刘世锦：金融强国是实现制造强国和消费强国目标的桥梁

Core Insights - The "Southern Finance Forum 2025" held in Guangzhou focuses on the theme "The Power of Consensus - Innovation Surge, China's Asset Revaluation" [1][7] - Liu Shijun, a key speaker, highlighted three major advantages of China's economy: catch-up potential, new technology revolution, and super-large market economy [3][10] Economic Advantages - Catch-up Potential: This refers to opportunities in areas where developed economies have already advanced, such as service industry development driven by consumption structure upgrades and the transformation of traditional manufacturing and agriculture [3][9] - New Technology Revolution: Emphasis on digital and green technologies as focal points for economic advancement [3][9] - Super-large Market Economy: While China has 400 million middle-income groups, there are 900 million low-income individuals who could transition to middle-income status, potentially creating a consumption market of 800 to 900 million [3][10] Strategic Goals - Manufacturing Power: Aim to cultivate large innovative enterprises at the global forefront [10] - Consumer Power: Target to become the largest consumer market globally [10] - Financial Power: Financial strength is essential for achieving the first two goals, acting as a bridge for development [10] Financial Development - Liu emphasized the need for a robust capital market and strong currency to support high-quality development, focusing on selecting viable projects to enhance resource allocation efficiency [10][11] - The importance of a strong currency is highlighted, with historical examples of the British pound and the US dollar being tied to strong economic and financial systems [11] Currency Internationalization - Current GDP contribution of China's economy is 18% globally, with manufacturing at 30%, but the currency's functional role is below 10% [11] - Liu proposed increasing offshore RMB supply to achieve scale economy and enhance RMB's international use [11][12] - Suggested adjustments to foreign trade strategy to balance imports and exports while using RMB for transactions, potentially converting a trade surplus of nearly $1 trillion into offshore RMB [12] Recommendations for RMB - Advocated for RMB appreciation to allow consumers to access more international products at better prices, supporting the goal of becoming a consumer powerhouse [12] - Suggested expanding the ecosystem of offshore RMB financial products to improve liquidity and convenience, accelerating the process of RMB internationalization [12]