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Invest Shanghai
The 2025 Lujiazui Forum, scheduled for Wednesday and Thursday, will highlight China's expanding influence in the global financial landscape. According to the Shanghai Municipal Bureau of Finance, this year's forum will include eight sessions centered around the theme - "financial opening-up and cooperation for high-quality development in a changing global economy." As uncertainties in the global economy grow, China's expanding financial opening-up is increasingly viewed as a stabilizing force in global finance.
In the fast-changing global economic landscape, with rising trade protectionism and unilateralism, as well as instability in international financial markets, China's ongoing financial opening-up stands out, which not only helps stabilize international financial markets but also boosts global investors' confidence in the Chinese economy.
China has expanded market access for foreign financial institutions, advanced the internationalization of the yuan and strengthened interconnections between the domestic and global financial markets. The country is actively integrating into the global financial system and strengthening financial cooperation with other countries and regions.
Also importantly, China is steadily expanding institutional opening-up in its financial sector, which focuses on aligning with international rules and standards. China has actively embraced high-standard global economic and trade norms, especially in finance, enhancing regulatory compatibility and fostering a transparent, stable, and predictable environment. This process is expected to continue to advance steadily.
China's proactive actions in international financial cooperation fully demonstrate its responsibility and commitment as the world's second-largest economy.
On June 11, People's Bank of China (PBC) Governor Pan Gongsheng held the first annual meeting between the PBC and the European Central Bank (ECB) with ECB President Christine Lagarde. The two sides engaged in in-depth discussions on topics such as international monetary system reforms and global financial regulation, signing a memorandum of understanding that formalized the regular meeting mechanism.
This mechanism will provide a more stable framework for China-EU financial cooperation, promoting deeper collaboration in areas such as monetary policy communication and financial market opening-up.
In another recent example, on June 13, the PBC announced the renewal of its bilateral currency swap agreement with the Central Bank of Turkey, valued at 35 billion yuan ($4.87 billion) and 189 billion Turkish lira, effective for three years. This renewal will enhance the stability of the two countries' financial markets and promote the use of the yuan in international payments.
Amid the global high interest rate environment, cross-border financial cooperation has become an important tool for countries to expand their financing channels. Brazilian Deputy Minister of Finance Dario Durigan recently announced plans to issue the first yuan-denominated sovereign panda bond. This move reflects the growing recognition of the yuan in global financial markets. With China's continuous financial opening-up, the yuan's position in international payments, settlements, and reserves continues to rise.
Amid this process, the Lujiazui Forum 2025 is expected to provide a more important platform for global financial dialogue and cooperation. Through this forum, China will share its development experiences with international financial markets and engage with other nations to explore solutions to global financial challenges, promoting deeper multilateral financial cooperation.
According to the Securities Times, during this forum, Shanghai and Hong Kong will sign the "Action Plan for Collaborative Development of Shanghai and Hong Kong International Financial Centres." The signing will deepen financial cooperation between the two cities and enhance the overall competitiveness of China's financial markets. As key parts of China's financial system, the collaborative development of Shanghai and Hong Kong will optimize resource allocation and inject new momentum into global financial market stability.
Amid global economic challenges, China is committed to stabilizing global finance through financial opening-up and high-quality development. From deepening cooperation with other markets to promoting the yuan's internationalization, China's financial measures are robust and of great significance. Its growing financial power is increasingly vital for international financial stability.