The Shanghai International Financial Advisory Council (SIFAC) Meeting 2024 was convened in Shanghai on June 18, a day ahead of the Lujiazui Forum.

Established in June 2019, the council serves as a high-level dialogue platform, connecting leaders from Shanghai government bodies with their peers from major financial institutions worldwide. It gathers perspectives and experiences to accelerate efforts in building Shanghai into an international financial center.

This year, international financiers, including Dilma Rousseff, president of the New Development Bank and former president of Brazil, Chris Hayward, policy chairman of the City of London Corporation, and many others, shared their views on financial institutional opening-up and green financing.

Mayor of Shanghai Gong Zheng welcomed their insights in his concluding remarks.

Mayor of Shanghai Gong Zheng speaks at the Shanghai International Financial Advisory Council Meeting 2024 in Shanghai on June 18, 2024. [Photo by Zhang Chunhai]

"Shanghai will accelerate the implementation of high-level financial opening-up and improve the market system, product system, institutional system, and infrastructure system for the financial sector," said Gong, who is also the deputy Party secretary of Shanghai.

The city will vigorously develop technology financing, green financing, inclusive financing, retirement financial services, and digital finance, according to Gong.

While maintaining an open financial sector, Shanghai will also firmly safeguard financial security and controllability, he assured.

The real economy, technological innovation, and the Belt and Road Initiative are major focuses for financial services, Gong said.

"Shanghai will strive to make finance better serve the real economy, promoting more financial resources to support the construction of a modern industrial system," Gong stated.

The city will also endeavor to ensure finance better serves technological innovation, fully promoting the virtuous cycle of "technology-industry-finance," Gong added.

Additionally, Shanghai will work to ensure finance better serves the Belt and Road Initiative and endeavour to become an investment and financing service center for the initiative.

The Shanghai International Financial Advisory Council Meeting 2024 is convened in Shanghai on June 18, 2024. [Photo by Zhang Chunhai]

This year's discussion primarily focused on two major topics: enhancing Shanghai's international influence as a financial center and advancing green financing.

The first topic explored how Shanghai, as an international financial center, can further enhance its international competitiveness and influence, identifying key areas for financial institutional opening-up, and exploring opportunities and spaces for financial market cooperation.

The second topic addressed how the city can better play its role as an international hub for green financing, promote institutional innovation in green financing, and strengthen international cooperation in the field of green finance.

International financiers speaking at the SIFAC meeting included:

-Dilma Rousseff, president of the New Development Bank and former president of Brazil;

-Chris Hayward, policy chairman of the City of London Corporation;

-Seiji Imai, chairman of Mizuho Financial Group;

-Seth Bernstein, president and CEO of AllianceBernstein;

-Koji Nagai, chairman of Nomura Holdings;

-Howard Marks, co-chairman and co-founder of Oaktree Capital Management;

-Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing;

-Kevin Sneader, president of Goldman Sachs Asia Pacific Ex-Japan;

-Richard Cantor, vice-chairman of Moody's Investors Service;

-Christopher Pissarides, winner of the Nobel Memorial Prize in Economic Sciences and professor at the London School of Economics.

Source: "shanghaifabu" WeChat account