IFF Global Finance and Development Report 2024 IFF Global Digital Currency Development Report IFF Global AI Competitiveness Index Report

In major economies, significant shifts in their monetary policies are currently underway. In light of this, the developments and trends of the global financial markets have garnered considerable attention. Governments and international financial institutions, on one hand, are actively taking steps to address challenges and ensure the stable growth of financial markets. On the other hand, the application of financial technology is continually expanding the scope of financial services, enhancing the efficiency, and improving the transparency of financial markets.

The process of economic globalization has met with challenges, with the international trade order increasingly fragmenting. Relations between major economies are strained, multilateral trade systems are coming under pressure, and international trade rules are subject to conflicts. At the same time, the standing of emerging economies in the global economy has been rising, forming a new driving force in global growth. However, geopolitical conflicts likewise present challenges to these emerging economies, whose trade and growth outlook is thus also facing significant uncertainties.

As global climate change and environmental problems have become ever-more severe, green finance, as a key means of advancing sustainable economic development, has drawn a widespread attention from the international community. In this context, China has proposed its aims of achieving carbon peak and carbon neutrality within the clearly defined timeframes, which provide a wide scope and opportunities for developing green finance. The path of green financing includes, but is not limited to, financial instruments and products like green credit, green bonds, green funds, and green insurance, as well as related policy incentives and risk management mechanisms. What are the differences in the implementation of green finance in various countries and regions? What are the emerging technologies and innovative models that can help achieve a green economy?

In today's wave of digital transformation, AI and digital technology are profoundly altering the operating model of the financial sector. Digital finance has not only enhanced the efficiency and accuracy of financial services, but also advanced the creation of new business models. In particular, progress in generative AI technology is a hot topic in China and even in the world's scientific and technological arena. The scale of China's core AI sector has hit almost CNY600 billion, the number of enterprises has surpassed 4,500, and the computing power scale ranks second globally. How can we effectively utilize AI and digital technology to realize transformation and upgrading? How can we balance AI innovation with the regulatory compliance of AI technology applications in the financial sector?

Confronting escalating tariff barriers, intensifying ‘friendly outsourcing,' and increasingly fragile global supply chains, Chinese enterprises, which form the world's factory, are experiencing an ‘Age of Discovery.' In the transition from Made in China to Chinese enterprises manufacturing globally, how should the Chinese enterprises make their moves overseas? Can Chinese enterprises achieve their own butterfly metamorphosis in this new round of globalization and turn Chinese companies into global enterprises via a comprehensive internationalization of the financial system and global adaptation and alignment of the legal system? These have become urgent steps for Chinese enterprises to preserve their primacy atop the global industrial chain.

Emerging Markets (EMs) are playing an increasingly large role in the global economy. In many ways, they are in the driver's seat when it comes to global growth - accounting foralmost two-thirds last year. This group also plays an increasingly important role in globalpolicymaking—at the G20 and other fora. At the same time, in many places, they continueto face challenges of poverty, inequality, and lack of “voice” in the current globalarchitecture. There is also the issue of how EMs can best navigate the emergence of seriousgeopolitical tensions and their potential impact on trade, growth and jobs. For example, theIMF has estimated what could happen if the world slid into a scenario of two rivalgeopolitical blocs and estimated that it could cut future global GDP by up to 7 percent.

To discuss how the private sector can support the advancement of transition finance in achieving low-carbon objectives, share insights from Huzhou's experience, and outline strategic steps for future policy development and implementation.