刘世锦：经济增长更依托创新和消费，实施金融强国战略为之架桥

Core Viewpoint - The "Southern Finance Forum 2025 Annual Meeting" emphasizes the need for a strong financial system to support China's transition from supply constraints to demand constraints in economic growth, highlighting the importance of consumption and innovation as key drivers [1][2]. Group 1: Financial System and Economic Growth - The transition to a demand-driven economy necessitates a modern financial system that bridges manufacturing and consumption, enhancing service provision for both sectors [1]. - The financial system's role in selecting projects with market potential, profitability, and manageable risks is crucial for improving resource allocation efficiency as the economy shifts to high-quality development [2]. - As China enters an innovation-driven phase, the capital market will increasingly take on the project selection function, directing more societal funds towards capital markets rather than traditional banking [2]. Group 2: Capital Market Development - The influx of new capital will lead to a distinct new phase in the capital market, focusing on nurturing globally competitive large tech firms and innovative SMEs, thereby promoting industrial transformation and innovation [3]. - Increasing the proportion of institutional investors, such as pension funds, in the capital market will stabilize the stock market and support social security expenditures in an aging society [3]. Group 3: Currency and Internationalization - A strong currency is a key indicator of a financial power, with historical examples showing that robust economic and financial systems underpin strong currencies [5]. - China's manufacturing value added is projected to grow from 26.6 trillion yuan to 33.6 trillion yuan from 2020 to 2024, contributing over 30% to global manufacturing growth [5]. - The total value of China's goods trade is expected to reach 43.8 trillion yuan in 2024, maintaining its position as the world's largest trader for eight consecutive years [5]. Group 4: Trade Strategy and Currency Utilization - China aims to implement a new trade strategy that balances imports and exports, increasing imports to facilitate payments in renminbi, thereby enhancing the currency's international status [6]. - Expanding the offshore renminbi financial product ecosystem will increase liquidity and usability, accelerating the internationalization of the renminbi [6]. - Strengthening the renminbi will allow Chinese consumers to purchase better international products, thereby boosting consumption and improving human capital quality [6].