On December 8th, the Forum for Bill Market Reform and Development sponsored by Shanghai Commercial Paper Exchange Corporation LTD was held in Shanghai. Liu Guoqiang, member of the PBC CPC Committee and Assistant Governor, and Zhou Bo, member of Shanghai CPC Standing Committee and standing Deputy Mayor both spoke at the forum.
Liu Guoqiang said that the bill market has been running smoothly since the establishment of Shanghai Commercial Paper Exchange Corporation LTD one year ago. Risks have been significantly reduced, the electronic bill businesses have been greatly enhanced, and illegal practices in the market have been effectively curbed.
Liu Guoqiang pointed out that years of practices have proven that bills are featured with high liquidity, high flexibility and linked to the real economy, thus they play an important role in easing financing problems and high costs confronted by SMEs. Investment and trading function of bills can be an important tool for financial institutions to manage their liquidity, assets and liabilities. In the future, there is still tremendous room for development of the bill market.
Liu Guoqiang urged that Shanghai Commercial Paper Exchange Corporation LTD should resolutely implement the guiding principles of the 19th National Congress of the CPC and deployments of the National Financial Conference. To serve the real economy, prevent financial risks and deepen the financial reform, Shanghai Commercial Paper Exchange should provide effective support to SMEs’ financing by promoting the legal and sound development of the bill market.
More than 150 representatives attended the forum, including those from the People's Bank of China, the Supreme People's Court, service agencies of centralized access technologies, self-regulated agencies of bill businesses, commercial banks, relevant financial institutions in the paper market, Shanghai Municipal People's Government, relevant government departments and the Shanghai University of Finance and Economics. (End)
