Finance Strategy Symposium attracts overseas scholars

"As a scholar, over the past five years, I have noticed that some Western media, think tanks and politicians sometimes hold false views of China," said Wang Wen, dean of the Chongyang Institute for Financial Studies of the Remin University, in addressing the symposium on Saturday.

As the head of the think tank, Wang suggested inviting scholars from the US, Europe and other countries to have a look at post-pandemic China.

Hence this forum, the Shanghai Economic Finance Strategy Symposium, which included 10 overseas scholars as well as Chinese experts. After the symposium, the participants will also visit Yiwu and Wenzhou in Zhejiang before going to Beijing, in a four-day dialogue of more than 20 separate events, or Mingde Strategic Dialogue (2024).

In his address, Zhang Zhongwei, deputy director of the Shanghai Development and Reform Commission, reiterated the city's commitment to openness, which has attracted a huge number of multinational companies, their regional headquarters, or R&D centers.

Today, foreign companies in the city account for one third of tax revenues, a quarter of the GDP, and one fifth of its employment.

A number of regional regulations aimed at improving the local business environment and upgraded protocols concerning foreign investment will attract more foreign investment, by creating a business environment that is stable, transparent, and predictable.

Zhang also shared the city's aspirations to become five centers, namely an international economic center, financial center, trade center, shipping center, and scientific and technological innovation center.

The city's aspiration to becoming an international economic center was sustained by its continual growth in comprehensive strength, with its economic aggregate of US$670 billion last year already ranking the fifth in the world, behind New York, Tokyo, Los Angeles, and Paris, though the city still has a long way to go in terms of its per capita GDP.

Zhang reiterated that the ultimate economic growth is to administer to the welfare of the people.

"I want to tell you honored guests that Shanghai's 'five centers' aspiration is not just something about internal circulation, but more about the city opening its arms widely to embrace the whole world, so all global enterprises could participate in," Zhang stressed.

Zhang also briefed participants on the progress of the Yangtze River Delta integration drive, and its ramifications for regional alignment, infrastructure development, ecological governance, logistics, and the building of a single regional market.

Axel Goethals, CEO of the European Institute for Asian Studies, said he was truly impressed by his visit to the city, and wondered about the stage of China's development.

In an early interview, he said that "most people's impression of China is still stuck in the stereotypes of decades ago, which is the main problem we face."

Mark J. Rozell, dean of Schar School of Policy and Government at George Mason University, shared his aspirations for furthering international exchanges between universities and colleges, and his happiness at seeing such cooperation renewed and facilitated at a higher level.

John Ross, senior fellow at the Chongyang Institute for Financial Studies of the Remin University of China, said the current trip afforded him chances to learn more about China, and how to facilitate exchanges.

In an early interview, Ross explained how globalization helps Global South economies as a whole growing more rapidly than the Global North economies, and gave suggestions on how companies could act amidst a complex situation.