Vice President Wang Qishan on Saturday stressed accelerating the establishment of a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other.

Chinese Vice President Wang Qishan speaks in a video address at the opening ceremony of the Second Bund Summit, on Oct. 24, 2020. The summit opened Saturday in east China's Shanghai. [Photo/Xinhua]

Wang made the remarks in a video address at the opening ceremony of the Second Bund Summit in Shanghai.

The new development paradigm should focus on adapting to the changing environment, transforming the growth model, and further deepening reform and opening up, he said.

Efforts should be made to ensure the financial sector serves the real economy, prevent and defuse financial risks, and attach equal importance to financial innovation and stronger regulation, Wang added.

He stressed striking a balance between building regulatory capacity and encouraging financial innovation, invigorating the market, and opening up the financial sector.

Noting that mankind has entered a new era of interconnectedness with countries having intertwined interests and common future, Wang said economic globalization remains the historical trend.

Joining hands to fight the COVID-19 pandemic, tiding over difficulties together, and seeking win-win cooperation is the only right choice for the world, Wang said.