Shanghai Securities News | Yu Wenjian from Shanghai Gold Exchange: Promote the construction of a financial power through high-quality development of the gold market

Shanghai Securities News - China Securities Network News: On July 27, Yu Wenjian, Secretary of the Party Committee and Chairman of the Shanghai Gold Exchange, stated in his speech at the 2024 China International Gold Conference that the Shanghai Gold Exchange will adhere to the general work tone of seeking progress while maintaining stability, accelerate the construction of an independently controllable, safe and efficient financial infrastructure for the gold market, prevent and resolve various risks, strive to improve the quality and efficiency of services for the real economy, and promote the construction of a financial power through the high-quality development of the gold market.

Yu Wenjian said that the global gold market infrastructure has undergone significant changes over the past few decades, showing five main trends in general: first, trading venues have shifted from over-the-counter to on-exchange; second, the nature of trading has shifted from commodity to financial; third, regulatory models have shifted from single to multiple; fourth, the principle of formulating tax policies has shifted from neutrality to efficiency priority; fifth, the business philosophy has shifted from extensive development to green and low-carbon development.

"At present, China's gold market is facing new situations and new requirements of further deepening high-quality development and promoting the construction of a financial power, and is in the midst of the 'five shifts' development trends in the international gold market," Yu Wenjian said, adding that the Shanghai Gold Exchange will make efforts in the following aspects.

First, based on independence, promote the upgrading of innovative development. Closely centering on the goal of advancing Chinese modernization and focusing on the theme of high-quality development, we will continue to strengthen independent innovation and business research and development, optimize information technology security management, improve service capabilities, and fully ensure the safety, stability and reliability of the gold market.

Second, based on controllability, build a benign market ecological chain. Actively integrate into the construction of a complete and effective financial regulatory system, strengthen the research on the system of the gold market, enhance the self-discipline management of the gold market, and guide the participants in the gold market to abide by market rules and professional ethics. Let the financial culture with Chinese characteristics truly become the work orientation and action criterion for promoting the high-quality development of the gold market, and become the behavioral habits and conscious adherence of the practitioners in the gold market that they use daily without realizing it.

Third, based on safety, ensure that there are no blind spots in risk management. Continuously optimize the comprehensive risk management system, improve risk classification management, promote differentiated management of business risks, strengthen the prediction and emergency management of risk events, do a good job in investor risk education, and firmly hold the bottom line of preventing systemic risks.

Fourth, based on efficiency, achieve high-quality market services. Improve the supply of existing products and services, and comprehensively improve the service efficiency and level of trading, delivery, clearing and settlement, leasing and other businesses. At the same time, we will adhere to the overall planning of financial opening up and security, deepen the interconnection between domestic and foreign gold markets, actively participate in the establishment of international rule systems, promote the high-standard construction of the global gold market, and continuously improve the level of opening up of the gold market. (Zeng Qingyi)