2015“China and Global Financial System”

【Aug 7, 2015】

SDRF and INET together hold an International Forum of 2015“China and Global Financial System”.


China has been facing a series of major questions in the process of integration into the global financial system. These questions include: What are China’s objectives and procedures for integrating into the global financial system? What are the benefits and risks for China involved in this integration? What’s the relationship between the integration between China and the world on the one hand, and the reform of international monetary system on the other? What’s the relationship between the integration of China with the world and China’s economic transition? Etc. To answer these questions, the Shanghai Development Research Foundation (SDRF) and The Institute of New Economic Thinking (INET) have together launched a multi-year research project “China and Global Financial System”.

Together INET and SDRF have chosen five distinct research topics for consideration in the first phase of the project.Research on each common topic is being conducted by Chinese and foreign researchers separately. As of the end of July, both sides have completed a number of working papers. To assess the progress of the research, the two institutions decided to hold “China and World Financial System” International Forum on 6th and 7th of August, 2015 in Shanghai.

On the first day of the seminar, both sides will submit the results of their research and exchange their views. For the second morning, the discussion topic is “Financial Reform, Stability and Regulation: Global and Chinese Perspectives.” Participants will discuss a series of questions related to the recent dramatic fluctuations of the Chinese stock market. Among the questions that will be addressed are such issues as: Where and how a line should be drawn between market functioning and government intervention in the financial market?How should China consider the tempoand sequence of financial reform, and the balance between market maturity and compatible regulations, and the speed of international integration?What lessons and experiencescan we learn from mature mechanisms in foreign capital markets?

 

 

 

AGENDA

 

 

6th of August, 2015

08:30 – 09:00

Registration

09:00 – 09:25

Opening Remarks:

HU Yanzhao              

Chairman of SDRF,

Former Deputy Mayor of Shanghai

Lord Adair Turner

 

Moderator:

QIAO Yide

Chairman of INET,

Former Chairman of the UK’s Financial Services Authority

 

Vice Chairman and Secretary General of SDRF

 

Part

Reviewing outcomes of the research project

09:25 – 10:55

Session 1:

Moderator:

Thomas Ferguson

Currency Swap

 

Director of Research, INET

09:25 – 09:55

“Central bank swap line: its impact to international monetary system”

XU Mingqi       

Research Fellow,

Shanghai Academy of Social Sciences

Commentators:

 

Perry Mehrling 

Professor of Barnard College,

Columbia University

09:55 – 10:25

“Elasticity and Discipline in the Global Swap Network”

Perry Mehrling

Professor of Barnard College,

Columbia University

Commentators:

 

XU Mingqi

Research Fellow,

Shanghai Academy of Social Sciences 

GAO Haihong  

Director of Research Institute,

Chinese Academy of Social Science

10:25 – 10:55

Discussion

10:55 – 11:10

Coffee Break

11:10 – 12:40

Session 2:

Moderator:

YU Yongding

Cross-border Capital and Financial Stability

 

Academician of Chinese Academy of Social Science

Chairman of the Academic Committee of SDRF

11:10 – 11:40

“Endogenous credit, global liquidity and instability in financial markets”

LIU Haiying       

Senior Research Fellow,

Shanghai Development Research Foundation (SDRF)/

Excellence Academy of Development Research (EDRA)

Commentators:

 

 

Lord Adair Turner

Chairman of INET,

Former Chairman of the UK’s Financial Services Authority

MA Jun

Chief Economist,

People's Bank of China Research Bureau

11:40 – 12:10

“Debt, Endogenous Money, and Financial Instability”

Lord Adair Turner  

Chairman of INET,

Former Chairman of the UK’s Financial Services Authority

Commentators:

         

LIU Haiying    

 

 

YU Yongding

Senior Research Fellow,

Shanghai Development Research Foundation (SDRF)/

Excellence Academy of Development Research (EDRA)

Academician of Chinese Academy of Social Science

Chairman of the Academic Committee of SDRF

12:10 – 12:40

Discussion

12:40 – 14:15

Lunch (City Bistro, the 2nd Floor, Shanghai Marriott Hotel)

14:15 – 15:45

Session 3:

Moderator:

Perry Mehrling

SDR

 

Professor of Barnard College,

Columbia University

14:15 – 14:45

“Constrains for reinforcing SDR’s position and usages”

GE Jiafei

Research Fellow at SDRF

Commentators:

 

James Boughton

 

DING Jianping

Senior Fellow at CIGI,

the Former Historian of the IMF

Professor and Dean of Department of Finance,

Shanghai University of Finance and Economics

14:45 – 15:15

“What Future for the SDR?”

