The 14th Lujiazui Forum, themed "Global Financial Opening-up and Cooperation: New Drivers of Economic Recovery," was officially opened on Thursday. 

China's financial watchdog and government officials shared their thoughts on financial supervision during global economic uncertainties.

The recent international banking risks have had little direct impact on China's banking system but serve as a strong warning. Efforts will be made to address risks at an early stage, Li Yunze, director of the National Administration of Financial Regulation said at the forum in Shanghai.

Meanwhile, China will firmly open up its financial market. Li welcomed stable and well-qualified foreign institutions in areas such as wealth management, green finance, elderly care, and asset management to enter China's market. 

To "enhance the effectiveness of services to the real economy", Li said that China will restore and expand effective demand and continue to optimize and improve financial services and increase financial support to promote the consumption of new energy vehicles and green household appliances. 

Green finance is another major topic at the forum. Yi Gang, governor of the People's Bank of China, said China's flourishing multi-level green financial market system, including green loans and bonds, supports China's goal of achieving carbon peak by 2030 and carbon neutrality by 2060. By the end of the first quarter of 2023, China's green loan balance exceeded 25 trillion yuan ($3.5 trillion), and the green bond balance surpassed 1.5 trillion yuan, ranking among the world's highest.

"Green finance will play an important role in the smooth realization of the 30·60 goal," Yi added, "It is crucial to mobilize social funds and leverage the market's role in resource allocation."

At the same time, China's central bank chief said that China is continuing to strengthen the disclosure of environmental information to rein in financial risks such as project fraud. 

Yi Huiman, Chairman of China Securities Regulatory Commission (CSRC) also noted at the forum that the CSRC prioritizes market regulation and cracks down on illegal behaviors like insider trading and market manipulation to maintain market efficiency and transparency.