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Founding Ceremony of the IFCC of AFCA
On November 1st, the Establishment Ceremony of the Industrial Finance Cooperation Committee of AFCA and the First International Forum on Industrial Finance were held in Shenyang. This event was co-host by Asian Financial Cooperation Association and Shenyang Municipal People’s Government, and undertaken by the Financial Affairs Office of Shenyang Municipal People’s Government and Shenhe District People’s government (the Management Committee of Shenyang Finance and Trade Development Zone). Mr. Yang Zaiping, Secretary General of Asian Financial Cooperation Association and Mr. Jiang Youwei, Mayor of Shenyang Municipal People’s Government attended the ceremony and delivered welcome speeches. The First Director of the Industrial Finance Cooperation Committee of AFCA, and Mr. Toyoki Oka, President of Mizuho Bank (China) Co., Ltd, and the Executive Deputy Director of the Industrial Finance Cooperation Committee of AFCA, accepted the appointment and delivered speeches. Ms. Li Yue, Deputy Manager of the Corporate Banking Department of China Construction Bank announced the Observation Report of Global Industrial Finance (2018). Ms. Sun Xiaowu, Research Director at the International Affairs Division of China Banking and Insurance Regulatory Commission, Mr. Bai Qinxian, Director of the Institute of International Finance at Liaoning University, and Mr. Wu Wenxue, Chairman of Beijing Municipal State-owned Enterprises Supervisory Board, attended the meeting and delivered key-note speeches. Nearly 300 people from various financial regulatory agencies, local governmental departments, embassies and consulates in Shenyang, domestic and foreign financial institutions, scientific research institutions, universities, enterprises and public institutions, member units of the Industrial Finance Cooperation Committee of AFCA, and media representatives attended the event. The meeting was presided over by Ms. Zhao Xianfeng, Deputy Secretary General of AFCA.
The meeting witnessed the announcement of the Lists of the First Session of Director Institution, Executive Deputy Director Institution, Deputy Director Institutions, and Member Institutions for the Industrial Finance Cooperation Committee of AFCA, the Lists of the First Session of Directors, Standing Deputy Directors, Executive Deputy Directors, Deputy Directors, and Members for the Industrial Finance Cooperation Committee of AFCA and the Lists of the First Session of Director, and Deputy Directors at the Administrative Office for the Industrial Finance Cooperation Committee of AFCA. The appointment ceremony was held to China Construction Bank, the first session of Director Institution of the Committee, and to the first session of Director, Standing Deputy Director, Executive Deputy Director, Deputy Directors, Director, and Deputy Directors at the Administrative Office of the Committee. In the meeting, under the joint witness of the representatives present, AFCA and Shenyang Municipal People’s Government signed a Strategic Cooperation Agreement, and the Industrial Finance Cooperation Committee of AFCA is officially registered in Shenyang.
Secretary General Yang Zaiping said in his speech that the technological progress propels the differentiation and transformation of the traditional industrial system, spawns strategic emerging industries, and remolds the international division of labor and the international trade pattern. The new round of technological change is triggering a new round of industrial revolution, that is, “the fourth industrial revolution”. The research and development of new technologies and their applications need the support of a large amount of capital. The aim of finance is to realize the effective allocation of resources, and financial revolution is the fundamental change of the logic of resource allocation to distribute resources to the most desperate fields and to realize the optimum efficiency of resources. Without the capital and market provided by the new round of financial revolution, the technological change cannot be promoted to a new round of industrial revolution. Under this background, the first specialized committee of AFCA, the Industrial Finance Cooperation Committee, is established at the right time and will build a platform for the burgeoning industrial finance and the relevant international cooperation. He said that Shenyang, as a major city in the traditional industrial base of Northeast China, will be the most active research base for the Industrial Finance Cooperation Committee of AFCA and is the best venue to hold the International Forum on Industrial Finance.
