2015“Shift in Global Financial Governance and China’s Financial Reform”

【Oct 31—Nov 1, 2015】

SDRF, together with Reinventing Bretton Woods Committee (RBWC), PBC School of Finance, Tsinghua University (PBCSF), Shanghai Advanced Institute of Finance, SJTU (SAIF) and Triffin International Foundation(RT), hold an International Forum of 2015“Shift in Global Financial Governance and China’s Financial Reform”.

Defect in global financial governance was one of the major causes for the global financial crisis to outbreak and spread. Although global financial governance has been improved for a certain extent after the crisis, global stock markets fluctuated drastically recently, and large amount of capital out flowed from developing countries which caused their currencies to depreciate, which demonstrates global financial governance requires further reform. We have to understand explicitly, what is the current status of global financial governance? What is its possible trend of evolvement in the future? What kinds of impact will the shifts in monetary policies of developed countries bring to developing countries? How developing countries should cope with the spillover effects? What role that G20 can play in this process?

China's economy is in transition. On one hand, economic downward pressure is still big while economic reform including financial one is to be implemented at the same time. It is a great challenge for the Chinese government. The recent exchange rate reform is an important part of the financial reform, on which domestic and foreign parties have different interpretations. What is the goal of this exchange rate reform? How is it related to the internationalization of RMB? The recent turbulence in China’s capital market has indicated that China still has a long way to go to achieve the balance among financial reform, stability and supervision. Financial innovation and opening of Shanghai Free Trade Zone is also an important “experimental field” for the entire financial reform. How to combine this experiment with China’s overall reform closely? How to promote the construction of Shanghai International Financial Center through this experiment? All these questions above will be discussed during this conference.

31^th of October, 2015 (Unity Room, the 3^rd floor)

Part I：Shifts in Global Financial Governance

08:00 – 08:30

Registration

08:30 – 09:30

Opening Remarks:

HU Yanzhao Chairman of SDRF, Former Vice Mayor of Shanghai

Marc Uzan Executive Director, RBWC

Keynote Speech:

LI Jiange Chairman of Sun Yefang Foundation

Moderator:

QIAO Yide Vice Chairman & Secretary of SDRF

09:30 – 11:00

Session 1: A misallocation of capital across the world, divergent growth pattern and monetary policy: what the future holds

What are the impacts of the non-conventional monetary policies in developed countries on the world economy?

What are follow-up effects of Federal Reserve’s no action on interest rate in September?

How emerging economies should cope with the spillover effects?

What are the tool kits for the rise of global financial risks?

Moderator:

FEI Fangyu Professor, China Academy of Financial Research, SJTU

09:30 – 09:45

“The international monetary system and global growth: elements for a G20 agenda”

Jean Pierre Landau Dean Department of Economics, Sciences Po Paris

Former Deputy Governor Banque de France

09:45 – 10:00

“The impacts of the unconventional monetary policies in the developed countries on the world economy”

CHEN Hongyi Senior Manager, Hong Kong Institute for Monetary Research (HKIMR)

10:00 – 10:15

“China's choice of exchange rate policy under the prospects for economic recovery in the United States”

CHANG Chun Executive President, SAIF, SJTU

10:15 – 11:00

Discussion

11:00 – 11:15

Coffee Break

11:15 – 12:45

Session 2: Vulnerabilities in the international monetary system and the scope of policies coordination

What are the aspects of these vulnerabilities of the international monetary system?

How to reduce the impacts of these vulnerabilities on the world economy?

What is the functionality of policies coordination for reducing these impacts?

Moderator:

Domenico Lombardi Director, Global Economy, Program CIGI

11:15 – 11:30

“The systemic flaw in the present international monetary system and the relevance today of the Triffin dilemma”

Bernard Snoy President, Triffin International Foundation

11:30 – 11:45

“Global liquidity, financial circle and imbalance”

QIAO Yide Vice Chairman & Secretary of SDRF

11:45 – 12:00

“The rising significance of China for global capital markets”

Isabelle Mateos Lago Senior Economic Advisor, Blackrock

12:00 – 12:45

Discussion

12:45 – 14:00

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

14:00 –16:30

Session 3: Shifts in global governance : the rise of new multilateral institutions

After the global financial crisis, what improvements are made regarding to the global financial governance? What kinds of problems still exist? How to solve them?

Does the creation of new international financial institution (BRIC development bank, AIIB, silk Road fund) fill a gap in the global financial governance structure?

How to solve the contradiction between the globalization of financial risks and financial supervision which is implemented under a country’s own jurisdiction?

