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China to accelerate financial reforms: Lujiazui Forum

China will accelerate financial reforms to make it better serve the real economic activities while enhance risk management to sustain economic stability, China’s top financial leaders said at Lujiazui Forum today.

The construction of a multi-level capital market, the increase of convertibility of the Chinese currency, and to further raise the status of the yuan on the global market were among the many topics at the forum where government officials, economists and corporate executives gathered to provide advice for the country’s financial sector.

“China’s securities industry will strength innovation on products, services as well as business models to establish a multi-layered capital market,” said Xiao Gang, chairman of the China Securities Regulatory Commission who co-chaired this year’s Lujiazui Forum.

“We have constructed different markets, including the main board and ChiNext, catering for different needs of companies at different growth stages. We need to further diversify, and provide tailored products and services to support the growth of startups in technology and strategic industries,” Xiao said.

Lujiazui Forum, started in 2008, is a top level platform to solicit suggestions for China’s finance sector and Shanghai’s construction into a global financial center.

Shanghai Mayor Yang Xiong, the other chairperson of the forum, said the city has been making great progress in becoming such a center with bolder and faster implementation of financial and administrative reforms.

The China Insurance Regulatory Commission Chairman Xiang Junbo, the People’s Bank of China’s Deputy Governor Fan Yifei and Zhou Mubing, deputy chairman of China Banking Regulatory Commission, attended this year’s forum and delivered keynote speeches.




 

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