China's capital market remains resilient and functional amid mounting global economic uncertainties, with its stability and appeal continuing to inspire confidence among international investors, participants said on Wednesday at the annual Lujiazui Forum being held in Shanghai.
At the plenary session III themed "promoting the sustained and sound development of the capital market," senior economists from both home and abroad shared their insights into the key drivers of the global economy and how China is playing a role in helping revitalize the economic downturn.
"There's a real sense of energy and dynamism and a determination for openness and international connections," said Nikhil Rathi, chief executive officer of UK's Financial Conduct Authority (FCA).
Howard Marks, co-founder and co-chairman of Oaktree Capital Management, said that China is steadily advancing institutional openness and transitioning toward high-quality growth.
"Amid profound shifts in the global economic landscape, China is steadily increasing its institutional openness. China is gradually shifting towards a high quality growth model, which requires two transformations -- the green transformation and the digital transformation. In both of these areas, I believe China is making great progress. I'm very optimistic about the Chinese economy in the long run," he said.
Participants noted that as a vital link between finance and the real economy, the capital market plays a strategic role in driving growth. Despite external shocks, China's capital market retains strong development potential and has continued to serve as a stabilizing force.
Looking ahead, they agreed that maintaining stability will be key to the market's trajectory, calling for efforts to improve market mechanisms, enhance regulatory efficiency, and attract long-term and foreign capital to sustain high-quality development.
"We need to ensure stable market operation while advancing market functions. We also need to support listed firms in making full use of available monetary policy tools in the capital market. At the same time, we must strengthen expectation management and boost market confidence. The aim is to channel more resources into emerging industries, new business models and advanced technologies to better underpin sci-tech innovation and the development of new quality productive forces," said Qiu Yong, chairman of the Shanghai Stock Exchange.
Launched in 2008, the Lujiazui Forum has grown into a major platform for dialogue among policymakers, financial experts and business leaders from around the world. This year's forum, themed "Financial opening-up and cooperation for high-quality development in a changing global economy," runs from Wednesday to Thursday in Shanghai.
China's capital market shows resilience, appeal amid global volatility: Lujiazui forum panel
