Editor's note: On Thursday, the very same day when the Shanghai Stock Exchange launched a new science and technology innovation board, the 11th Lujiazui Forum 2019 kicked off in Shanghai.

With the theme of "Accelerating the International Financial Center Development and Promoting High Quality Economic Growth", the two-day forum gathered government officials, regulators, financial and business leaders, as well as renowned economists and scholars from home and abroad to discuss hot topics such as China's economic trends, the new sci-tech board, the renminbi exchange rate, capital market reform and financial opening-up.

Here are some of the quotable quotes captured from the forum.

Chinese Vice-Premier Liu He

At present, China's financial situation is generally stable, and the phased target of preventing and defusing financial risks has been achieved.

In accordance with the requirements of "standardization, transparency, openness, vitality and resilience", we should adhere to a reform direction that's market-oriented and based in law, pay attention to referring to international practices, and constantly improve the basic system of the capital market to make it truly become a barometer of economic operation and a booster for promoting high-quality economic development.

Guo Shuqing, the People's Bank of China's Party secretary and head of the China Banking and Insurance Regulatory Commission

We must face the problem of the financialization of real estate in some places. In recent years, the leverage ratio of the household sector in some cities in China has risen rapidly and the debt ratio of a considerable proportion of households has reached an unsustainable level. More seriously, around half of the new savings resources are invested in the real estate sector. The excessive financing of the real estate industry not only occupies credit resources of other industries, but also encourages investment speculation in the sector and causes a more serious bubble problem.

History has proved that every country that relies excessively on real estate to achieve and maintain economic prosperity will eventually pay a heavy price. All residents and enterprises relying on blind investment and speculation in real estate to manage money will eventually find that it is really not cost-efficient.

Yi Gang, governor of the People's Bank of China

The core of developing Shanghai into an international financial center is to make the city the global center for the allocation and risk management of renminbi-denominated financial assets.

The Shanghai international financial center will be an international financial center developed on the basis of renminbi assets.

Shanghai will be built into an allocation center of renminbi financial assets, a risk management center of renminbi financial assets, a financial science and technology center, a high-quality business environment center, and a financial talent center.

Yi Huiman, chairman of the China Securities Regulatory Commission

It is a brand-new exploration to set up the new science and technology innovation board and pilot the registration-based IPO system. In the process of exploration, we may encounter various difficulties and challenges.

Especially in the initial stage of listing on the board, investors should pay special attention to several new changes.

First, the listed companies on the board will go through the market test, which is a sorting-out process that may make delisting more normal. Second, the phenomenon of high valuation issuance may increase. Third, in the early stage of developing the board, the market supply and demand are unbalanced and the new trading mechanism needs a process of adaptation. Fourth, as science and technology-based firms have fast technology iteration, long investment cycle and great uncertainty, investors should treat them rationally. Fifth, in the initial stage of the pilot project, the institutional innovation of the board still needs to be further tested in practice, and there is a partial running-in process.

Zhou Xiaochuan, former governor of the People's Bank of China

Countries across the globe should strive to prevent competitive devaluation of currencies, and China's financial science and technology ecosystem should develop toward diversity.

At present, all countries are actively seeking new impetus for growth in the new wave of scientific and technological revolution and industrial change. But at the same time, protectionism and unilateralism have risen, and profound changes have taken place in the process of globalization. In the global environment, China has always advocated the ideas of opening wider and expanding the space for mutually beneficial cooperation, pursuing innovative growth and speeding up the transformation of growth drivers, and pursuing inclusive development for the benefit of all.

Sheila Bair, former head of the Federal Deposit Insurance Corp

In the United States, regulators are overlapping with each other, which has created a lot of confusion and complexity for foreign investors. On the contrary, China merged separate regulatory bodies of the banking and insurance industries into one, which can realize synergism. In terms of making clear rules, it is worthy for the United States to learn from China.

China plays an important role in many international organizations. If China wants to start participating in the process of formulating international rules, whether large or small, there must be a process of gradual improvement and learning.

Myron Scholes, winner of the Nobel Memorial Prize in Economic Sciences

From the launch of the science and technology innovation board, we see China's reform and innovation, especially the financial innovation and technological innovation, again. In order to become a technological innovation-oriented country, China must strengthen market financing of scientific and technological enterprises, especially solving the problem of effective domestic financing for them.

China's financial institutions should speed up their development from scale to miniaturization and individualization. With the continuous development of China, we need to develop more personalized services and products. In the early stage of entrepreneurship, most of the science and technology enterprises have insufficient returns, but they will have great value in the future. So we must find out how to effectively meet their capital needs.

Howard Davies, chairman of the Royal Bank of Scotland

Chinese regulators are very wise. They can hear the experience of regulators in financial centers in the United States and other European countries.

If the GDR of a Chinese company trades in London or the CDR of a British company trades in Shanghai, our regulators must be very transparent about the transaction, so we should have an open exchange of information. I am very confident that the relationship between Chinese and British regulators is very good and can achieve that.

The emergence of financial technology and new technology is bringing changes to regulation. Fortunately, regulators can also adopt technologies and now we have a large market for regulatory technology.

Jing Xiandong, CEO of Alibaba's financial affiliate Ant Financial

If you want to go fast, walk alone; and if you want to go far, walk together. It is more significant for every organization serving small and micro-sized enterprises to win championships as a team rather than as an individual.

Digital technology is the biggest dividend and an unprecedented opportunity for inclusive development. Financial institutions and technology platforms can build a win-win environment and make financial services more inclusive.

David Schwimmer, CEO of the London Stock Exchange Group

The London Stock Exchange has made preparations for Shanghai-London Stock Connect for several years.

Shanghai-London Stock Connect gives Chinese investors the possibility to invest in foreign enterprises. It also enables foreign investors to enter China's A-share market on the basis of the international liquidation mechanism, and to benefit from the growth of the Chinese market.

We have now completed the regulatory framework of the Shanghai-London Stock Connect and the cross-border trading rules have been finalized.

Shanghai-London Stock Connect is an excellent case of close cooperation between China and Britain, which reflects the close cooperation between Shanghai Stock Exchange, London Stock Exchange and Chinese and British regulatory authorities.