China's economic contribution lauded at the Asian Financial Forum

A sense of optimism is said to have been generated about Asia's overall economic health from the now-concluded Asian Financial Forum in Hong Kong, with the role of the Chinese mainland being lauded in the region's development.

The 11th Asian Financial Forum, which took place over the last two days in Hong Kong, has gathered over 100 international financial policymakers, business leaders and heavyweight investors.

The participants have discussed various issues, including the state of the global economy and market opportunities for Asia.

The 11th Asian Financial Forum is held in Hong Kong between Jan 15 and 16, 2018. [Photo: China Plus]

Hong Kong Chief Executive Carrie Lam says global investors and entrepreneurs are continuing to benefit from the increased financial integration between the Chinese mainland and Hong Kong.

"As China has embedded and integrated itself into the world economy, creating a symbiotic relationship of scale and complexity unseen in history, the roles of Hong Kong and the functions we could uniquely offer, as an international financial center, underpinned by one country two systems, has taken on increased relevance and importance as never before," Lam said.

David Lipton, Deputy Managing Director of the International Monetary Fund, has told the forum that the global economy shows clear signs of recovery.

He says China is leading the way as a hub for global exports and imports, providing one third of the world's trade growth.

Lipton suggests China should further the reform process to achieve more sustainable economic development.

"We see two core policy objectives. First, to push further the policies that have been rebalancing the growth toward consumptions, with the stronger role of private businesses. This calls for less public and more private investment and a progressive tax system. Second, to safeguard financial stability. 

Participants speak during the 11th Asian Financial Forum in Hong Kong on Jan 15, 2018. [Photo: sina]

This means continued efforts to run credit growth and maintain oversight of some lending practices. China has made considerable progress in this area," Lipton said.

Jiang Yang, Vice President of the China Securities Regulatory Commission, says the government also intends to make the capital markets more robust.

"Over the years, with the fast paced construction of the market, deepened reform and strengthened supervision, China's capital market is more capable to serve the real economy. Currently, there are nearly 3,500 listed companies in the market. The fund-raising scale and funds for acquisition and re-organization are all ranked highly in the world. But the Chinese capital market still has space to grow. China will adhere to the high-quality development method with an emphasis on supply side reforms," Jiang said.

Jiang adds the China Securities Regulatory Commission will push for more companies to list in areas covering poverty reduction and green development.

The Asian Financial Forum has become an annual event put on by the Hong Kong regional government and the city's Trade Development Council.