To stimulate the real economy, Beijing will continue to strengthen the development of the financial sector. At the same time, Beijing is committed to advancing reform and innovation in the financial sector to support a higher level of financial opening-up, said Yin Li, secretary of the Communist Party of China (CPC) Beijing Municipal Committee, during the conference.
What is Beijing Municipal Committee?Â
It defines itself as the Chinese Communist Party having a structure that is similar to this one (CCP). Beijing’s local CCP wields real power, as does the rest of China, yet formal government organizations in Beijing carry out a variety of duties. In issuing administrative orders, collecting taxes, establishing the budget, and carrying out economic plans, the Beijing Municipal People’s Congress adheres to the local CCP’s directives.
There are separate mayors for the districts and townships, which are divisions of the municipality. Police substations that are below the level of an urban district keep an eye on the populace, and subdistrict or neighborhood offices deal with local civil matters. Residents committees facilitate negotiations, run literacy drives, and advocate for family planning, welfare, and sanitation.
A permanent committee of the Municipal People’s Congress coordinates the administration of municipal government and makes recommendations for policy under the leadership of the neighborhood CCP.
According to the leader named Yi Gang, governor of the People’s Bank of China, PBOC, China’s central bank, the country’s stable monetary policy has significantly bolstered the real economy. He also noted that the PBOC has used structural monetary policy tools to increase support for private businesses, small and medium-sized businesses, and agriculture by making financing more available, accessible, and affordable for these sectors.
According to Guo Shuqing, chairman head of the China Banking and Insurance Regulatory Commission, CBIRC, the national pension reserve fund in China has grown rapidly, reaching a value of more than 5 trillion yuan thanks to controlled governance by the relevant Chinese authorities.
The president of Xinhua News Agency, Fu Hua, stated that Xinhua is steadfastly committed to enhancing news coverage and pertinent information services in China’s financial sector to strongly support the industry’s healthy development.
To improve the market’s ability to allocate resources, Yi Human, chairman of the China Securities Regulatory Commission, CSRC, said during the conference that efforts should be made to understand the logic of valuation for various types of listed companies. He also suggested exploring potential avenues for developing a valuation system with Chinese characteristics.
Pan Gongsheng, deputy governor of PBOC and head of the State Administration of Foreign Exchange, claims that the renminbi’s ability to reduce asset risk is becoming more and more apparent globally as a result of the resilience of China’s foreign exchange market.
The forum was jointly organized
The forum this year is jointly organized by the People’s Government of Beijing Municipality, the People’s Bank of China, Xinhua News Agency, the China Banking, and Insurance Regulatory Commission, the China Securities Regulatory Commission also the State Administration of Foreign Exchange.
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