Seminar on Sichuan Free Trade Zone Serving the "Belt and Road" Initiative and Renminbi Internationalization

On March 17, the Seminar on Sichuan Free Trade Zone serving the "Belt and Road" Initiative and Renminbi Internationalization was held in Beijing. The seminar was jointly co-hosted by the Finance Bureau of Sichuan Province and IMI, sponsored by Sichuan Financial Holding Group Co., Ltd. Guan Wei, Executive Director of the Credit Management Research Center and professor of the School of Finance at Renmin University of China, chaired the seminar. Experts from Beijing present at the seminar include Wang Yi, Director-General of the Finance Department of the Ministry of Finance, Guo Song, Director-General of the Capital Account Management Division of the State Administration of Foreign Exchange, Pan Hongsheng, Deputy Secretary-General of the PBoC’s Monetary Policy Committee, Han Hongmei, Chairman of the China-Africa Fund for Industrial Cooperation Co., Ltd., Fan Xiwen, Chief Risk Officer of the China-LAC Cooperation Fund, Sun Lujun, Director of CNIC Corporation limited, Shen Jiben, Vice President of the China Development Bank Academy, Zhao Xijun, Associate Dean, School of Finance, Renmin University of China, Zhang Jianyong, Managing Director of Hong Kong Silk Road Finance Company, Qu Fengjie, Director of the Institute of International Economic Research, NDRC, Zhong Hong, Deputy Director of the International Finance Institute, Bank of China, Wang Kun, Deputy General Manager of the International Business Department of ICBC, and Miao Linyan, executive editor of “Overseas Investment and Export Credits” from China Import and Export Bank Strategic Planning Department. Experts from Sichuan include Ouyang Zehua, Vice Chairman of the Sichuan CPPCC and Director of the Finance Bureau of Sichuan Province, Tu Yonghong, Deputy Director of IMI and Assistant Director of the Finance Bureau of Sichuan Province, Fang Xin, Deputy Governor of the People's Bank of China Chengdu Branch, Wang Lin, Deputy Director of the Finance Bureau of Sichuan Province, Lin Gang, General Manager of Sichuan Financial Holding Group, Zhang Yan, Director of Sichuan Financial Holding Group, and Chen Ke, Assistant to General Manager of Sichuan Financial Holding Group. At the beginning of the meeting, Prof. Tu Yonghong introduced the construction and the vision for future development of the Sichuan Free Trade Zone. The Sichuan Free Trade Zone, one of the third batches of free trade zones approved by the State Council, was established in March 2017. The main task of the Sichuan Free Trade Zone was to implement the central government's requirement to increase the openness of gateway cities in the western region and construct strategic support belt for inland openness, to create a land-opening economic highland and realize the cooperative opening of inland and coastal cities. The development of the free trade zone is inseparable from the support of financial services. Chengdu has a relatively developed financial system; the added value of the financial industry has reached a high level of 11.6%. Sichuan is located at the intersection of the “Belt and Road” and the Yangtze River Economic Belt. Prof. Tu proposed a series of development ideas to promote financial innovation, better serve the real economy, and provide necessary financial services for countries along the “Belt and Road” to expand trade and investment, and at the same time promote RMB Internationalization in the field of business, financial institutions and market transactions, etc. She also explained the significance, feasibility, and potential problems of his proposals. Afterwards, the experts discussed the development of the free trade zone, the latest financial needs of the “five links” between China and the “Belt and Road” countries, foreign exchange risk management, financial systems and market innovations, currency transactions, and the increase of the use of RMB in trade and investment in countries along the “Belt and Road”; they provided opinions and suggestions and discussions were very enthusiastic. In the end, Mr. Ouyang Zehua summarized the meeting. He expressed his sincere gratitude to the opinions and suggestions presented and hoped that the honored guests would continue to support and focus on the development of Sichuan's finance.

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