I am pleased to attend the 2022 Financial Street Forum and Asian Financial Summit Forum. On behalf of the China Banking and Insurance Regulatory Commission (CBIRC), I would like to express my warm congratulations on the convening of the forum! I would also like to extend my heartfelt thanks to friends who have long cared about and supported the development of China's banking and insurance industries.

At the 17th summit meeting of G20 leaders, President Xi Jinping proposed that all countries should embrace the vision of a community of shared future for mankind, and replace division with unity, confrontation with cooperation and exclusion with inclusiveness. All countries should join hands together to answer the question of our times and create a better future together. Today, it is of great significance for us to gather together and discuss regional economic, trade and financial cooperation in Asia.

Since ancient times, various splendid civilizations in Asia have complemented each other and developed together, creating brilliant rules and institutions as well as physical wealth for mankind. In the past few decades, the Asian region sustained rapid economic growth and deepened regional cooperation, making it one of the most dynamic regions with greatest potential in the world. In face of the sudden outbreak of COVID-19, Asian countries went hand in hand to fight against the pandemic, took the lead in recovery, and injected a warm current into global economic growth. In January 2022, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect, marking the official establishment of the world's most populous and largest free trade area. Regional member countries could actively leverage the dividends such as tariff concessions, rules of origin and trade facilitation to jointly create a new paradigm of regional economic and trade integration. As a result, they can also build a more open and broad regional market, a closer and more stable industrial and supply chain partnership as well as a more transparent and convenient investment environment, thus together making important contributions to the steady development of the regional and global economy.

Ladies and gentlemen,

The development of Asia fully proves that the historic trend of peace, development and cooperation for win-win outcomes is irresistible. Currently, momentous changes are accelerating, globalization is facing headwinds, and issues such as inflation, pandemic, geographical conflicts, food and energy security and climate change are posing new challenges to the stability and growth of the world economy. At the same time, we should also see that the desire and motivation for countries to promote open cooperation around the world are increasing. The more complicated and severe the international environment is, the more imperative it is to build consensus, overcome differences, strengthen pragmatic cooperation and work together to deal with it. Asia's aggregate economy accounts for 47.4% of the world's total, and is a vital driving force for world economic growth. All Asian countries should adhere to the correct direction of economic globalization, pull the strength of cooperation, jointly overcome obstacles in development, build the momentum of innovation, seek common interests and share win-win benefits, and continue to move forward along the track of long-term, healthy and stable development.

First, we should work together to promote a steady economic recovery. It is necessary to strengthen macro policy coordination and improve on-going communication. Asian countries can deepen the connection of respective development strategies and leverage the coordination of market resources, and thus to inject impetus into regional economic growth. Beneficiary experiences in various aspects of inclusive finance, such as the agriculture-related areas, poverty alleviation, small and micro business, poverty alleviation and etc., can be further disseminated among countries in an innovative manner. Green finance can be more vigorously developed. A financial support system for scientific and technological innovation can be further enhanced. An open, fair and non-discriminatory digital financial service environment can be nurtured to bridge the digital divide and promote more and fairer economic development results to the benefit of people of all countries.

Second, we should work together to promote the deep integration of the industrial chain. The economies and industrial structures of Asian countries are highly complementary and have developed into a community of mutual integration and mutual facilitation in the past long-term development trajectory. It is necessary to conform to the trend of regional economic integration, optimize cross-border financial services for capital flow, information flow and commodity flow, and proactively strengthen cooperation on digital finance and supply chain finance, in a bid to promote the consolidation and upgrading of industrial chain and maintain supply chain secure and stable.

Third, we should jointly safeguard regional financial stability. It is of great significance to deepen cross-border regulatory cooperation and improve the cross-border risk monitoring, early warning and response mechanisms. Regional liquidity cooperation and crisis assistance arrangements can be enhanced, to maintain the stability of sovereign currencies. Meanwhile, we can further strengthen financial supervision to ensure financial resilience and security of the region, deepen cross-border enforcement cooperation in anti-money laundering, counter-terrorist financing, anti-tax evasion and consumer rights protection, and jointly crack down on illegal activities. Also, efforts can be made to reinforce international cooperation in key financial infrastructure protection and data security, and to resolve cyber security risks in a coordinated manner, in a bid to building a community with a shared future for cyberspace.

Fourth, we should promote the reform of international governance in a coordinated way. Adhering to the philosophy of extensive consultation, joint contribution and shared benefits, Asian countries can further participate in international exchanges and dialogues, build consensus extensively, and actively participate in the reform of the international financial governance system, to enhance the representation and voice of emerging markets and developing economies. Our common goal is to make global economic and financial governance fairer and more equitable. To realize that, we firmly believe in multilateralism and strongly oppose protectionism. We are against any action of building walls and barriers, decoupling, unilateral sanctions or exerting extreme pressure on other nations.

In the new development stage, China will continue to adhere to the fundamental policy of opening-up, pursue mutually beneficial cooperation that will bring win-win results, and constantly provide new opportunities for the world in its new development process. Since 2018, China has successively launched more than 50 financial opening-up policies, and more than 120 foreign banking and insurance institutions have become new players in the Chinese market. Compared with 10 years ago, the capital of foreign banks and insurance companies in China has increased by 50% and 130% respectively. International investors are full of confidence in the long-term stable and healthy development of China's economy.

For the next step, we will thoroughly study and implement the spirit of the 20th CPC National Congress and unswervingly expand the opening-up of the financial sector.

Firstly, our attitude will be more active and open. Guided by the new development philosophy, China's financial opening-up in the new era will proactively serve the high-quality development of the economy. We will promote reform and innovation through opening-up, to bring power and vitality to the economy and expand space for further development. The financial sector will continue to deepen the supply-side structural reform, further improve the level of opening-up through reform, and enhance resource allocation efficiency and market competitiveness, so as to build an all-round and multi-layered system of financial institutions, markets and products.

Secondly, we will strive to build a more diversified opening-up landscape. China has a huge market. Based on that advantage, we will optimize financial mechanism for dual circulation, attract high-quality financial resources globally, and provide high-quality financial services for the new development pattern. On the basis of facilitating the circulation of commodities and factors, efforts will be made to steadily expand the institutional opening of rules, regulations, management and standards, and speed up the development of the financial rules system and regulatory model that are connected with the international market. Adhering to both "bringing in" and "going out", we will continue to deepen the interconnectedness of Chinese and foreign financial markets as well as the interaction and exchange of talents.

Thirdly, we will further enhance the quality of opening-up. Domestic capital and foreign capital are treated equally, and a high-quality business environment that is market-oriented, rule-based and internationalized is being formed, providing a level playing field for all sorts of market entities. We will work to improve the system of pre-entry national treatment plus negative list management, and advance the Regional Comprehensive Economic Partnership (RCEP). Chinese and foreign financial institutions are encouraged to give full play to their respective advantages in capital, technology and experience, and conduct mutually beneficial cooperation extensively in the aspects of products, businesses, management, personnel training, etc.

Fourthly, we will strengthen the security of the opening-up system. It is important to strengthen macro-prudential management, improve micro-prudential supervision, and optimize regulatory approaches and methods, to constantly improve economic and financial management capability and risk prevention and control capability in the open market. At the same time, we will strengthen the financial stability protection system, refine prudential regulation, and reinforce the financial safety net, in order to timely and effectively prevent and resolve all kinds of financial risks. Communication and exchanges with international organizations will be further strengthened, and multilateral and bilateral financial supervisory cooperation will be promoted, to facilitate the formation of a fairer and more transparent international financial governance pattern.