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June 19, 2017

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Lujiazui Forum to discuss reforms

THE two-day Lujiazui Forum in Shanghai opening tomorrow will gather central bank governors, financial regulators and experts from home and abroad to discuss regulatory reforms and financial support for the economy, forum organizers said.

China’s central bank Governor Zhou Xiaochuan and Shanghai Mayor Ying Yong will co-chair the forum, whose theme is “Financial Reform and Steady Development from a Global Perspective” this year.

Central bank governors from other BRICS countries will also participate as the forum coincides with the conclusion of a conference of the bloc’s central bank chiefs in Shanghai, said Sun Hui, deputy director of the Shanghai headquarters of the People’s Bank of China.

BRICS groups the five major emerging economies of Brazil, Russia, India, China and South Africa.

The governors will be among the more than 400 guests at the forum, of whom 47 will deliver speeches. Their topics will range from financial reforms, the Belt and Road initiative, Shanghai’s endeavors in supporting technology and innovation and cross-segment financial regulation.

Zheng Yang, director of the Shanghai Financial Service Office, said high-level guests include officials from China’s banking, insurance, securities and foreign exchange regulators, as well as monetary authorities. Experts from South Africa, Singapore and India, as well as executives from domestic and foreign financial institutions will be also among the participants.

The forum will cover local Shanghai issues such as private banks and Internet finance, Zheng said.

He said authorities will continue to support the establishment of private banks. The government this month released rules to support innovative companies by encouraging private capital to set up banks.

The Shanghai Financial Service Office is talking with the Shanghai Banking Regulatory Bureau to set up a Zhangjiang bank this year.


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