Back to News

2nd Annual Boao Forum for Asia International Capital Conference
meets with great success

The Boao Forum for Asia International Capital Conference took place in London on 15th and 16th September 2009.

Held in the opulent surroundings of Central Hall, Westminster the event was attended by 340 delegates from around 80 Chinese and 70 western companies. The conference was addressed by 67 international experts from Europe and the USA as well as senior policy makers, and business leaders from China.

During the two-day conference, delegates from both China and the rest of the world discussed how Western financial services companies and Chinese business leaders can work together to drive the growth of the world economy. The initial sessions gave a macro-economic view of China’s economy post credit crunch and insights into the challenges and opportunities facing Chinese businesses today. Later sessions focused on Private Equity, Mergers and Acquisitions, IPO’s and Chinese companies’ use of corporate bonds.

Speaking at the opening ceremony, Long Yongtu, Secretary-General of the Boao Forum for Asia, highlighted the importance of financial innovation and open markets in powering growth out of the global downturn. "Many people believe that the current financial crisis was caused by excessive financial innovations. But this fact cannot deter China from boosting financial innovation and its financial industry. Moreover, China will further open its capital market and seek common development with other countries through dialogue and exchanges."

Alderman Ian Luder, Lord Mayor of the City of London, said the City welcomes China's emerging role in the global financial community.

"As a truly international centre, the City of London actively welcomes the increasing role played by China in the global economic system and in particular the growing trade we see between the UK and China. Building links with both established financial centres, such as Hong Kong, and with emerging centres, such as Shanghai, is essential to our mutual prosperity."

The keynote address at the event was given by China’s Vice Minister of Commerce, Chen Jian. In his speech Vice Minister Chen called for global cooperation in continuing the world economic recovery, saying that, “continuously and firmly fighting protectionism, promoting market liberalization and keeping smooth trade and investment are critical for building up the momentum of world economic recovery.’ He went on to highlight the dangers of protectionism, pointing out that “In today’s world, as all the economies are so deeply interdependent, no single country could remain immune from the crisis-for the same reason, no single country could achieve its own recovery by practicing protectionism.”

The conference featured many notable speakers from Chinese business and western financial service firms including: Xiong Weiping, President, Chinalco; Jim O’Neill, Chief Economist, Goldman Sachs; Liu Guangxi, Director General of Capital Account Management Department, State Administration of Foreign Exchange; Stephen King, Chief Economist, HSBC; Liu Aili, Vice President, China Mobile Group and Long Guoqiang, Director General of Research Department of Foreign Economic Relations, Development Research Centre of State Council.

Rt Hon Stephen Timms MP, Financial Secretary to the Treasury, addressed the conference on behalf of the UK Government. His speech focused on three topic areas: the current economic situation, the continued importance of global cooperation and regulatory renewal and finally the opportunities for partnership between the UK and China on financial market growth and reform. He commented that: “This year’s Forum is addressing the question of how China and the UK can thrive in today’s rapidly changing economic landscape. But it is also considering how deeper, more diversified, better regulation of financial markets can contribute to growth in the wider economy.

“In May, the UK-China Economic and Financial Dialogue reinforced the importance of building on exchange and cooperation between our regulatory authorities – and both the Treasury and Financial Services Authority have been active in following this commitment up.

“The [UK] Chancellor and [Chinese] Vice-Premier agreed this year to expand our bilateral financial sector technical collaboration and exchange programme to cover international financial sector standards, given the increasing volume of engagement through the Financial Stability Board and the standards committees.”

Rt Hon Stephen Timms MP went on to say: “I also welcome the fact that capital market development is a major pillar of Shanghai’s work to become a major global financial centre by 2020. The UK takes a strong interest in the measures recently approved by the Chinese State Council to achieve this goal. I know I speak for UK-based institutions attending today in affirming that we would be delighted to support these efforts in any way we can.”

Dr Fang Xinghai, Director General, Financial Affairs Department, Shanghai Municipal Government ran a hugely successful round table which was attended by Mr Long Yongtu and Lord Davidson, Advocate General, UK Government. The roundtable focused on the development of Shanghai as an international financial centre. It also looked at the development of the Shanghai Stock Exchange and preparations for the A Share listing of foreign companies on the Shanghai exchange.

The conference was formally closed by Mr Long Yongtu who praised the event organizers, Cavendish Group, on an excellent and well-run conference. He expressed his desire that the Boao Forum for Asia should again return to London in 2010. These sentiments were echoed in comments by Matthew Astill, Cavendish Group, CEO and Lord Davidson, speaking on behalf of the UK Government.