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SCIO press conference on forging ahead with confidence, upholding fundamental principles, breaking new ground, supporting high-quality development of real economy

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Chen Wenjun:

The last question, please.

China News Service:

Due to the impact of multiple factors, global economic and financial governance faces new challenges and requires joint efforts from all countries to cope with the difficulties. In the past few years, what progress has China made regarding global financial cooperation? What are the next plans? Thank you.

Yi Gang:

In recent years, China has adhered to multilateralism and the win-win principle. It has proactively participated in global multilateral governance and played a positive role in pandemic responses, international financial cooperation, and green finance. I'd like to elaborate on global cooperation from the following aspects:

First, we have strengthened communication and coordination with all countries in terms of macroeconomic policies. As we know, the pandemic has dealt a heavy blow to the world's economy since its outbreak. This makes it very important for the world's central banks and finance ministries to communicate their financial and economic policies. We have worked to push global macro policies to jointly support economic recovery so that the world economy can overcome the impact of the pandemic and achieve sustainable growth.

Second, regarding global cooperation, China has proactively participated in the G20's Common Framework for Debt Treatments . In line with the principle of common actions and fair burden-sharing, China has worked to address the debt issues of heavily indebted poor countries and made positive progress.

Third, in the context of a safe and manageable development, we have expanded high-quality financial opening up in an independent and orderly manner. In recent years, in accordance with the arrangements of the CPC Central Committee and the State Council, financial authorities have rolled out over 40 measures to open up the financial sector for both domestic and overseas companies. This has greatly expanded market access to financial services. Since 2018, over 110 financial institutions have been established with foreign capital in China. Meanwhile, we have also worked to promote the opening up of the capital market in both directions. This was applauded by investors both at home and abroad. Just now, Mr. Pan also elaborated on the foreign investment in China's stock and bond market, which has seen significant growth over the years. Chinese bonds and stocks have also been added to multiple global flagship indices, making Chinese assets one of the options for asset allocation among global institutional investors. China's asset allocation also has relevant benchmarks, indices, and sound supporting infrastructure facilities.

There are many other aspects in terms of financial opening up and global financial cooperation. Looking ahead, the PBC will keep strengthening global cooperation in the financial sector, work to make the voice of China and other developing countries more heard in global governance, and see that Chinese ideas can make new constructive contributions to the entire global economic and financial order. Thank you.

Chen Wenjun:

Thanks to all the speakers and friends from the media. Today's press conference is hereby concluded. Goodbye.

Translated and edited by Xu Xiaoxuan, Li Xiao, Liu Jianing, Liu Caiyi, Gong Yingchun, Zhang Jiaqi, Wang Mengru, Zhang Tingting, Yan Bin, Zhu Bochen, Wang Qian, Yang Xi, Li Huiru, Huang Shan, Liu Sitong, Ma Yujia, Wang Wei, Zhou Jing, Yuan Fang, David Ball, Tom Arnsten, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.