Press Release for June 10 Shanghai Municipal Government Press Conference
June 11, 2019
The Information Office of Shanghai Municipality held a press conference today (June 10), inviting Director of the Shanghai Municipal Financial Regulatory Bureau Zheng Yang to introduce the upcoming 11th Lujiazui Forum. Senior officials from the People’s Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission attended the press conference and took questions from reporters.
The Lujiazui Forum, jointly organized by the Shanghai Municipal Government and national financial regulatory institutions, has been held successfully for 10 years since 2008. The 11th forum will be held on June 13 and June 14. The previous forums were highly valued by all parties and witnessed Shanghai’s progress toward an international financial center. Each forum invited financial experts from home and abroad to talk about important issues at the time, share experiences, and seek consensus, thereby contributing to the city’s construction of a global financial center, the acceleration of China’s economic and financial reform and opening-up, and the improvement of global economic and financial governance. The Lujiazui Forum has become a top international platform of dialogue with considerable global impact. It has become a distinct poster card not just for Shanghai, but also for China’s financial sector entering the world stage.
I. The theme and major topics of this year’s Lujiazui Forum
The new era has ushered China into a new stage of global integration. In the context of continuous opening-up and strengthened cooperation, Shanghai is accelerating the construction of international economic, financial, trade, shipping, and science and technology innovation centers.
Shanghai is also striving to implement the three major tasks President Xi Jinping mentioned during his inspection in Shanghai last November, namely expanding the China (Shanghai) Pilot Free Trade Zone, launching a science and technology innovation board in the Shanghai Stock Exchange and a pilot registration system for listed companies, and upgrading the integration of the Yangtze River Delta region into a national strategy.
In fostering Shanghai’s strategic competitiveness, especially in four key areas such as shopping, service, manufacturing and culture, finance as a core function of Shanghai plays a critical role, and so does a financial center, which is a pillar in the development of the city’s five centers.
With the theme of "Accelerating the International Financial Center Development and Promoting High-Quality Economic Growth," this year’s Lujiazui Forum seeks global wisdom to identify key steps for the further development and stability of Shanghai's financial sector, so as to open a new chapter in the city’s construction of an international financial center and turn the city into a global financial hub as early as possible.
This year's Lujiazui Forum has eight plenary sessions and the Night Chat by Huangpu River session, covering a wide range of hot topics in the economic and financial fields.
The themes of this yea’s plenary sessions include “Accelerating the International Financial Center Development and Promoting High-Quality Economic Growth,” “Science and Technology Board, Registration System -- Innovation to Deepen China’s Capital Market Reform,” “Strengthening China-UK Financial Cooperation -- Partnership City Session•City of London,” “Supporting the Development of Micro, Small and Medium- Sized Enterprises (Msmes) -- A Major Arena for Inclusive Finance,” “Night Chat by Huangpu River：Enhancing Capability in Resource Allocation — Core Competency of Shanghai as an International Financial Center,” “China’s Financial Opening Up Amidst New Developments in Global Economic Growth,” “Improving Financial Governance and Mitigating Financial Risks Effectively,” “Cities, Technology and Finance,” “Integration of the Yangtze River Delta and New Developments of the FTZ.”
Through the joint efforts of all relevant authorities and participants, this forum will bring new ideas to promote the resolution of the current global economic and financial issues and further improve global economic and financial governance.
II. Preparations for the forum
The forum was co-hosted by the Shanghai Municipal Government and the People's Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission. Guo Shuqing, Chairman of the China Banking Regulatory Commission, and Shanghai Mayor Ying Yong will serve as the common rotating chairmen. As the host and one of the organizers of the forum, the Shanghai Municipal Government attaches great importance to the preparations for the forum. The city leaders have held special meetings to study and plan the preparation of the forum. With the joint efforts of relevant parties, the preparations for the forum are progressing smoothly and will be held as scheduled. The forum specially produced the pre-conference publication. The co-chairmen of the forum issued a joint speech. Wu Qing, deputy mayor of Shanghai, published a signed article. Well-known experts and scholars at home and abroad also wrote articles on the forum topics, warming up for the forum.
The forum is expected to attract more than 400 people. Up to now, more than 60 speakers have confirmed to attend. As for government and financial management departments, the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the Shanghai Municipal People's Government, as well as the City of London, the Singapore Monetary Authority, the Hungarian Central Bank, the Abu Dhabi International Financial Center and other government and department leaders have confirmed to participate in the forum and make a speech. In terms of international financial organizations, the President of the BRICS New Development Bank and the Executive Director of the European Financial Market Association of Paris have confirmed to attend and make a speech at the meeting. As for experts and scholars, the winners of the Nobel Prize in Economics in 1997 and 2018 have confirmed their participation in the forum and will deliver speeches. In terms of financial markets, the heads of market institutions such as the London Stock Exchange, the Shanghai Stock Exchange and the Budapest Stock Exchange (have) confirmed to participate in the forum and speak. For financial institutions, the persons in charge of the organizations such as China Investment Corporation, Bank of China, China Everbright Group, PICC, CICC, Pacific Insurance, AXA Group, JP Morgan Chase, Mizuho Financial Group, UBS, Oak Capital, Temasek, Royal Bank of Scotland, Zurich Insurance have confirmed to participate in the forum and make a speech.
The audiences invited to the forum are mainly professionals from domestic and foreign financial institutions, experts and scholars from universities and research institutions, heads of financial intermediary service agencies, and leaders of government departments as well as large enterprises in related fields.
III. The characteristics of the 11th Lujiazui Forum
Based on the experience of previous forums, this year’s forum has made some exploration and innovation in terms of agenda arrangement, guest invitation, and communication methods.
The agenda design is closely aligned with financial trends. The theme of this forum focuses on the three major tasks that Party General Secretary Xi Jinping assigned to Shanghai, advancing the supply-side structural reform, effectively serving the real economy, and the prevention and control of financial risks. By focusing on current hot issues in economic and financial fields, this year’s forum will strive to be distinct in reflecting upon what’s most important.
The forum will gather many important guests. It will be attended by officials from domestic and foreign governments，financial management departments, and financial institutions, as well as well-known experts and scholars. They will deliver speeches during the forum to share their unique insights and wisdom.
The forum will be reported through various channels. During the forum, domestic and foreign media and new media will conduct timely and in-depth reports of the views of important guests who attend the forum through various channels such as television, the Internet, newspapers and magazines in order to comprehensively strengthen the publicity and coverage of this forum. Eastday.com and certain other well-known domestic portals will conduct online live report. The WeChat account of Shanghai government will conduct micro-live broadcast; the official website of Lujiazui Forum will conduct a comprehensive coverage of the forum; and the WeChat account of Shanghai Finance will timely report relevant information of the forum.
The new era has put forward new requirements and new challenges for the construction of Shanghai's international financial center and has also put up new missions and new responsibilities. Shanghai will strive to meet the goal of building an international financial center compatible with China’s economic strength and the international status of renminbi in 2020, take the initiative to cash on the historical opportunity in fulfilling the three new major tasks, and always adhere to marketization, internationalization and rule of law as the trends of development. Shanghai will continuously accelerate the construction of a financial center both in scale and scope, while focusing on the prevention and control of risks and maintaining the bottom line to forestall regional and systemic financial risks.