Guangzhou Daily: Forums elaborate Asian financial development

The Asian Financial Summit Forum and the 2020 Asian Financial Think Tank Annual Forum were held in Guangzhou Development District on Dec 2 and 3 with the theme "New Trends of Global Financial Cooperation amid the Impact of the Pandemic."

Nearly 300 government officials, representatives of financial supervisory institutions, as well as experts and scholars of banks, investment banks, and associations from around 20 countries and regions attended the events.

The Asian Financial Summit Forum and the 2020 Asian Financial Think Tank Annual Forum are held in Guangzhou Development District on Dec 2 to 3.

Ba Shusong, chief economist of the Asian Financial Cooperation Association, released the Financial Development Report of the Guangdong-Hong Kong-Macao Greater Bay Area (2020), which consists of six chapters. It proposes many suggestions from the aspects of financial institutions, financial markets, and financial supervision based on the financial development of the "9+2" city cluster, as well as their comparison with other major bay areas in the world.

According to the report, the financial sector in the Greater Bay Area has made remarkable progress in digitalization, diversification, and mutual recognition. It has taken on new characteristics to help the real economy overcome the negative impacts caused by the COVID-19 pandemic. For instance, the credit volume offered by banks for enterprises has increased, as was the scale of initial public offerings of enterprises in the information technology and biomedicine sectors.

Ba said that he believes that the Greater Bay Area, which boasts a high level of opening-up, a large number of private enterprises, and a vibrant market, has played a great role in the formation of the "Dual Circulation" development pattern, in which Chinese and foreign markets complement and reinforce each other, with the domestic market as the mainstay.

The Asian Financial Observation (2020) report was also released at the forum. Complied by Asian Financial Think Tank, the report details Asian economic and financial development from early-2019 to mid-2020, as well as provides unique assessments of its development trends and major problems.

In addition, the forums featured keynote speeches on pressing financial issues, such as global development under the impacts of the COVID-19 pandemic, as well as new opportunities of financial cooperation under the Belt and Road Initiative. Sub-forums were held to discuss issues like inclusive finance and green finance.

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