Financial stability is the foundation of high-quality economic development, and maintaining the bottom line of risk is the premise of ensuring the stable operation of the financial system and a key part of promoting high-quality economic and financial development. Since the 18th National Congress of the Communist Party of China, China has coordinated financial development and security, resolutely fought a tough battle to prevent and resolve major financial risks, and achieved important results in preventing and resolving financial risks.
At the same time, the nature of finance determines that the financial industry deals with risks. The prevention and resolution of financial risks is long-term and continuous, and we must not relax our vigilance at any time. In the financial sector, although remarkable results have been achieved in reform and development, we should not take lightly the weaknesses in supervision and governance capabilities, and in particular, we should attach great importance to the contagious, hidden, and destructive nature of financial risks. Building a financial power is inseparable from financial security. It is necessary to improve the financial rule of law, improve the regulatory framework, and prevent risks from transmitting resonances across regions, markets and borders. For financial institutions, it is necessary to continuously improve the risk prevention and control capabilities of financial institutions, follow the basic laws of finance, and adhere to integrity and innovation in view of new industries, new models and new drivers in economic innovation and development.
Finally, I wish this annual meeting a complete success!
Thank you!Editor in charge: Zhang Keke.