At the 2025 Financial Street Forum annual conference, over 400 participants from more than 30 countries and regions engaged in dynamic discussions, with five overseas sub-venues interacting enthusiastically with the main venue via screens. This record-breaking international participation vividly illustrates the expanding global influence of China's financial sector.
China's transition from a "rule-taker" to a "rule-maker" in global finance has been driven by its substantial economic and financial strength, coupled with a continuously opening financial market. The accelerated internationalization of the renminbi has provided China with significant leverage to deepen its involvement in shaping international financial rules.
Currently, the renminbi has become China's primary settlement currency for cross-border transactions, the world's second-largest trade financing currency, and the third-largest payment currency. Notably, within the IMF's Special Drawing Rights (SDR) basket, the renminbi holds the third-highest weight. This prominent position not only reflects global recognition of China's currency stability but also underscores the maturity and openness of its financial system, laying a solid foundation for China's voice in rule-making.
Beyond currency breakthroughs, China has consistently accelerated financial opening during the 14th Five-Year Plan period, advancing institutional openness, lowering market access barriers, and progressing toward becoming an international financial hub. These proactive measures demonstrate China's commitment to integrating into the global financial system while injecting new vitality into international financial governance through practical openness.
Moving from "alignment" to "trailblazing," China now not only adheres to international norms but also contributes innovative public goods and constructive governance solutions as a responsible major economy. A prime example is the multilateral Central Bank Digital Currency (CBDC) Bridge project spearheaded by China. Leveraging distributed ledger technology, this initiative explores new pathways for cross-border CBDC transactions, addressing the inefficiencies of traditional cross-border payments—slow processing, high costs, and multiple intermediaries.
This innovative mechanism meets foreign investors' needs to access China's financial markets while strengthening financial stability through technological empowerment, offering a "Chinese approach" to global financial market openness.
In international financial cooperation, China has elevated financial diplomacy as a key component of state diplomacy, deepening multilateral and bilateral monetary collaborations. It has established mechanisms like the China-EU Central Bank Governors' Dialogue and strengthened financial working groups with Europe, the UK, and Brazil. Additionally, China has promoted the pilot operation of the IMF's Shanghai Center and initiated new rapid financing tools under the Chiang Mai Initiative Multilateralization, including renminbi-denominated options.
Crucially, these efforts aim not to overturn the existing international financial system but to implement "incremental reforms" that enhance inclusivity and representation, fostering a more balanced and equitable global financial governance framework.
Improving global financial governance is never a solo endeavor but a collaborative process requiring dialogue, consensus, and cooperation among nations. China remains steadfast in its reform and opening-up policies, upholding multilateralism and driving substantive progress in global financial governance cooperation. From refining rules to providing public goods, expanding openness to safeguarding stability, each step contributes to building a fairer, more inclusive, and resilient global financial system.
China's balanced pursuit of openness and autonomy, cooperation and responsibility, innovation and stability exemplifies its role as a responsible major economy, offering an indispensable "anchor of stability" amid global financial turbulence.