Beijing forum calls for resilient, inclusive, sustainable global financial system

BEIJING, Oct. 27 -- High-profile guests from home and abroad gathered in Beijing on Monday for the opening of the Annual Conference of Financial Street Forum 2025, with a focus on promoting high-quality global financial development and calling for joint efforts to build a more resilient, inclusive, sustainable global financial system.

The conference, which will close on Oct. 30, is also calling for a strengthened consensus on innovation, for work to increase the momentum of transformation, and for the promotion of a change in action as the global financial system undergoes multiple paradigm shifts, and as international financial governance and development face multiple challenges.

During the opening ceremony on Monday afternoon, heavyweight speakers shared insights on a range of topics, including the optimization of the financial-institution system, strengthened financial infrastructure, the enhancement of financial supervision and the steady expansion of high-level institutional opening-up, with a view to exploring new paths to promote high-quality financial development.

Pan Gongsheng, governor of the People's Bank of China (PBOC), said that the Chinese central bank has adhered to a supportive monetary policy stance, creating a favorable monetary and financial environment for China's economic recovery and the stable operations of its financial market amid complex domestic and international situations.

He said the central bank will implement a moderately loose monetary policy and maintain relatively loose social financing conditions. At the same time, efforts will be made to accelerate the establishment of a comprehensive macroprudential regulation system and strengthen the monitoring and assessment of systemic financial risks.

Li Yunze, head of the National Financial Regulatory Administration (NFRA), said that his department will promote sustained, healthy economic and social development by enabling the financial sector to better serve the real economy, by strengthening the momentum and vitality of the financial sector via reform and opening-up, and by balancing financial development and security more effectively.

Li noted that financial resources will focus on intelligent, green and integrated directions, support the upgrading of traditional industries, and promote the growth of emerging and future industries.

Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), said that the CSRC will expand high-level institutional opening-up steadily, enhance the protection of investor rights, and seek to improve the inclusivity, adaptability, attractiveness and competitiveness of China's capital market.

Lyu Yansong, editor-in-chief of Xinhua News Agency, said that against the backdrop of global financial market fluctuations, the global financial industry should unite to bring the development of global financial governance onto a path that is more just and reasonable. Xinhua stands ready to make its own contributions to fostering a new phase of global financial development, he added.

Zhu Hexin, head of the State Administration of Foreign Exchange (SAFE), said that the administration will balance development and security, safeguard the bottom line of preventing systemic risks, promote the high-level institutional opening-up of the foreign exchange sector, and enhance the capacity for foreign exchange supervision, risk prevention and risk control.

In a video speech delivered at the opening ceremony, Kristalina Georgieva, managing director of the International Monetary Fund, warned about attendant risks amid surging equity markets and compressed yield spreads around the world. She said that much of the enthusiasm in the financial market reflects a strong global optimism about AI, and called for prudence, vigilance and realism amid excitement over technology.

Pablo Hernandez de Cos, general manager of the Bank for International Settlements, said in a video speech that in addition to strengthening financial regulation, ensuring a sustainable fiscal trajectory is critical to addressing the challenges posed by the period following the global financial crisis and the structural changes in the global financial system.

Pierre Gramegna, managing director of the European Stability Mechanism, said in a video speech that Europe, like China, believes in the benefits of an open and multilateral world. He said that strengthening the global financial safety net and safeguarding financial stability are particularly vital in the current global setting of geo-economic fragmentation and uncertainty, urging cooperation to protect financial stability.

Themed "Global Financial Development in an Era of Innovation, Transformation and Restructuring," this year's conference is hosted by the People's Government of Beijing Municipality, the PBOC, the NFRA, the CSRC, Xinhua, and the SAFE.