F20 Initiative: Restore the Essence of Finance
At present, global development has entereda critical stage. One of the pressing issues is to review and rebuild the basis of the value of human society, restore the essence of finance, which isto serve the real economy, reshape and improve the basic economic system, and ultimately boost economic recovery and the comprehensive and sustainable development of the world.
The International Finance Forum (IFF) is an independent, non-profit and non-governmental international organization. In October2003,it was founded in Beijing under the initiation of a substantial numberof global financial leaders, policy makers, leading scholars and experts from over 20 states and regions includingChina, the U.S. and the EU, and international organizations such as the UN. The IFF is a longstanding high-level dialogue platform and a communication and research network in the financial realm. It aims to safeguardand improve the international financial order through non-governmental high-level dialoguesfeaturing multilateral, equal, practical and constructive cooperation so as to enhance world economic inclusiveness and comprehensive and sustainable development. The IFF is committed to developing into an independent, transparent and non-governmental think tank that focuses on international financial public diplomacy and strategies.
In order to tackle the world’s new order, new circumstances, and new challenges as well as to promote global stability and cooperative dialogues, coinciding with the 2016 G20 Summit in Hangzhou, all members of the International Finance Forum (IFF) approve to upgradethe IFF into “F20” in the global financial realm based on IFF’swell-developed framework built over the past 13 years. It aims to usher in a “New Era of Comprehensive and Sustainable Development: New Capital, New Value, New World”. We, therefore, propose the F20 Initiative as follows:
1. Establishing the F20 global network. Reorganizing the IFF Global Board andthe executive body, setting up an open and interconnected globalnetwork centered on G20 countries and regions with the participation of emerging economies and countriesalong theSilk Road Economic Belt and 21st Century Maritime Silk Road (“Belt and Road”), and building the IFF into the “F20”, a global financial organization.
2. Restoring the essence of finance. Playing the full role of F20 as a global network platform. Restoring the essence of finance to serve the real economy, improving the basic economic system and ultimately accelerating the global recovery and bolster the comprehensive and sustainable development of the world. Giving full play to the fundamental function of financial instruments, and promoting comprehensive, sound and sustainable development of the basic economy and human civilization.
3. Providing new drivers to global governance. Through the F20 dialogues,supportingthe role of G20 as a major international economic forum so as to strengthen cooperation on macroeconomic policies, reinvigorate global trade and investment, and accelerate the reform of international financial system. Enhancing the studies on world financial order, global financial governance framework, financial stability and relations between finance and world peace.
4. Facilitating national and regional financial cooperation dialogues. Through the IFF platform, holding regular F20 summits and meetings on national and regional financial cooperation, sharing ideas and experiences of development among all member countries, conducting profound discussions relatingto the G20 countriesand international development issues, promoting the implementation ofG20 summitdecisions, striving to develop F20 into a strong complement toG20 and making it an authoritative platform for comprehensive dialogues, exchanges and cooperation in areas such as international economy, finance and public relations.
5. Ensuring China and emerging economies play their full roles. Facilitating dialogues on national and regional stability and cooperation, and encouraging the financial and economic cooperation among bigpowers. Through F20’s studies on the new drivers and challenges of G20, to promote supply-side structural reforms, restructure the economy, optimize resource allocation, upgrade the qualitative and quantitative of economic growth, and invigorate emerging economies. Supporting the internationalization of Chinese enterprises to export China’s capital and technologies to developing countries via outbound direct investment so as to achieve mutual benefitsand win-win results.
6. Establishing a global green financial system. Encouraging governments around the worldto incorporate green finance into the national strategies, promoting comprehensive, sustainable and green growth, strengtheningthe laws and regulations on green finance, promoting green investment and economy, establishinga guarantee mechanism for green projects, developing the green financial market, and encouraging the inflow of private capital by developing diversified financial instruments.
7. Promoting the inclusive finance development. Enhancing the internationalization, global cooperation and financing for small and medium-sized enterprises and promoting balanced development in economic and social sector. Encouraging all nations to upgrade social welfare and social security, reduce poverty, and protectthepoorand vulnerable cohorts, as well as to provide more secure, convenient and safe financial services tothe general public. Facilitating world peace, social stability and improving people's life.
8. Boosting growth through financial innovation. The core of financial innovation lies in utilizing technology to performthe fundamental function of finance so as to boost the real economy development. Strengthening governance and regulation over digital economy and finance, emphasizing supervision over potential benefitsand risks of E-commerce, enhancing the inclusion for areas such as digital revolution and block chain technologies, and establishing a fair and effective regulatory mechanism and framework.
9. Promoting the Silk Road Initiative and Action. Through thefounding ofSilk Road International Union (SRIU) and the SRIU summits, create a development blueprint that involves the international community, global market and private capital, so as to provide new engines for the Silk Road cooperation. Promoting regional cooperation, constructing win-win and multi-win landscape, building up a common interest community and facilitating world peace, inclusion and sustainable development.
10. Establishing the IFF Institute. Through the IFF international academic network mechanism, carryingout international academic cooperation and profound research on major financial issues among different countries and regions. Discussing and putting forward proposals on promoting cooperation, enhancing the reform of global financial system and diversification of international currencies, and establishing a fair, inclusive and orderly international financial system. Publishing high-level, forward-looking, and instructive academic report.
11. Establishing the IFF Academy. Building up a comprehensive, cross-disciplinary education institution with global influence that integrates financial training, innovation and practices. Striving to cultivate qualified and multi-skilled personnel in the financial field equipped with innovative ideas, new knowledge and skills that meet the global requirements, as well as leaders for new global capital with abundant experiences and overall strategic visions. Promoting global exchanges, cooperation and development in the international financial field so as to build up a training platform for advanced finance education and high-level personnel that face the world.
We firmly believe that by developing the International Finance Forum (IFF) and the F20 global network, the essence of finance could be restored to serve the real economy, reshape and improve the basic economic system, and ultimately accelerate the global economic recovery and bolster the comprehensive and sustainable development of the world economy.