Moderator:

YU Yongding Academician of CASS

Chairman of the Academic Committee of SDRF

14:00 – 14:15

“Global economic governance: recent progresses and remaining challenges”

Javier Guzman Calafell Deputy Governor, CB Mexico

14:15 – 14:30

“The role of Europe in global governance”

Carlo Monticelli G20 Deputy Department of Treasury, Italy

14:30 – 14:45

“Using the SDR as a leverage to promote IMS reform”

Elena Flor Corporate Social Responsibility Manager, Intesa Sanpaolo Group

Board Member, Triffin International Foundation

14:45 – 15:00

“The New Development Bank and global financial governance ”

Paulo Nogueira Batista Vice President, New Development Bank Established by BRICS

15:00 – 15:15

"Financing of sustainable infrastructure: challenges for old and new multilateral institutions"

Amar Bhattacharya Senior Fellow, Brookings Institution

15:15 – 16:30

Discussion

16:30 – 16:45

Coffee Break

16:45– 17:45

Roundtable Discussion:

China presidency of 2016 G20 summit: suggested topics in the framework of international financial architecture and governance

How can we improve the coordination of macro policies to achieve better alignment?

How to promote the reform of IMF further?

What is the role played by the present multiple development banking? How to improve the cooperation among G20 members to improve international financial architecture and governance?

Moderator：

Marc Uzan Director, Reinventing Bretton Woods Committee

Discussant:

Domenico Lombardi Director, Global Economy, Program CIGI

PAN Yingli Professor, Shanghai Jiao Tong University

LIU Haiying Research Fellow, SDRF

Alfred Schipke Senior Resident Representative for China, IMF

Massimiliano Castelli Managing Director, Head of Stategy, Global Sovereign Markets, UBS

18:00

Boat Cruise at Huangpu River (Meeting at the entrance of the hotel )

1^st of November, 2015 (Unity Room, the 3^rd floor)

Part II：China’s Financial Reform

08:30 – 09:00

Registration

09:00 – 10:30

Session 1: Reform of RMB exchange rate mechanism

What are the goals of the recent exchange rate reform?

What has been achieved so far?

Why there is such a great difference between domestic and international responses to it?

Moderator:

CHANG Chun Executive President, SAIF, SJTU

09:00 – 09:15

“Capital controls, FX management and China’s monetary policy”

LIU Zheng San Francisco FED

09:15 – 09:30

“Reform of exchange rate mechanism: facts and conjectures”

ZHANG Shengju Director, Research Department, China Foreign Exchange Trade System

09:30 – 09:45

“Capital flows, RMB exchange rate and its reform”

YU Yongding Academician of CASS

Chairman of the Academic Committee of SDRF

09:45 – 10:30

Discussion

10:30 – 10:45

Coffee Break

10:45 – 12:15

Session 2: Internationalization of RMB

What are the achievements and prospects of internationalization of RMB?

How is it related to reform of exchange rate mechanism and opening of capital account?

What is the sequence of China’s financial reform supposed to be?

Moderator:

SHAO Yu Chief Economist, Orient Securities

10:45 – 11:00

“Falling foreign exchange reserves: the end of an era?”

Massimiliano Castelli Managing Director, Head of Stategy, Global Sovereign Markets, UBS

11:00 – 11:15

“Implications of RMB Internationalization: the Korean experience”

Kyoungsoo Kim Professor, Sungkyunkwan University

11:15 – 11:30

“The sequencing of China’s financial reform”

Isabelle Mateos Lago Senior Economic Advisor, Blackrock

11:30 – 12:15

Discussion

12:15 – 14:00

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

14:00 – 15:30

Session 3: Financial Risk and Supervision: fluctuation of China’s stock market

How to keep the balance among financial innovation, stability and supervision？

What experiences and lessons we can learn from the recent turmoil in stock market?

What is the next step to facilitate the reform and opening of China’s capital market? What international experiences we can learn as references?

Moderator:

Alfred Schipke Senior Resident Representative for China, IMF

14:00 – 14:15

“Healthy development of China's securities market, responsibility of managing systematic risk and construction of systemic environment”

HU Ruyin Chief Economist, Shanghai Stock Exchange

14:15 – 14:30

“Stock market fluctuation and the role of supervisor”

YUAN Yu Professor, Shanghai Advanced Institute of Finance

14:30 – 14:45

“Promoting financial reform under the framework of G20”

MA Jun Chief Economist, PBC Research Bureau

14:45 – 15:30

Discussion

15:30 – 15:45

Coffee Break

15:45 – 17:30

Roundtable Discussion:

Financial opening and innovation of Shanghai Free Trade Zone and construction of Shanghai International Financial Center (SIFC)

What are the features and progress of financial opening and innovation in Shanghai Free Trade Zone?

What is its relationship with the entire China’s financial reform?

In comparison with New York, London, Hong Kong and other international financial centers, what are Shanghai’s disparities? How to improve them?

Moderator：

XU Mingqi Secretary General of Shanghai Research and Coordination Center for Free Trade Zone Studies.

Discussant:

SHI Liya Shanghai Financial Society

ZHANG Yong Director, Policy Research Bureau, China(Shanghai) Pilot Free Trade Zone Administration

SHAO Yu Chief Economist, Orient Securities

QIAO Junhua Research Fellow, SDRF

SUN Lijian Professor, School of Economics, Fudan University

FEI Fangyu Professor, China Academy of Financial Research, SJTU

17:30 – 17:45

Closing Remarks:

CHANG Chun Executive President, SAIF

Bernard Snoy President, Triffin International Foundation

Moderator：

QIAO Yide Vice Chairman & Secretary of SDRF

18:00

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

【On a Return】