Key Financial Players Gather to Strategize on Enhancing Financial Strength at Emerging Finance Summit.
SHANGHAI, Dec. 11, 2023 /PRNewswire/ — On December 8, 2023, the Dishui Lake Emerging Finance Conference commenced at Lingang Center in Shanghai. Chen Jinshan, a member of the Standing Committee of the Municipal Committee of the CPC, Secretary of the Party Working Committee and Director of the Management Committee of Lin-Gang Special Area, attended the event.
In October, China’s Central Financial Work Conference outlined an agenda to establish the nation as a financial powerhouse, focusing on financial solutions that are technologically advanced, eco-friendly, inclusive, supportive of retirement schemes and fully digital, while emphasizing increased openness. President Xi Jinping, during his Shanghai visit, underscored the city’s central role, as mandated by the Central Committee, to rapidly transform the city into a center for commerce, finance, trade, shipping, and innovation in technology. In response, Shanghai is enhancing its financial institutions and infrastructure and advocating for greater financial transparency. The initiative includes efforts in the Lin-Gang area to conduct stress testing, expand regulatory and governance frameworks, and elevate standards for cross-border trade and investment.
The Lin-Gang Special Area has lent additional significance to the Dishui Lake Emerging Finance Conference by serving as the host. The conference seeks to leverage the area’s pioneering financial models and establish a more practical and effective platform for cooperation within the emerging financial sector, enhancing Shanghai’s international standing as a financial hub and furthering the nation’s financial objectives.
The conference included an electrifying inauguration, a gathering of industry giants for a captivating keynote address, three engaging panel discussions, a series of seminars, and a thematic exhibition that showcased the emerging trends in the finance sector in Lin-Gang. The event’s 50 sessions, emphasizing international reach, diversity, professionalism, practicality, and influence, served as a platform for engaging dialogue between financial institutions, special economic zones, and the private sector.
At the inauguration, the Lin-Gang Special Area Equity Investment Cluster was officially launched. Directed by the municipal government and party committee, Lin-Gang focuses on supporting the real economy, emphasizing technological innovation, and advancing industries. The area targets investment in small, promising startups, offering funding at various development stages. Policies on fundraising, investing, managing, and exiting are slated for further optimization, aiming to attract more investment firms to Shanghai and drive Lin-Gang’s long-term growth.
At the conference, Yuan Guohua, Deputy Secretary of the CPC Working Committee of the Lin-Gang Special Area, CPC Committee Secretary, and Chairman of Lingang Group, presented the “Vision and Actions of Emerging Finance in Lin-Gang to Boost China’s Financial Power” initiative. The Lingang Emerging Finance Development Report was unveiled.
The keynote session featured six eminent experts and academic leaders, including Asian Infrastructure Investment Bank chief economist Erik Bergolf and former International Monetary Fund vice president John Lipsky. The session highlighted their collective expertise and insights in economics.
To forge a financial powerhouse and foster advanced financial development, Lin-Gang Special Area is prioritizing comprehensive reforms and greater transparency through the build of a platform for communication and exchange focused on emerging financial sectors. Collaborating with financial services, banks, brokerages and insurers, it plans to organize a series of resource-sharing events. The aim is to advance structural reforms on the financial supply side and develop a modern financial ecosystem. A key objective is to position Dishui Lake Financial Bay as a catalyst for financial openness and innovation. The initiative is expected to significantly contribute to Shanghai’s stature as an international financial center and the broader development of the Lin-Gang Special Area, further enhancing the impression of “Dishui Lake, the Global Financial Bay”.
