(Yicai Global) Nov. 19 -- Authorities in Shanghai have teamed up with commercial lender the Bank of Communications to co-host the 2018 Lujiazui Financial City Global Financial Risk Management Meeting in the city's Lujiazui financial district.
Lujiazui Bureau of Shanghai Pilot Free Trade Zone, Pudong New Area Financial Service Bureau and Bank of Communications held the meeting that aims to coordinate regional financial resources, promote cooperation in financial risk management and build a safe, healthy and organized financial development ecosystem, a spokesperson for the Lujiazui Bureau told Yicai Global.
Debt management will be more difficult once confidence within the financial system disappears, Robert Engle, the Nobel Laureate for economics, told Yicai Global, adding that slowly reducing the debt ratio of state-owned enterprises and local governments, as well as safeguarding foreign investment can help to solve this challenge. An end to the China-US trade spat will also benefit both sides, he added.
China will support the integration of the Yangtze River Delta region and make it a national strategic project, President Xi stated at the recent inaugural China International Import Expo in the city.
"Lujiazui will actively explore how to build a safe and reliable financial innovation pilot zone, build the best ecological environment for financial development, and promote the Yangtze River Delta area led by Shanghai to become the first choice for quality foreign capital and frontier for outbound Chinese capital," said the spokesperson.