Bund Summit: Navigating a changing world through connectivity
At the sixth Bund Summit in Shanghai, financial experts emphasized that "supporting multilateralism and securing global value chains are key to addressing global challenges."
TroibNews 
The sixth Bund Summit kicked off on Thursday in Shanghai, a major global financial center, amid pressing international issues such as economic fragmentation and environmental concerns.
The summit, spanning three days, features top financial thinkers and scholars exploring approaches to handle the evolving global landscape. Although the World Bank expects a moderate "soft landing" for the world economy in 2024, with a growth forecast of 2.7 percent, this growth still lags behind the rates seen before the pandemic.
"Countries should avoid a vicious cycle of trade restrictions and instead pursue further integration where possible," stated Anna Bjerde, the World Bank's managing director for operations.
Jean-Claude Trichet, the former president of the European Central Bank, highlighted the significant impact of global value chains on worldwide economic prosperity over the last three to four decades, noting the European opposition to decoupling efforts.
Ashley Bacon, chief risk officer at JP Morgan Chase, similarly emphasized the importance of enhanced global connectivity. He praised China’s ongoing market access improvements, which have been crucial for the bank, which has operated in China for over a hundred years. At the Communist Party of China's 20th Central Committee third plenary session in July, China reiterated its commitment to openness and deepening reforms.
Bacon also emphasized the importance of global cooperation towards achieving a low-carbon economy, requiring investments between $4 trillion and $6 trillion annually soon. He mentioned the re-establishment of a joint working group between China and the U.S. as a vital step for multilateral efforts in tackling climate issues.
Paul Chan, the financial secretary of the Hong Kong Special Administrative Region, depicted the area's role in connecting Chinese and global capital markets, leveraging its position as the primary offshore Renminbi center. Hong Kong aims to expand its offerings in Renminbi products and risk management solutions.
Furthermore, Huang Qifan, an advisor to the China Finance 40 Forum, explained that the initiative to internationalize the Renminbi aims to stabilize global industrial and supply chains rather than overtaking the U.S. dollar. He forecasted that the Renminbi's role in global payment settlements might grow annually by one percentage point, potentially reaching around 17 percent by 2035 from the current 4.7 percent.
The summit is a collaborative effort between CF40 and the China Center for International Economic Exchanges, with CN serving as this year's strategic media partner.
Emily Johnson for TROIB News
The summit, spanning three days, features top financial thinkers and scholars exploring approaches to handle the evolving global landscape. Although the World Bank expects a moderate "soft landing" for the world economy in 2024, with a growth forecast of 2.7 percent, this growth still lags behind the rates seen before the pandemic.
"Countries should avoid a vicious cycle of trade restrictions and instead pursue further integration where possible," stated Anna Bjerde, the World Bank's managing director for operations.
Jean-Claude Trichet, the former president of the European Central Bank, highlighted the significant impact of global value chains on worldwide economic prosperity over the last three to four decades, noting the European opposition to decoupling efforts.
Ashley Bacon, chief risk officer at JP Morgan Chase, similarly emphasized the importance of enhanced global connectivity. He praised China’s ongoing market access improvements, which have been crucial for the bank, which has operated in China for over a hundred years. At the Communist Party of China's 20th Central Committee third plenary session in July, China reiterated its commitment to openness and deepening reforms.
Bacon also emphasized the importance of global cooperation towards achieving a low-carbon economy, requiring investments between $4 trillion and $6 trillion annually soon. He mentioned the re-establishment of a joint working group between China and the U.S. as a vital step for multilateral efforts in tackling climate issues.
Paul Chan, the financial secretary of the Hong Kong Special Administrative Region, depicted the area's role in connecting Chinese and global capital markets, leveraging its position as the primary offshore Renminbi center. Hong Kong aims to expand its offerings in Renminbi products and risk management solutions.
Furthermore, Huang Qifan, an advisor to the China Finance 40 Forum, explained that the initiative to internationalize the Renminbi aims to stabilize global industrial and supply chains rather than overtaking the U.S. dollar. He forecasted that the Renminbi's role in global payment settlements might grow annually by one percentage point, potentially reaching around 17 percent by 2035 from the current 4.7 percent.
The summit is a collaborative effort between CF40 and the China Center for International Economic Exchanges, with CN serving as this year's strategic media partner.
Emily Johnson for TROIB News
