In order to help China's trust companies to better comprehend the spirit of the Report on the Work of the Government and the 13th Five-Year Plan and encourage them to think and explore trust industry's development road map and innovation direction in the face of economic new normal, CTA held a seminar inviting an expert from the Development Research Center of the State Council to interpret the Report and the Plan. More than 130 practitioners as well as experts from trust community participated. The Seminar was presided over by Mr. Qi Jianming, Executive Vice Chairman of CTA.    

Mr. Long Guoqiang, the expert invited, has been deeply involved in the top-level design of a series of major national economic policies and institutions. Such experiences helped him with his original insights on China’s economic development trend. At the seminar, Mr. Long interpreted the profound meaning of the 13th Five-Year Plan with the theme of "the Five-Year Plan and the Advancement of Opening-up Level". Firstly, he said, the 13th Five-Year Plan is unique from former ones, it is the first Five-Year Plan since our economy has entered in new normal, the finale Plan aiming at  building a moderately prosperous society in all aspects, and the initial Plan drawn up under the guidance of the Five Development Concepts, namely, Innovation, Coordination, Greenness, Openness and Sharing. Secondly, the 13th Five-Year Plan is target-guided and problem-oriented, which means, it sets the target of building a moderately prosperous society in all aspects and puts focuses on addressing problems generated during the process reaching that target. Actions will be instructed and guided by the Five Development Concepts that are closely interlinked and mutually reinforcing. Thirdly, the international and domestic environments faced by China during the Five-Year Plan period will be complicated and challenging, requiring higher quality of opening-up, making technology upgrades and institutional reforms the possible resorts tackling with difficulties. Mr. Long also answered questions on RMB exchange rates and foreign exchange reserves, reform in financial sector and liberalization of capital accounts, and local government debt risks in the session of interactive Q&A.

Mr. Qi expressed sincere thanks to Mr. Long on behalf of all attendees. He stressed that China's trust industry should strengthen communication with relevant research institutions and give priority to study on China's trust theory. Such endeavors are instrumental in helping us understand the development logics of our industry, take full advantages of political opportunities and achieve trust industry’s successful transformation and innovation.