Central Bank: Support the Construction of Shanghai International Financial Center and Consolidate and Enhance Hong Kong's Position as an International Financial Center

People’s Financial News, March 19 — On March 18, the Party Committee of the People’s Bank of China held an expanded meeting. The meeting emphasized the continued deepening of financial reform and opening-up. It called for improving the central bank system, establishing a scientific and sound monetary policy framework, and a comprehensive macroprudential management system. It aims to build a regulated, transparent, open, dynamic, and resilient financial market system. It also focuses on constructing a safe and efficient financial infrastructure system. The meeting discussed advancing legislation and amendments for the People’s Bank Law, Financial Stability Law, and other related laws. It promotes global governance initiatives, actively participates in and pushes for reforms in global financial governance. The meeting supports high-level opening-up of the financial services industry and financial markets, deepening interconnectivity of financial markets and cross-border payment systems. It also supports the development of Shanghai as an international financial center and consolidates and enhances Hong Kong’s status as an international financial hub. Additionally, it emphasizes strengthening the ability to prevent and control financial risks under an open development pattern and safeguarding national financial security.