James Boughton    

Senior Fellow at CIGI,

the Former Historian of the IMF

Commentators:

      

XU Mingqi

Research Fellow,

Shanghai Academy of Social Sciences

QIAO Yide             

Vice Chairman and Secretary General of SDRF

15:15 – 15:45

Discussion

15:45 – 16:00

Coffee Break

16:00 – 18:00

Session 4:

Moderator

MA Jun

Reserve Currency and Financial Cooperation

 

Chief Economist,

People's Bank of China Research Bureau

16:00 – 16:30

“Costs and benefits of reserve currency status: historical and theoretical analysis”

GUAN Tao             

Former director of International Payments Departments,

State Administration of Foreign Exchange (SAFE)

Commentators:

 

Thomas Ferguson

Director of Research, INET

ZHANG Liqing

Dean, School of Finance,

Central University of Finance and Economics (CUFE)

16:30 – 17:00

“Experiences and lessons of regional financial cooperation in the past: implications to BRICS CRA””

ZHANG Liqing           

Dean, School of Finance,

Central University of Finance and Economics (CUFE)

Commentators:

 

Daniel Nielsen  

Economist, INET

PAN Yingli

Professor and Dean of Department of Finance,

Antai College of Economics and Management,

Shanghai Jiaotong University

17:00 – 17:30

“Future cooperation and interest orientation of China and the United States in the reform of international monetary system”

ZOU Jiayi         

Assistant Minister, Ministry of Finance, PRC

Commentators:

 

James Boughton

Senior Fellow at CIGI,

the Former Historian of the IMF

GAO Haihong

Director of Research Institute,

Chinese Academy of Social Science

17:30 – 18:00

Discussion

18:15

Meeting at the entrance of the hotel and go out for dinner

 

 


 

 

7th of August, 2015 

Part : Financial Reform, Stability and Regulation: Global and Chinese Perspectives

 

Participants are going to discuss about a series of questions related to the dramatic fluctuation of Chinese stock market occurred recently such as: Where and how a line should be drawn between market functioning and government intervention in the financial marketHow to get grasps of the tempo of financial reform, and the balance between market maturity and compatible regulationsWhat lessons and experiences we can learn from mature mechanisms in foreign capital markets 

 

Moderator   GUAN Tao    

Former director of International Payments Departments,

State Administration of Foreign Exchange (SAFE) 

 

09:00 – 09:20

Speech:

TU Guangshao  Executive Vice Mayor of Shanghai

09:20 – 10:00

Spokesmen:

“The structure of China’s money markets, and implications for liquidity”

Daniel Nielsen  

Economist, INET

 

 

“Coordination of monetary policies and regulatory policies”

MA Jun 

Chief Economist,

People's Bank of China Research Bureau 

 

 

“Systemic implications of securities regulation”

Lord Adair Turner

Chairman of INET,

Former Chairman of the UK’s Financial Services Authority

 

 

LI Xunlei

Chief Economist/

Vice president at Haitong Securities

 

10:00 – 10:30

Discussion 

10:30 – 10:45

Coffee Break

10:45 – 11:45

Spokesmen:

“Financial Liberalization V.S. Financial Stability”

Perry Mehrling 

Professor of Barnard College,

Columbia University

 

 

“China's current economic situation and the reform of the international monetary system”

YU Yongding

Academician of Chinese Academy of Social Science

Chairman of the Academic Committee of SDRF

 

 

“Effective Securities Regulation -- A Clinical Analysis”

Thomas Ferguson

Director of Research, INET

 

 

“Correctly summarizing domestic and international experience and lessons, steadily push financial reform forward”

QIAO Yide

Vice Chairman and Secretary General of SDRF

 

11:45 – 12:15

Discussion

12:15 – 12:30

Closing Remarks

             

Lord Adair Turner

 

QIAO Yide

Chairman of INET,

Former Chairman of the UK’s Financial Services Authority

Vice Chairman and Secretary General of SDRF

 

12:30

Lunch

 

 

 

 

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