CICC Chairman Chen Liang: The weaponization of the US dollar is driving the restructuring of the international monetary system, and China can steadily enhance the international status of the RMB.

Topic: China Development Forum Annual Conference 2026

The China Development Forum Annual Conference 2026 will be held from March 22 to March 23. Chen Liang, Chairman of China International Capital Corporation, will attend and deliver a speech.

Chen Liang mentioned that the current economic globalization is facing unprecedented challenges, and there are three trends worth noting:

First, the global industrial chain is accelerating its restructuring. In light of this situation, Chen Liang stated that China, with its advantages of a super-large market, a complete industrial chain supply chain system, and abundant talent resources, can effectively leverage economies of scale and explore a development path of “promoting efficiency through security and ensuring security through efficiency.”

Second, the technological revolution is reshaping competitive advantages. He pointed out that the world is at a critical period of transitioning between old and new driving forces, and technological competition is increasingly becoming the core of great power rivalry. As a general-purpose technology, artificial intelligence is profoundly influencing the global economic and governance landscape. China possesses a comprehensive manufacturing system, a large digital user base, and diverse application scenarios, thereby having the immense potential to drive innovation through market pull and generate conceptual breakthroughs through demand.

Third, the uncertainties arising from geopolitical economic competition are increasingly becoming significant investment variables affecting capital markets. “Currently, the means of geopolitical competition have surpassed the level of the real economy, and the trend of weaponizing the dollar is receiving widespread attention. The declining safety of dollar assets is driving a continuous restructuring of international currencies. In this process, China can steadily enhance the international reserve currency status of the renminbi, promoting the global monetary system from a single-center dominance to a more balanced multi-center pattern.”

Looking ahead, in response to global uncertainties and the increasing fragmentation of trade, Chen Liang stated that efforts can be made in the following areas:

First, collaboratively promote multilateral mechanisms and bilateral cooperation to build diversified and strongly complementary supply chain and industrial chain cooperation relationships. Chinese enterprises can deepen cooperation with developed countries and the broad global South through capacity cooperation, joint research and development, and other means to establish more attractive and inherently stable economic and trade relationships.

Second, accelerate the mastery of core technology autonomy and explore new models of international technological cooperation. Relying on world-class infrastructure in regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, China can focus on creating high-level international technology parks, making them hubs for the convergence of different technological paths among various countries.

Third, continuously enhance the resilience of capital markets and consolidate financial security. Chen Liang pointed out that to effectively respond to the increasingly complex international financial environment, from a short-term perspective, we can build a multi-layered support system, including enhancing the resilience of financial institutions such as banks and providing targeted financial support to enterprises. From a long-term perspective, we can continuously improve multi-layered capital markets, enhance the vitality, resilience, and risk resistance of capital markets, and continuously improve the adaptability of financial services to technological innovation, which is also key to preventing financial sanction risks.

As an internationalized leading Chinese investment bank, CICC has always adhered to the philosophy of “rooted in China, connecting with the world,” committed to developing into a comprehensive financial institution that deeply understands the Chinese market, seamlessly connects with international rules, links global resources, and serves global clients.

Looking to the future, Chen Liang stated that CICC will continue to leverage its advantages in cross-border markets, work with global clients and all sectors of society, fully serve high-level opening up, jointly promote global market stability and economic financial security, and seek opportunities for mutual benefit and win-win futures.

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Editor: Li Ang