On April 22 and 23, a conference titled “Global finance, states and societies: how can finance be one of the heroes of a green recovery from the great pandemic?” was held online by the Ditchley Foundation, a China Forum partner, convening more than 60 participants from around the world for discussions on the future of the UK as a financial center after Brexit, climate change and pandemic recovery, financial regulation in the digital age, and how global finance can be more resilient to face shocks without stifling innovation and investment. The Chinese panel included YU Xiang, Research Fellow at Tsinghua University’s Center for International Security and Strategy and Senior Researcher at the Research Institute of China Construction Bank, and GONG Jiong, China Forum Expert and Professor of Economics at the University of International Business and Economics.

Noting that the key to greater resilience of financial institutions lies in the shift to a green development-oriented business model driven by resource sharing and improved allocation efficiency, Professor Yu proposed four suggestions: first, to strengthen risk control; second, to optimize business structure and encourage green development investment; third, to replenish and effectively utilize capital; and fourth, to increase investment in fintech.

Professor Gong presented progress made in Renminbi internationalization and digital Renminbi, picturing the prospects of Renminbi as a currency for settlement, reserve and investment, as well as its impact on international relations and politics. He dismissed the unsubstantiated allegations about the so-called “genocide” in Xinjiang, adding that the Chinese government’s policies in the region are part of a fight against terrorism, which had claimed hundreds of lives.

Participants agreed that the topics of the conference reflected many of the structural shifts underway, and that we need to draw lessons from our pandemic response and advance collaborations between businesses and governments.