“We are trying to use structural monetary policy tools providing financial support to key areas such as agriculture, small and medium enterprises, as well as green development,” he said. “Right now, we are also working to support investments in capital expenditure and infrastructure. This will show in the fourth quarter data.
To achieve the high-quality economy the country is aiming for, China’s securities regulator has pointed to Hong Kong’s crucial role.
“For a high-quality economy, you need to have a high-quality capital market,” Fang said. “We are building a high-quality capital market at home, but it takes time. And Hong Kong is already a high-quality capital market. So for China’s economic growth, we need Hong Kong.
Fang said the CSRC supports the central government’s initiative to strengthen Hong Kong’s financial markets.
The remarks came as ongoing Covid outbreaks, interest rate hikes and geopolitical uncertainties hamper global economies.
“We are fully focused on economic growth…with market-based reform and opening up to the rest of the world,” Fang said. “President Xi [Jinping] stressed the centrality of economic growth at the party congress. This has been the case in China and will continue to be the focus of China’s concerns for the foreseeable future. »
Xiao from CBIRC, the country’s top banking and insurance watchdog, issued a similar note about opening up the country to foreign banks and investors.
“Chinese financial markets and foreign parties have played a bigger role,” he said. “They were continuously encouraged to cooperate and collaborate with their Chinese counterparts.”
President Xi pledged to support greater integration of Hong Kong and Macao into national development plans last month at the twice-a-decade party conference.
Xi stressed Hong Kong’s critical role as he charts China’s direction in the next five years and beyond, and pledged full support for Hong Kong to develop its economy, improve people’s livelihoods people and resolve “deep-rooted conflicts” in their economic and social situation. development.
“Now, Hong Kong is at a new stage of moving from chaos to governance, then from governance to greater prosperity… The next five years will be crucial for Hong Kong to innovate and launch a new take-off,” said Xi. said to more than 2,000 delegates on October 16.
Earlier on Wednesday, Hong Kong Chief Executive John Lee Ka-chiu opened the summit with a keynote to the more than 200 international and regional leaders attending the summit, who represent approximately 120 global financial institutions, including banks, securities firms, asset managers, private equity and venture capital firms, funds speculators and insurers.
Hong Kong “remains the only place in the world [where] global advantages and China’s advantage are united in one city,” Lee said. “Opportunity and timing, here, right now in Hong Kong. This is the moment you’ve been waiting for; Go ahead. Put yourself in front, not behind.