China's financial industry ponders reform and innovation amid reorganisation of global trade and supply chains
The Asian Banker Finance China 2020 Conference on 28 August addressed the evolution of global trade and supply chains, as well as how China’s financial services industry need to transform itself, manage innovation and accelerate structural reform in a post-COVID world
September 08, 2020
| Chris Georgiou
- Reorganisation of global trade and supply chains to increase efficiency and reduce reliance on physical presence
- Change in financing structure goes hand-in-hand with transformation of Chinese financial institutions
- Growing use of fintech may amplify market volatility and risk through herd behaviour. Innovation needs to be slowed down if regulation cannot keep up
A new decade of reform, challenges and opportunities was the theme of The Asian Banker’s Finance China 2020 conference and provided an occasion to discuss how financial institutions can turn the crisis into an opportunity, as well as accelerate industry development through further opening up measures as well as the wider and deeper application of disruptive and innovative technologies.
This year’s conference included both physical and virtual participation from international guests. Keynote speakers included Li Wenhong, Director, China Banking and Insurance Regulatory Commission Shenzhen Office; Robert Koopman, Chief Economist and Director, World Trade Organization; Edmond Lau, Senior Executive Director, Hong Kong Monetary Authority; He Jie Director, Shenzhen Municipal Local Financial Regulatory Bureau and Tu Guangshao, Former Vice Mayor of Shanghai.
In the keynote speeches and subsequent panel discussion they shared insights on the comprehensive reform of the financial sector for an open global economy and financial measures and toolkits to further revitalise China's development.
Reorganisation of global trade and supply to increase efficiency and reduce reliance on physical presence
In his keynote speech, Robert Koopman, Chief Economist and Director, World Trade Organization, said that although the WTO’s latest trade forecast in June was more positive than in April, even the most optimistic forecast sees trade declining by 12.9%, and GDP by -2.5% in 2020 as confidence declined producing weak investment gr...
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Keywords:Global Trade, Supply Chian, Globalisation, Decentralisation, Cross-border, Technology, Regulation, Renminbi, Gdp, P2p, Kyc, Covid-19