BEIJING, Oct. 18,
2024 /PRNewswire/ -- A report from China Daily
Officials have expressed confidence in China's financial market
and called for more efforts to ensure its constant stable
development.
Recently, the People's Bank of China has pushed for the
implementation of a reduction in the reserve requirement
ratio, a reduction in interest rates, four real estate
financial policies and two policy tools to support the
stable development of the capital market. These measures have
bolstered market confidence, Pan Gongsheng, governor of
PBOC,said at the opening ceremony of the Annual Conference of
Financial Street Forum 2024 held in Beijing on Friday.
"To promote high-quality economic development and sustainable
growth, it is necessary to grasp the dynamic balance between the
economic growth rate and growth quality, internal and external
factors, consumption and investment. Macro policies should focus
more on expanding consumption, better managing the relationship
between the government and the market, and creating a favorable
legal and business environment," Pan said.
With the theme "Trust and Confidence", the opening ceremony of
the annual conference gathered more than 350 attendees to share
their insights.
As an important destination for international financial
investment, Beijing witnessed a
growth of more than 5 percent in its GDP over the first three
quarters of 2024. During this period, the city established 40 new
domestic and foreign financial institutions and attracted nearly
600 billion yuan ($84.4 billion) in direct financing. Also it saw
the establishment of 1,255 new foreign-funded enterprises, an
increase of 16 percent.
"Looking to the future, Beijing will accelerate the construction of a
vibrant modern financial system and comprehensively enhance the
level of serving the country's financial management functions,"
said Yin Li, secretary of the CPC
Beijing Municipal Committee.
As an important platform for national open development, the
conference is being held from Friday to Sunday, attracting more
than 500 heavyweight participants from more than 30 countries
and regions to hold discussions revolving around international
cooperation in more than 40 activities.
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SOURCE China Daily