Liu Lianzhang: Cross -border finance is of great significance to promote economic growth and maintain financial stability

On September 21-22, in order to further enhance the international competitiveness of the Guangdong-Hong Kong-Macao Greater Bay Area, in the context of increasingly close cooperation between the Mainland and Hong Kong and Macao financial markets, the "Fenghuang Bay District Finance Forum 2022" was held in Hong Kong and the Mainland. Satellite TV and Phoenix.com have jointly launched and received support from more than ten academic institutions. Focusing on the theme of "Change Bureau and Confidence", multiple forums are set up to explore important issues such as global economic challenges under the big change, the Dagang area mission under China Financial Open, the construction of the Guangdong -Hong Kong -Macao Greater Bay Area, the Hong Kong capital market leadership and driving driving Essence

Bank of China Chairman Liu Lianzhang

Liu Lianzhang, chairman of the Bank of China, said in his speech that cross -border finance, as the main medium and important form of financial opening, is conducive to improving the efficiency of capital allocation, expanding the depth of the financial market, promoting the improvement of full -factor productivity, promoting economic growth and maintaining financial stability It is of great significance.

Liu Lianzhen believes that in recent years, global cross -border financial development has shown some new structural characteristics:

The first is the enhancement effect of cross -border funds to emerging economies. Since the 21st century, emerging economies, especially Asian countries, have risen rapidly. GDP growth rates and investment yields are preferred in developed economies, and a large number of cross -border capital flows to emerging economies. From 2011 to 2020, the proportion of direct investment in Asia accounted for 34%of global direct investment, which has increased 11 percentage points in the past ten years.

The second is that the main body and currency structure of cross -border finance tend to be more diverse. On the one hand, the changes in the global financial structure, the role of cross -border funds in non -bank financial institutions has increased. From 2013 to 2020, cross -border securities investment in major European and American economies in China and Africa's financial institutions reached 78%. On the other hand, a single sovereign currency acts as the inherent contradiction of the global "public product", driving market entities to adjust transaction preferences, and cross -border financial currency structures are more diverse. From 2000 to 2020, the proportion of the US dollar in global foreign exchange reserves fell 12 percentage points, and the share of non -traditional reserve currencies such as RMB, Australia, and Canada continued to rise.

Third, the digital transformation process of cross -border finance accelerates. With the development of new technologies and digital economy, more and more financial institutions have enriched cross -border financial scenarios through digital means to improve operating service efficiency. At the same time, the digital transformation of the international currency system has been accelerated, and improving the efficiency of cross -border payment has become an important direction for central bank digital currency development and applications. A survey by the International Clearance Bank shows that about 90%of the world's and currency authorities worldwide participated in different forms of digital currency research and development in 2021, creating the highest level of history.

Fourth, cross -border financial complicated risk conduction chain exacerbates periodicity. In recent years, the global cross -border financial system has continued to evolve and has become increasingly complicated. There is an unprecedented complex and concealed chain between the developed economies and the emerging economy, and the traditional financial institutions and non -bank financial institutions have formed. The level of external debt of some emerging economies is high, and the problem of structural currency mismatch is prominent. Non -bank financial intermediaries have extensively participated in the operation of funds and improved the correlation and contagious cross -border financial system. As a short -term fund with profit -seeking and cyclical characteristics, the share of securities investment in the flow of cross -border capital has continued to increase, and the impact effect of financial stability has increased significantly.

This forum is supported by the chief strategic cooperation between the Oriental Luxury flagship MPV Red Flag HQ9, and has received academics of National Financial and Development Laboratory, the Chinese University of Hong Kong (Shenzhen), Shanghai Jiaotong University Shanghai Advanced Finance College, Druck Management College, France's Lyon Business College and other academics. The support of the organization, and the special support of Qingshuang Lang, the left bank of the Akui River on the left bank of the Chi Shui River. At the same time, China Fund News, Sing Tao News Group, Hong Kong Dagong Wenhui Media Group, Ming Pao, Hong Kong Business Daily, Asian Weekly, Bauhinia Magazine and other media institutions cooperated.

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