The Lujiazui forum

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When Chinese financial wonks – still predominantly Shanghai born or politically bred – returned to the city for the 2013 lujiazui forum， it was hardly a triumphant homecoming.

The annual event rounds up top financial officials as well as leaders within the finance and banking industry for one of the most important finance policy discussions each year.

The forum kicked off with a speech from Tu Guangshao， a vice mayor of Shanghai， declaring that much of the pomp would be cut from the event， including opening and closing ceremonies and a formal banquet.

Those looking for more exciting fare than financial leaders’ eating habits might have been disappointed. The manicured speeches of such leaders are generally not designed for major policy announcements.

For example， Bank of China President Li Lihui said he hopes that China’s renminbi will be fully convertible in 10 to 12 years， an incredibly conservative statement as economists and others call for it to happen far sooner.

Still， the event generated a trickle of wire-service-worthy stories. Among the more interesting revelations was that the New York Stock Exchange is working with China to launch its longtalked-about international board. The board， originally set to launch in 2010 to allow foreign firms to list， has been in limbo for years with officials regularly saying it will launch soon.

Perhaps what is most striking about this year’s conference is how closely it reflects trends in China’s economy.

After the cash crunch sent markets into turmoil， the event proved a welltimed opportunity for financial leaders to demonstrate that they have the reins of the financial system well in hand.

Shang Fulin， chairman of the Chinese Banking Regulatory Commission， stressed that there is enough cash in the financial system， even if some banks weren’t managing liquidity well.

The boring nature of other leader’s remarks may actually be an effort to reassure the market. Leaders sent the message that beyond the shock to the interbank market， gradual reforms will still prevail in the financial industry.

While politics and finance are inextricably intertwined in China， it’s important to remember that the forum was predominantly a meeting of businessmen. The mostly male cohort are in the business of using money to make more money. In public， they may settle for austere buffet lunches， but more privately they amass lavish amounts of wealth.

Those looking for evidence need look no farther than Agricultural Bank Vice Chairman Zhang Yun’s remark that private banking for wealthy individuals may just be the next engine of growth for financial institutions.“The small platform of private banking could even leverage the restructuring of the whole banking sector，” Zhang said.