Mayor Jiang Youwei said in his speech that Shenyang is the center of the Northeast China, the base of advanced equipment manufacturing and a famous historical and cultural city. With strong foundation for development, rich technological and talent resources, it shoulders an important mission in the national strategy. At present, Shenyang is building itself into an international center in Northeast Asia, a scientific and technological innovation center, an advanced equipment manufacturing center, as well as a high-quality public service center, and it is walking firmly and steadily in the path to rejuvenation and further development. The overall revitalization of Shenyang is inseparable from the powerful financial support. The opportunity of the establishment of the Industrial Finance Cooperation Committee of AFCA in Shenyang serves a platform for mutual understanding, cooperation and mutual benefit.
The First Director of the Industrial Finance Cooperation Committee said that the establishment of the Industrial Finance Cooperation Committee of AFCA in Shenyang is a critical step to adapt to the new round of industrial revolution and technological change, strengthen the exchanges among financial institutions and resource integration in the region, and provide powerful support to the development of real economy in the region. Finance is the core element of modern economy and the veins of real economy. In each technological revolution, finance plays a critical role in ushering the resources and productive factors to the emerging industries, and promoting the transformation and upgrading of the traditional industry. The world is undergoing a new round of technological revolution, which urges both the developed countries and the developing countries to actively participate in the re-distribution of global industrial chain and value chain. Due to the significant structural change in the global industrial chain, there is a trend for the co-existence of the “backflow” of manufacturing industry in the developed countries and the “elevation to the high range” of manufacturing industry in the developing countries, and the division of labor and cooperation among different countries in the industrial chain and value chain are closer and more complex. Asia, as the most dynamic and potential region in global economic development, calls for cross-regional, new financial solutions, regional financial cooperation and international financial governance, so as to grasp the opportunity and deal with the challenge. Financial cooperation is also the important adhesive for a sound financial system. The Industrial Finance Cooperation Committee of AFCA is established in response to this background.
In his speech, President Toyoki Oka introduced Mizuho Bank’s achievements and experience in serving the global industrial distribution and shared the whole process of its participation in the initiation, preparation, establishment and development of AFCA. He also said that Mizuho Bank will cooperate with a number of Chinese institutions in different industries and will make more contributions to Sino-Japanese friendship and cooperation under the Belt and Road Initiative.
Ms. Sun Xiaowu delivered a key-note speech on “Promoting Industrial Finance Cooperation and Innovating on New Models for Asian Economic Development”. She said that from the perspective of historical practice, the industrial revolution, the electrical revolution and the information revolution, were all accompanied by a new financial revolution. The current industrial revolution has imposed new requirements on financial services: its high degree of capital intensiveness and long industrial chain call for integrated financial services; the co-existence of high risks and high returns demands the balance between financial innovation and risk management; the global distribution of the industrial chain calls for international financial cooperation; the unbalanced industrial development in each country demands multi-level and diverse financial products. As Ms. Sun further pointed out, to adapt to the new round of industrial revolution, it is necessary to build a multi-level and diversified industrial financial support system that satisfies the development of emerging industries, strengthen the positive interaction between financial innovation and the development of emerging industries, and promote the international cooperation in industrial finance on a larger scale, in wider fields and at a higher level. The establishment of the Industrial Finance Cooperation Committee of AFCA caters to the upgrading needs of industrial structures in various regions and countries and meets the needs of the profound adjustment of the distribution of the global industrial chain.
Director Bai Qinxian delivered a speech on “Historic Review and Realistic Thinking of the Revitalization of the Northeast China”. He believed that the issue of state-owned large and medium-sized enterprises is both an economic issue and a political issue; it concerns the economic mechanism and the management system; it has both macro and micro issues; it is a question about the internal management and operation as well as about the external climate and environment; it has something to do with both the “mechanic brain”, such as equipment and technologies, and the “human brain”, such as the mental state of people. He stressed that it is necessary to take a rational and strategic perspective and realize that the state-owned enterprises are treasures rather than burdens. In order to improve the state-owned enterprises, it is necessary to completely change the mode, carry out comprehensive management, focus on the relationship between speed and efficiency and the relationship between quantity and quality, especially to control the total amount, adjust structures, improve quality, to be market-oriented and improve efficiency. He said that only by improving the national economy can we improve the state-owned economy, only by developing state-owned economy can we develop state-owned enterprises, and only by encouraging non-state-owned economy can we boost the state-owned economy.
