Today the China Development Bank (CDB) convened its 17th International Advisory Meeting in Beijing, at which 9 senior advisors from international political, financial and academic backgrounds carried out in-depth discussion on issues of the current economic and financial situation at home and abroad and the role of development finance in facilitating the supply-side structural reform. As agreed by the participating advisors, despite the slow recovery of the world economy, China has maintained an overall stable economic growth with broad prospects for development, and development finance institutions have a large part to play in promoting the supply-side structural reform.
Zheng Zhijie, President of CDB, attended the Conference and made a keynote speech on the achievements made by CDB during the 12th Five-Year Plan Period, the current economic and financial situation and what steps CDB is planning to take next. Chen Yulu, Deputy Governor of the People’s Bank of China, attended and addressed the luncheon. Fan Hengshan, Deputy Secretary General of the National Development and Reform Commission, attended and addressed the Conference. Wang Yongsheng, Executive Vice President of CDB, presided over the Conference and delivered a keynote speech on the roles of development finance in facilitating the supply-side structural reform. The Conference was also attended by Zhang Xuguang, Executive Vice President of CDB, and delegates from China Banking Regulatory Commission (CBRC) and Central Huijin Investment Ltd.
According to Zheng Zhijie, over the past 5 years, CDB has focused on its orientation towards development finance, while proactively serving China’s national strategies with great efforts made to support the development of priority areas and continuously consolidate the strengths of bond business. Adhering to the principles of well-balanced development and prudent operation, CDB has made remarkable achievements in its reform and development, laying a solid foundation for its implementation of the 13th Five-Year Plan. The 13th Five-Year Plan period provides an important opportunity for CDB to play a leading role in adapting to and taking advantage of the “new normal” economic trend, to give full play to development finance, and to better serve China’s national strategies. CDB will contribute to the achievement of the national objectives of the 13th Five-Year Plan by means of further implementing a set of five major development principles of innovation, coordination, green development, opening up, and sharing, standing by the efforts of technological innovation and industrial upgrading, promoting regional coordination and urban-rural integration, serving the “One Belt, One Road” strategy, supporting operations of urban renewal and poverty relief, and pushing forward the supply-side structural reform centered on the five major tasks of cutting excess capacity, destocking, deleveraging, reducing costs and filling gaps.
Founded in 1999, the International Advisory Council of CDB aims at providing advice for promoting CDB’s reform and development with the help of the advisors’ international perspectives, and building a platform for international exchanges to facilitate CDB’s efforts to serve China’s national strategies. The 9 international advisors who attended the Conference were Paul Keating, former Prime Minister of Australia; Jacob A. Frenkel, former Governor of the Bank of Israel and Chairman of JPMorgan Chase International; Jean Lemierre, former President of the European Bank for Reconstruction and Development and Chairman of BNP Paribas; Hans W. Reich, former Chairman of the Board of Managing Directors of KFW and Chairman of Citigroup Public Sector Group; Jacques Kemp, CEO of ING Asia/Pacific Ltd.; Andrew L.T.Sheng, former Chairman of the Securities and Future Commission of Hong Kong; Ng Kee Choe, former Chairman of Development Bank of Singapore and Chairman of CapitaLand Residential Singapore; Toyoo Gyohten, Vice-Minister of the Japanese Ministry of Finance and President of the Institute for International Monetary Affairs; and Uli Sigg, former Swiss Ambassador to China.
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