Themed "Bolstering Confidence, High-quality Financial Development Promoting a Chinese Path to Modernization," the 2023 Tsinghua PBCSF Global Finance Forum began on May 20 in Beijing. Attendees agreed that China is accelerating its efforts to allow the capital market to empower the development of the real economy, establishing a standardized, transparent, open, vibrant, and resilient multi-level capital market with unique Chinese characteristics.
This two-day event, held both online and offline, focused on significant issues concerning China and the world, capital markets, and supervision, as well as academic and practical matters. It invited guests from global political, business, and academic circles to exchange ideas through keynote speeches, high-end dialogues, roundtable discussions, and report releases.
György Matolcsy gives his video speech at the opening remarks of the 2023 Tsinghua PBCSF Global Finance Forum, Beijing, capital of China, May 20, 2023. [Photo courtesy of PBCSF]
György Matolcsy, governor of Magyar Nemzeti Bank, pointed out that China, as a rising star of Asia, is at the center of a sustainable industry, and that a new era of reformation and renaissance is taking place in the country.
Sheng Xitai, founding partner and chairman of Hongtai Aplus, noted that China's capital market had experienced more than 30 years of development. Compared to the decades required by developed countries to fully establish a capital market, China has shortened this period. "With the rise of our economy, the capital market in China has become more advanced," he added.
Sheng Xitai explained that China has over 5,000 A-share listed companies. The pace of companies going public has significantly increased over time. It took 10 years to register the first 2,000 listed companies, six years for the next 1,000, and four years for the following 1,000. It only took slightly over two years for the last 1,000 companies to go public, with up to 800 more lining up for IPOs.
As a representative of enterprises engaged in the real economy, Zhuang Dan, executive director and president of Yangtze Optical Fiber and Cable Joint Stock Ltd. Co. (YOFC), stated that YOFC's rapid growth could be attributed to its focus on R&D, investment in core technologies, expansion into international markets, and diversification. He emphasized that both business development and the digital transformation of enterprises are deeply intertwined with the capital market.
"With the support of the capital market, companies can improve their corporate governance structure during development, gain more R&D investment in technological innovation, and secure continuous capital sources for operation. With the support and holistic promotion of the capital market, we can find more upstream and downstream collaborators through the industrial chain," Zhuang elaborated.
Xu Ming shares his opinions on China's capital market at the 2023 Tsinghua PBCSF Global Finance Forum, Beijing, capital of China, May 20, 2023. [Photo courtesy of PBCSF]
Xu Ming, a professor at the International School of Law and Finance, East China University of Political Science and Law, underscored that China's capital market is intensifying its efforts to empower the development of the real economy and gradually mature.
Participants echoed Chinese Premier Li Qiang's remarks during his inspection tour of Shandong province last week. The premier stated that the real economy is the lifeblood of China's economy and called for efforts to transform and upgrade traditional industries, and foster and expand strategic emerging industries while moving them to the medium-high end.
Under a broad array of themes - from Chinese-style modernization and rural revitalization through inclusive finance, to digital age financial challenges and zero-carbon financial governance - the two-day forum held discussions on key economic and financial issues. It offered advice and suggestions for achieving high-quality development and promoting a Chinese path to modernization.
This year's forum was hosted by Tsinghua University and organized by the Tsinghua University PBC School of Finance (PBCSF) and the Institute for National Governance and Global Governance of Tsinghua University. It was co-organized by the Tsinghua University National Institute of Financial Research (NIFR) and the Tsinghua University Institute for Fintech Research (THUIFR).
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