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In a welcome speech, Zhou Xiaochuan, former PBOC governor, said that to further promote the development of Shanghai into an international financial center, the Cross-border Interbank Payment System (CIPS) will come to Shanghai soon.

The former PBOC governor cautioned that although the global financial governance has gained great achievements after the global financial crisis that struck in 2008, people cannot be over optimistic. There’s still some work left to be done, and should seize good opportunities because solving problems at the good time will be relatively easy, he said.

Moreover, these problems should be solved timely to prevent next crisis, he added.

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