As Chairman Wu Wenxue said in his key-note speech, the industrial finance should provide comprehensive financial solutions for the economic and social development of a city or a region. Shenyang is undergoing economic transformation, which will bring about new opportunities, as its economic growth will be driven by consumption rather than investment and export. If we cannot effectively stimulate innovation, expand opening up, activate consumption, or generate new growth momentum, the economic and social development will lose the driving force. He believes that governments at all levels should seize the opportunity to develop relevant mechanisms and financial systems, as well as perfect policies to support the development of industrial finance. Major enterprises, especially financial enterprises, must seize opportunities, increase investment, intensify product innovation and development, and embrace the new era together.
The meeting also held two Panel Discussions titled “New Industrial Revolution and New Industrial Finance” and “Global Industrial Chain and Industrial Finance Cooperation”. The two Panel Discussions were chaired by Mr. Sudeep Rathee, Strategic Development Director of New York Institute of Finance, and Mr. Zhang Tianqiang, Chief Consultant of the Industrial Finance Cooperation Committee of AFCA. Experts attending the Panel Discussions include Mr. Wang Wenxiang, Vice Director and Research Fellow of the Institute of Investment Research of the National Development and Reform Commission, Mr. Li Hongwei, Deputy Director of the Finance Office of Ji’nan Municipal People’s Government, Ms. Wang Fei, Deputy Director General of the Regional Development Department for Poverty Relief Program of National Development Bank, Mr. Liu Chuankui, Deputy Secretary General of Insurance Asset Management Association of China, Mr. Liu Xin, President Assistant of Baoshang Bank, Mr. Liu Zi, Deputy General Manager of the Corporate Banking Department of the Agricultural Bank of China, Mr. Kunihiko Ishii, General Manager of the Dalian Branch of Mizuho Bank (China), Ms. Tu Yonghong, Deputy Director of the International Monetary Institute of Renmin University of China, Mr. Xu Jinming, Vice President of Hankou Bank and Mr. Tian Li, Executive Director of New York Institute of Finance. The domestic and foreign experts and scholars in the financial field have expressed their views on the frontier issues of industrial finance, carried out in-depth discussions and explored financial solutions for the development of regional real economy.
Yang Zaiping, Secretary General of AFCA, delivers a welcoming speech.
Jiang Youwei, Mayor of Shenyang Municipal Government, delivers awelcoming speech.
Oka Toyoki, Executive Deputy Director of AFCA IndustrialFinance Cooperation Committee, Chairman of Mizuho bank (china), ltd., makes hisinaugural speech.
Li Yue, Office Director of AFCA IndustrialFinance Cooperation Committee, Vice President of the company businessdepartment of China Construction Bank, makes a speech about the release of theReport.
Sun Xiaowu, consultant of the InternationalExchange Office of China Banking Regulatory Commission, International Cooperationand Foreign institution Supervision Department, delivers a keynote speech.
Bai Qinxian, the head of International FinanceResearch Institute of Liaoning University, makes a keynote speech.
Wu Xuewen, Chairman of the Boards ofSupervisors in State-owned Enterprises in Beijing, delivers a keynote speech.
Zhao Xianfeng, Deputy Secretary-General ofAFCA, presides over the meeting.
Oka Toyoki, Executive Deputy Director of AFCAIndustrial Finance Cooperation Committee,andWang Fei, Deputy Director representative, awarded appointment letters to OfficeDirector and Deputy Office Directors.
Signing ceremony of the Strategic CooperationAgreement between AFCA and Shenyang Municipal Government
Special forum on the new industrial revolution andindustrial finance
Special forum on the global industrial chain and industrialfinance cooperation
Photo of the conference