CDB News

CDB's 18th International Advisory Meeting Convened

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Time:2017-07-21  Source:CDB

From 20th to 21st this month, CDB convened its 18th International Advisory Meeting in Beijing, at which 10 senior advisors from international political, financial and academic backgrounds carried out in-depth discussions on issues of the current economic and financial situation in the world and in China and the role of development finance in facilitating the supply-side structural reform. As agreed by the participating advisors, in the context of the tepid global economic recovery, the supply-side structural reform is not only an essential requirement for China to adapt to the new norms of economic development, but also an important measure to cope with the changing global productivity. CDB should continue to play its unique role in development finance to help China in deepening the supply-side structural reform and promoting stable and healthy economic development.

Hu Huaibang, Chairman of CDB, and Zheng Zhijie, President of CDB, attended the meeting and delivered keynote speeches. Pan Gongsheng, Deputy Governor of PBC, attended and addressed the luncheon. Fan Hengshan, Deputy Secretary General of the National Development and Reform Commission, attended and addressed the meeting. The meeting was also attended by Executive Vice Presidents of CDB Wang Yongsheng, Zhou Qingyu, Zhang Xuguang, and Cai Dong, along with representatives of the State Administration of Foreign Exchange , the Ministry of Finance, the China Banking Regulatory Commission, and the Central Huijin Investment.

Hu Huaibang briefed on CDB’s efforts over the past year in supporting construction projects in major areas and facilitating the development of real economy, and the achievements it has made in deepening reform and implementing its “Three-Step” strategy. As he noted, as the global economic recovery is speeding up and China’s economy is developing in a stable and promising manner, CDB will strive to make new contributions to China’s social and economic development and the construction of a moderately prosperous society through its efforts in deepening reforms, facilitating the development of real economy, promoting international cooperation, supporting the implementation of the “One Belt, One Road” initiative, enhancing operation management, and improving risk control and prevention.

According to Zheng Zhijie, China has achieved remarkable results in deepening the supply-side structural reform, for which financial institutions are required to play an essential support role as part of the effort to serve the real economy. Throughout the process, development finance is enjoying a promising future. In order to provide further support for China’s deepening of the supply-side structural reform, CDB will continue to proactively implement the five major tasks of cutting excess capacity, destocking, deleveraging, reducing costs and filling gaps, work for the development of real economy, support and facilitate emerging driving forces for economic development, promote the “One Belt, One Road” initiative, and strengthen sustainable capabilities for better development.

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 10 international advisors who attended the meeting were Paul Keating, former Prime Minister of Australia; Jacob A. Frenkel, former Governor of the Bank of Israel and Chairman of JPMorgan Chase International; Hans W. Reich, former Chairman of the Board of Managing Directors of KFW and Chairman of Citigroup Public Sector Group; Uli Sigg, former Swiss Ambassador to China, Andrew L. T. Sheng, former Chairman of the Securities and Future Commission of Hong Kong; Liu Zunyi, former President of the Chinese University of Hong Kong and former President of China Investment Corporation (Hong Kong); Ng Kee Choe, former Vice Chairman of Development Bank of Singapore and Chairman of CapitaLand Residential Singapore; David Wright, Senior Consultant of Barclays, Nobuyuki Hirano, President and Group CEO of Mitsubishi UFJ Financial Group Inc. and Chairman of Bank of Tokyo-Mitsubishi UFJ Ltd., and Jacques Kemp, former CEO of ING Asia/Pacific Ltd. and Chairman of Nextportchina.

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