On
the afternoon of today (June 4), the Information Office of Shanghai Municipality
held a press briefing. Zhou Xiaoquan, executive deputy director of the
Financial Commission Office of the CPC Shanghai Municipal Committee, presented
the details of the Lujiazui Forum 2024. Sun Hui, deputy director of the
Shanghai Headquarters of the People’s Bank of China, Wang Xinze, deputy
director of the Shanghai Regulatory Bureau of the National Financial Regulatory
Administration, and Wang Li, deputy director of the General Office of the China
Securities Regulatory Commission, attended the press briefing and answered
questions from reporters.

The
Lujiazui Forum 2024 will be held from June 19 to 20, 2024. Since its inception
in 2008, the Lujiazui Forum, co-organized by the Shanghai Municipal People’s
Government and national financial regulators, has successfully convened 14
sessions. Each forum attracts senior leaders from governments and financial
regulatory bodies, heads of major global financial markets and top financial
institutions, as well as renowned experts and scholars. Attendees gather to
discuss, share views, build consensus, and seek effective strategies on both
domestic and international economic and financial issues. This collaborative
effort aims to contribute to the development of the Shanghai International
Financial Center, China’s financial reform and opening up, and global financial
governance. The Lujiazui Forum has established itself as China’s authoritative financial
forum and a prestigious international platform for high-level financial
dialogue. It has become a significant venue for national financial regulators
to release important signals and convey key messages.

1. About the theme and topics of the forum

The
Central Financial Work Conference has set the goal of accelerating the
construction of a financial powerhouse, emphasizing the promotion of
high-quality development in China’s financial sector. This initiative aims to
provide strong support for comprehensively advancing the construction of a
powerful nation and the great cause of national rejuvenation through
Chinese-style modernization. High-quality financial development seeks to
establish a sustainable, inclusive, and innovative financial system that
ensures a stable financing environment and effective resource allocation for
the economy. Currently, the global economy faces many uncertainties, with a
complex and severe external environment. However, it also presents changes and opportunities,
particularly in the areas of digitalization and low-carbon development, which
have become key directions for future global economic growth. In this context,
the theme of this year’s forum is centered on advancing the world’s economic
growth through high-quality financial development. The forum will explore how
to drive high-quality financial development through reform and innovation in
the financial sector, thus addressing the current challenges faced by the global
economy and fostering sustained economic growth worldwide.

The
forum will feature eight plenary sessions covering a range of current hot
topics in the economic and financial sectors. These topics include strengthening
international monetary policy coordination to meet the challenges for global economic
recovery, scientific and technological innovation and high-quality development
of the capital market, green financial system innovation and market incentives,
benchmarking high-standard economic and trade rules to promote high-level institutional
opening-up of finance, silver economy and pension finance, digital financial innovation
and governance, and building a high-quality inclusive financial system.

Additionally,
this year’s forum will host an international seminar on financial rule of law,
themed The Rule of Law for High-Quality Financial Development: Chinese Practice
and International Experience.  There will
also be a Scientific and Technological Innovation Finance Studio, which will
focus on two key topics, namely enhancing multi-level capital flows and building
highly-impactful scientific and technological innovation industries and optimizing
the financing structure of the entire ecosystem and accelerating the development
of the artificial intelligence industry.

2. About the preparation
for the forum

The
forum is jointly hosted by the Shanghai Municipal People’s Government, the
People’s Bank of China, the National Financial Regulatory Administration, and
the China Securities Regulatory Commission. The chairman of the China
Securities Regulatory Commission and the Mayor of Shanghai will serve as
co-chairs. As the host city and one of the organizers, Shanghai places great
importance on preparing for the forum. Thanks to the concerted efforts of all
involved parties, the preparations are progressing smoothly and in an orderly
manner.

The
forum has invited over 70 distinguished speakers from China and abroad. Among
the government and regulatory authorities, attendees include leaders from the
People’s Bank of China, the National Financial Regulatory Administration, the
China Securities Regulatory Commission, the State Administration of Foreign
Exchange, the Shanghai Municipal People’s Government, the Monetary Authority of
Singapore, the Central Bank of Hungary, the City of London, and the Hong Kong
Treasury. From international financial organizations, the head of the
International Monetary Fund will be present. From the financial markets,
participants include the heads of institutions such as the Shanghai Stock
Exchange, Hong Kong Exchanges and Clearing, Deutsche Börse Group, China Foreign
Exchange Trade System, Shanghai Clearing House, and Shanghai Futures Exchange. Representatives
from major central financial institutions will attend, including China
Investment Corporation, the Export-Import Bank of China, the Agricultural
Development Bank of China, the Industrial and Commercial Bank of China, the
Agricultural Bank of China, Bank of China, China Construction Bank, Bank of
Communications, PICC, China Life, and China Export & Credit Insurance
Corporation. Additionally, Shanghai-based financial institutions like Shanghai Pudong
Development Bank, Guotai Junan Securities, and China Pacific Insurance Group
will participate. Representatives with foreign financial institutions,
including JPMorgan Chase, Goldman Sachs, Citigroup, HSBC, Standard Chartered,
Allianz, Mizuho Financial Group, AllianceBernstein, Schroders, Amundi, Neuberger
Berman, Oak Capital, and Moody’s, will also attend and speak at the forum.
Moreover, experts and scholars, including the 2010 Nobel laureate in Economics
and heads of think tanks such as Frankfurt Main Finance and the British think
tank Z/Yen, will contribute to the discussions.

3. About
the characteristics of the forum

This
year, several enhancements have been made to the forum based on previous
sessions. First, the forum boasts an impressive lineup of distinguished guests.
Many heads of domestic and foreign governments and financial regulators,
international financial organizations, financial institutions, and renowned
experts and scholars have been invited to deliver insightful speeches and share
their unique perspectives.

Second,
the agenda includes a variety of significant activities. The forum primarily
features plenary sessions and the scientific and technological innovation
finance studio, facilitating in-depth discussions on the highlighted topics.
Additionally, a series of signing and unveiling ceremonies for new institutions
will be held.

Third,
the forum employs diverse communication methods. Domestic and international
media, as well as new media platforms, will provide comprehensive coverage
through television, the Internet, newspapers, and magazines. This extensive
publicity will highlight the Lujiazui Forum’s role as a leading indicator of
China’s financial reform and development, showcasing the country’s commitment
to deepening high-level financial opening-up.