Facing the complex and severe global situation, the desire and motivation of the international community to promote open cooperation are increasing. At the annual meeting of the 2022 Financial Street Forum held recently, the participants emphasized that strengthening financial cooperation under the framework of RCEP is a beneficial move to gather the power of cooperation, relieve the difficulties of development, and gather the momentum of innovation. Connected financial infrastructure, deepened regional financial cooperation, and worked together to promote economic recovery.
The financial needs of cross-border investment, mergers and acquisitions generated by the implementation of RCEP, as well as the high-level opening commitments made by member states in the financial industry are further deepening regional financial cooperation and accelerating the process of regional integration.
Cheng Shi, Chief Economist and Managing Director of ICBC International, regards RCEP as a kind of counter-cyclical adjustment at present, "a shot in the arm and a new hope", which will help alleviate the tendency of protectionism and help China achieve a higher level of foreign exchange. Opening up and promoting the recovery of the global economy will help a lot. He believes that the implementation of RCEP has significantly reduced the barriers to economic and trade cooperation among member states, can promote the flow of various production factors, effectively stimulate the vitality of economic development of member states, and bring new historic milestones to the economic development of member states. opportunity.
On the basis of further promoting the flow of goods, technology, services, and capital in the region, and optimizing the structure of the supply chain of the industrial chain, the implementation of RCEP has expanded the service objects and partners of cross-border finance, and the role of capital elements in resource allocation will be fully exploited. And this is inseparable from the interconnection of financial infrastructure among member states.
In this regard, Dong Lujun, vice president of the Insurance Association of China, suggested that it is necessary to steadily expand the institutional opening of rules, regulations, management, and standards in the RCEP area, and accelerate the construction of basic technical support for digital new infrastructure. He said that the level of financial development, system perfection, and financial infrastructure among RCEP member countries are quite different. All parties should formulate different country-specific strategies based on the national conditions of each country to support policy regulation, industrial technology and service implementation. Continuously promote the process of regional economic integration.
RCEP's high-level institutional arrangements and commitment to openness are conducive to efficiently promoting the allocation of Asia-Pacific financial resources. In order to promote deeper financial cooperation among RCEP member countries, Wang Wen, chief economist of China Export & Credit Insurance Corporation, suggested that the top-level design of the financial regulatory mechanism in the region should be strengthened, and an overall framework for regulatory cooperation should be proposed based on the principles of inclusiveness, openness, and seeking common ground while reserving differences. And through the setting of the transition period and transition clauses, taking into account the differences in financial development among different member states.
Digital transformation and networked cross-border transactions are new trends in cross-border financial cooperation. Wang Wen believes that the effective implementation of RCEP will usher in broad prospects for regional digital financial cooperation. Electronic remittance, loans, investment, insurance and other financial services as well as blockchain technology will all become an important part of RCEP financial infrastructure cooperation. He suggested exploring more practical cooperation in cross-border investment and financing financial institutions, mutual recognition of financial products, mutual sharing of financial information, and green finance, strengthening regional digital financial cooperation, and improving the efficiency of regional resource circulation.
Finance is the living water for smooth industrial and supply chains. Participants pointed out that the economic and industrial structures of RCEP member countries are highly complementary, conform to the trend of regional economic integration, optimize cross-border financial services around capital flow, information flow and commodity flow, and actively carry out cooperation in digital finance and supply chain finance , Strengthening the empowerment of financial technology can promote the consolidation and upgrading of the regional industrial chain and maintain the security and stability of the supply chain.
Liu Jin, President of the Bank of China, said that in the process of promoting the implementation of RCEP, the Asian Financial Cooperation Association can play a role in improving the internationalization of financial standards of RCEP member countries, developing new financial innovation services, and promoting the development of cross-border settlement business in member countries. more active role.
A high level of openness may also bring high risks. RCEP introduces new financial services, financial information transfer and processing provisions for the first time in the field of financial services. While promoting investment, it also puts forward new requirements for the policies and service systems of member states. Dong Lujun said that all parties should improve the level of financial risk management while providing new convenience for financial institutions to innovate business models and overseas data transmission. Enterprises should focus on how to balance risk management and business development, and management departments should study how to coordinate the role of the government and the market in terms of macro-control and risk supervision. Specific to the insurance industry, all member states should further strengthen international regulatory coordination, promote and improve the mechanism for the healthy development of the insurance industry under the RCEP rules, and take multiple measures simultaneously in the fields of cross-border capital flow, anti-money laundering, anti-terrorist financing, and anti-financial fraud. Strengthen coordination, actively respond to systemic financial risk challenges, jointly maintain market stability, and create a new pattern of open cooperation in the insurance industry.
