Continuous turmoil, changes in the global economic and financial situation, and new global developments and patterns arising since the beginning of the 21st century all now require the international community to join forces. The need to establish a broader mechanism for cooperation and dialog is urgent, as is that for a global network that facilitates regular consultations, along with the joint solution of significant global issues such as economic and financial crises.
To address the new world order, new situation, and new challenges, and to promote global stability and cooperative dialog, leaders and member representatives from G20 countries and regions, along with related international organizations and global financial institutions, convened a conference in Beijing, China in October 2003 and issued the International Finance Forum (IFF) Declaration, thereby officially establishing the organization. Such countries and regions included China, the United States, the United Kingdom, France, Germany, Canada, Japan, South Korea, the Philippines, Turkey, Saudi Arabia, Israel, Pakistan, the United Arab Emirates, Mexico, Brazil, Argentina, Italy, Portugal, Belgium, the Netherlands, Australia, New Zealand, and Egypt, while international organizations and global financial institutions in attendance included the United Nations, the European Union, the World Bank, and the International Monetary Fund.
In September 2016, on the eve of the G20 Summit in Hangzhou, China, the IFF held its 13th Global Annual Meeting in nearby Shanghai. UN Secretary-General Ban Ki-moon then delivered a speech on the F20 Initiative, after which all members unanimously proposed that, based on the mature framework of the IFF, the organization should be shaped into the F20 of the global financial field, committed to promoting the agenda New Capital, New Value, New World - Creating a New Era of Comprehensive Sustainable Development. The aim of jointly building the F20 platform was to actively guide finance to return to its roots, reconstruct and improve the world’s basic economic system, and promote a global economic recovery as well as sustainable, comprehensive development.
The IFF is an independent, non-profit, non-governmental international organization founded in Beijing in October 2003, and established by financial leaders from more than 20 countries and regions, including China, the United States, the European Union, emerging countries, and leaders of international organizations such as the United Nations, the World Bank and the International Monetary Fund (IMF). The IFF is a long-standing, high-level platform for dialog and communication and multilateral cooperation and has been upgraded to F20 (Finance 20) status.
By establishing a multifaceted, pragmatic, equal, and constructive platform for unofficial high-level dialog and collaboration, we aim to boost international financial exchanges and the inclusive, sustainable development of the global economy. With operations that are internationalized, market-oriented, and professional, we are dedicated to becoming an unofficial, independent, and transparent international financial public think tank as well as a platform for strategic collaboration.
We actively promote global collaboration among all members and participants, attract elites from the global financial community, discuss and negotiate significant issues facing the international financial sector, address major global challenges, and advance more inclusive and extensive global cooperation and development. Such efforts include the following:
(1) Based in China and in other nations with emerging economies, yet also globally oriented, we promote and enlarge comprehensive sustainable development and engage in economic and financial collaboration between China, other emerging economies, and various regions of the world.
(2) We also provide a high-level dialog platform for governments, international organizations, financial institutions, enterprises, and experts and scholars to jointly explore global economic and financial issues as well as related matters.
(3) Through a working network established by the IFF together with global financial leaders, financial institutions, enterprises, and academia, we offer services facilitating the expansion of global collaboration, both among members and between members and nonmembers.
The IFF's operations are based on an open, transparent, and fair mechanism to ensure its independence, objectivity, foresight, and inclusiveness and to facilitate global financial cooperation and exchanges. Through in-depth research on global finance, the IFF is committed to promoting sustainable development of the Chinese and world economies. Our target is building an:
1. International Financial Strategic Dialog Platform;
2. International Financial Cooperation and Exchange Platform;
3. International Financial Innovation and Practice Platform;
4. International Financial Strategic Think Tank Platform; and
5. International Financial Talents Platform
The IFF has developed into an independent, nongovernmental international organization. Based in Beijing, it has become a regular platform for high-level dialog, exchanges, and research in the global financial realm, and has drawn growing attention from the financial and other sectors.
Since its establishment, the IFF has held an annual meeting to analyze and address economic and financial issues facing China and the world. The annual meeting has become a major event in the global financial realm, and has been upgraded to F20 status. Previous events invited hundreds of global political, economic and financial leaders, including UN Secretary-General Kofi Annan and Ban Ki-moon, Kevin Rudd, ex-Prime Minister of Australia, Jean-Claude Trichet, who was previously President of the European Central Bank, Yukio Hatoyama, former Prime Minister of Japan, HRH prince Turki Bin Abdullah Bin Abdulaziz, Tony Blair, a previous Prime Minister of Great Britain and Northern Ireland, Jenny Shipley, former Prime Minister of New Zealand, Han Seung-soo, ex-Prime Minister of the Republic of Korea, Paul Volcker, former Chairman of the US Federal Reserve System, Supachai Panitchpakdi, ex-Secretary-General of the United Nations Conference on Trade and Development, Christine Lagarde, former Managing Director of the International Monetary Fund, and Jaime Caruana, who was previously sGeneral Manager of the Bank for International Settlements.
These meetings have all achieved remarkable results. The solutions and suggestions that experts introduced at these sessions have greatly influenced the international financial field and become important references for formulating economic and financial policies. China’s national leaders - including Xi Jinping, Wen Jiabao, and Wang Qishan - have also mingled with guests during these meetings.
The IFF Annual Meeting has become a “high level, high-end and international” financial summit, and hence, is well known as the F20.
High-level - International speakers mainly consist of senior executives of international organizations or institutions. Domestic speakers are heads of financial regulatory entities and financial institutions.
High-end - China’s financial reform - particularly that of state-owned banks - is also deepening. The themes and the speeches delivered by conference guests at the annual meetings present the highest level of insights and opinions on the global financial situation and other key issues.
International - IFF's international nature lies in the high-level dialog mechanism of the annual meetings, which makes it stand out among similar events. The annual meeting attracts hundreds of global political, economic, and financial leaders to convene in China to explore new drivers of growth.
Ban Ki-moon, the eighth UN Secretary-General, once praised the valuable contributions of the IFF to global policy dialogs that distill the essence of finance through timely discussion.
Jean-Claude Trichet, former president of the European Central Bank, Honorary Chairman of the G30, and chairman of the European Group of the Trilateral Commission, spoke very highly of the role of the IFF since its establishment, noting that the IFF has always persevered in its quest for ‘Comprehensive and Sustainable Development - New Capital, New Value, New World.’ This spirit aligns with the development trend of the new global economic and financial pattern.
Paul Volcker, the ex-Chairman of the Federal Reserve System and former Chairman of the President's Economic Recovery Advisory Board, also affirmed that the IFF is an important platform that promotes international financial cooperation and development, “I hope IFF would continuously carry forward its important mission," Volcker stated.
The IFF Secretariat is located at its Beijing headquarters. The address of the IFF Permanent Conference Site is No. 1 International Financial Island, Nansha District, Guangzhou, China.
