On November 8, the 2023 Annual Conference of Financial Street Forum was held. Li Yunze, Party Secretary and Director of the National Administration of Financial Regulation (NAFR) of the People's Republic of China, delivered a keynote speech at the opening ceremony.
Li Yunze stated that China's economy has consistently maintained a reasonable growth rate as it transitioning to high-quality development. At the same time, new drivers of economic growth rapidly accelerate, with emerging industries such as solar energy, lithium-ion batteries, and new energy vehicles — referred to as the "new three" — experiencing robust growth. Over the past three years, the banking industry's credit scale has grown at an average annual rate of 11.2 percent, which is higher than the average level of developed countries by about five percentage points. In the Top 1000 World Banks 2023 ranking by The Banker, a UK-based magazine, 140 China's banks are on the list, and their Capital Adequacy Ratios (CAR) and Provision Coverage Ratios (PCR) are well-performed globally. The fundamentals of China's long-term sound economic growth will not change in the future, nor will the momentum of China's steady development of the banking sector.