Provincial governments of Shanghai, Jiangsu, Zhejiang and the People s Bank of China (PBC) held the Second Joint Conference on Advancing the Coordinated Financial Development in the Yangtze Delta Region to discuss how to further the coordinated financial development in the region in Hangzhou on April 26.
The provincial governments and the PBC also signed a Memorandum of Cooperation on Jointly Addressing Financial Risks at the conference. Su Ning, Deputy Governor of the PBC and Director of the PBC Shanghai Head Office, Tu Guangshao, Vice Mayor of Shanghai, Zhao Kezhi, Vice Executive Governor of Jiangsu, and Chen Min er, Vice Executive Governor of Zhejiang attended the conference.
The conference summarized the progress achieved since the first joint conference and discussed the priorities in the next stage. Over the past one year, with the close attention and concerted efforts from parties concerned, the previously set targets have been met, with the work in the first phase being basically completed and some of them now entering the stage of stocktaking of pilot programs and materialization.
Participants agreed that, under the new situation of dealing with the global financial crisis and expanding domestic demand to bolster economic growth, accelerating the coordinated financial development in the Yangtze Delta region is of special significance. Drawing on the work in the previous stage, parties concerned should continue to attach great importance to the development initiative, put into practice the spirit of the Opinions of the State Council on Further Advancing the Reform and Opening-up and the Economic and Social Development in the Yangtze Delta Region so as to press ahead with the coordinated financial development in the region.
The conference discussed measures to be taken for the region to collaboratively carry out the Several Opinions on Financial Sector Promoting Economic Growth (also known as Thirty Opinions) released by the General Administration Department of the State Council and to make best efforts so that the region will lead the country in economic recovery. The conference decided that, in line with the requirements of the CPC Central Economic Work Conference and the Thirty Opinions, efforts should be made to integrate the development initiative with the efforts to expand domestic demand and boost economic growth, and take strong and effective measures to step up financial support to the real economy so as to help the regional economy recover first.
Participants believed that the Opinions on Accelerating the Development of Modern Services Industry and Advanced Manufacturing Industry in Shanghai and Developing Shanghai into an International Financial and Shipping Center, which was examined and approved in principle at the executive meeting of the State Council on March 25, 2009, has provided new impetus for promoting the coordinated financial development in the Yangtze Delta region. In light of the strategy of building Shanghai as an international financial center, governments of Shanghai, Jiangsu, Zhejiang and the PBC shall aggressively strengthen collaboration and mutual support between Shanghai and other major cities in and around the region in order to create an environment that promotes complementarity, division of labor, cooperation, and common development.
The conference held that, under the current situation, the Shanghai World Expo is an important measure to maintain economic growth, expand domestic consumption and restructure the economy in the region. Parties concerned should take full advantage of this event and further promote the coordinated financial development in the Yangtze Delta region.
The conference examined the Memorandum of Cooperation on Jointly Addressing Financial Risks. Speaking highly of the significance of the memorandum, participants reached consensus that the Yangtze Delta region will act in partnership to address financial risks and maintain regional financial stability, and agreed to sign the Memorandum.
Under this framework, parties concerned will enhance communication and establish a financial stability information exchange mechanism between the PBC and the governments of Shanghai, Jiangsu and Zhejiang to analyze regional economic and financial situation, industrial development policies and potential risks to financial stability, and monitor the impact of the international financial crisis and other major international and domestic events on the region s financial sector.
Parties concerned will aggressively promote the integration of regional financial stability assessment programs and build a regional financial stability assessment mechanism that involves relevant provincial departments and PBC branch offices to assess the overall financial stability in the Yangtze Delta region.
They will also strengthen cooperation in handling financial risks to jointly safeguard regional financial stability, and actively support the sound development of financial institutions and enterprises in the region through improved coordination. It is agreed at the conference that problems arising from the region s efforts to jointly tackle financial risks will be settled through friendly consultations in the principle of mutual support, cooperation and seeking win-win results.
