China Financial Summit 2013 opens in Beijing  on May 23, 2013 [Photo/chinadaily.com.cn]

China Financial Summit 2013 is one of the main sessions of the 16th China Beijing International High-Tech Expo, and is being held on May 23 and 24. Keynote speeches were delivered at Diaoyutai State Guesthouse.

Cai Guoxiong, of the National Committee of CPPCC and vice-chairman of Beijing Municipal Committee of CPPCC, was at the conference.

Zhu Guangyao, vice minister of Finance delivers keynote speech at China Financial Summit 2013  in Beijing on May 23, 2013. [Photo/chinadaily.com.cn]

Zhu Guangyao, vice-minister of Finance, Pan Gongsheng, deputy governor of the People's Bank of China, Guo Ligen, vice-chairman of the China Banking Regulatory Commission, Liu Xinhua, vice-chairman of the China Securities Regulatory Commission, and Zhou Yanli, vice-chairman of the China Insurance Regulatory Commission, delivered the keynote speeches.

According to Zhu Guangyao, the world's financial environment remains intricate and complex, and there are six contradictions in the situation.

Many countries need to go a step further to lower their interest rates, and the monetary policy of the US Federal Reserve is closely observed by the major developed economies, and economies are paying close attention to see whether the Federal Reserve will give up the quantitative easing policy, said Zhu.

The harmful influence of shadow banking has gradually increased. The Financial Stability Board and G20 are discussing taking lessons from the world economic crisis, Zhu added.