Beijing Financial Street Forum 2022 Eyes Cooperation Amid Changes
The Financial Street Forum 2022, an annual event run by the Beijing municipal government, will be held in the capital from Nov. 21 to 23, officials said at a press conference on Thursday.
There will be about 400 guests from home and abroad to attend this year’s forum, which is themed “Forging ahead towards a shared future, economic development and financial cooperation amid changes,” according to the press conference.
Besides the Beijing government, this year’s forum is co-hosted by the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the Administration of Exchange status.
The first Financial Street Forum was held in 2012. A decade later, the annual event has been called a benchmark for China’s financial reform.
It serves as a national financial policy publicity and dissemination portal, an interactive platform between finance and the real economy as well as a stage for international financial exchanges and cooperation.
Beijing Financial Street: the “brain” of Chinese finance
Home to the national financial and monetary authorities as well as the headquarters of major financial institutions, Beijing Financial Street (BFS) is dubbed the “brain” of Chinese finance.
It brings together China’s top banking, securities and insurance regulators, serving as a national financial management center that integrates decision-making, supervision and asset management, among others.
Sometimes referred to as China’s Wall Street, the district is entering its 30th anniversary this year as it witnesses China’s path of financial reform and development.
BFS hosts more than 1,900 financial institutions of various types and 175 head offices, 16 of which are on the Fortune Global 500 list. 143 foreign financial institutions are located there.
Among these are the banking heavyweight China Construction Bank, the insurers China Insurance and China Life, as well as the foreign financial institutions MasterCard and UBS Securities.
Assets of financial institutions in the region totaled 129.2 trillion yuan in 2021, a third of the national sum.
Moreover, the region’s commercial bank assets represent about 41% of its domestic peers, and they hold more than 90% of the country’s credit funds and 65% of insurance premium funds.
The national financial management center has also witnessed China’s continuous improvement process of bilateral cooperation mechanisms for financial supervision.