Shanghai Development Research Foundation (SDRF) and Shanghai Center for International Economic Exchanges（SCIEE）jointly organized a two-day international symposium “2019 Shanghai Symposium on Global Finance — The Paradigm Shifts in Global Finance”.
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AGENDA Monday, November 18th ,2019 |
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08:30-09:00 |
Registration (3rd floor, Unity Room) |
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09:00-10:15 |
Opening |
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09:00-09:05 |
Opening Remarks by Organizer:
Sha Lin Former Vice Mayor of Shanghai; Honorary Chairman, SDRF |
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09:05-10:10 |
Keynote Speeches:
“Key Requirements for Sustaining the Global Expansion”
John Lipsky Former Deputy Managing Director of IMF
“China-U.S Trade Friction and the Relationship between China and U.S”
Ronnie Chan President, Hang Lung Properties |
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10:10-10:15 |
Brief Introduction of SDRF Research Report
“China's Integration into the Global Financial System and its Impact on ROW”
Yide Qiao Vice Chairman & Secretary General, SDRF |
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10:15-10:30 |
Coffee Break |
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10:30-12:00 |
Session 1: The Global Economy under High Uncertainties |
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The Bretton Wood System and GFC have shown that multilateralism, free trade and policy coordination are the keys of a solid global economy. Now unilateralism and protectionism came back again. Is it an ominous sign of possible recession? The persistent monetary easing, aging population, technological advance may jointly create a persistent low natural interest rate globally. Does it mean the globe has entered into an era of “secular stagnation” claimed by Larry Summers?
Moderator： Guangping Zhang Inspector, China Banking and Insurance Regulatory Commission, Shanghai Branch |
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10:30-10:45 |
“Identified Global Disruption and Liquidity Re-release”
Shao Yu Chief Economist, Oriental Securities |
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10:45-11:00 |
“China and the World: Inside the Dynamics of Changing Relationship”
Jeongmin Seong Senior Fellow of the McKinsey Global Institute, McKinsey & Company |
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11:00-11:15 |
“Negative Interest Rates and debt Risks in Global Economic Growth”
Zhang Liqing Dean, School of Finance, Central University of Finance and Economics |
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11:15-11:30 |
“Worsening Income Distribution and Social Problems Caused by Monetary Easing: Lessons from U.S”
Zhang Xin Distinguished Professor ,UIBE; Retired Professor, Toledo University |
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11:30-12:00 |
Discussion |
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12:00-13:30 |
Lunch (City Bistro, the 2nd Floor, Shanghai Marriott Hotel Riverside) |
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13:30-14:00 |
Keynote Speech: “Global Economy and Cross-Border Investment”
Tu Guangshao Former General Manager of China International Investment Company |
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14:00-15:45 |
Session 2: Paradigm Shifts in Monetary Policies |
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Recently, many central banks are launching easing policies again, which seems to turn unconventional policies into conventional ones. Modern Monetary Theory has aroused widespread controversy. What fundamental changes are taking place in the practices or theories of monetary policies? Why do they happen? How do they take effect on the global economy and finance? Moderator： Kim Kyungsoo Professor, Sungkyunkwan University |
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14:00-14:15 |
“Crisis Already? Some Thoughts on the Global Monetary System” Yijun Wang Co- Chief Macro Analyst, China Industrial Securities Research Institute of Economics and Finance |
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14:15-14:30 |
“Monetary Policy Paradigm Shifts”
Lawrence Goodman President of the Center for Financial Stability |
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14:30-14:45 |
“Rethinking the Monetary Policy Framework”
Chang Chun Executive Dean of Shanghai Institute of Advanced Finance |
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14:45-15:00 |
“The Impact and Risks of Long-term Loose Global Monetary Policy and Rising Debt Ratios”
Mingqi Xu Research Fellow, SASS； Vice Chairman, SCIEE |
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15:00-15:15 |
“Korean Financial Responses to Paradigm Shift”
Cheong Youngrok Professor, Seoul National University, Korea |
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15:15-15:45 |
Discussion |
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15:45-16:00 |
Coffee Break |
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16:00-17:15 |
Session 3: International Trade and Finance at the Crossroad |
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Nowadays, unilateralism and protectionism have already had negative impacts on international trades and investments. It’s worth to note that trading disputes could extend to financial areas. The current international monetary system and payment system imply huge asymmetry. Some of the cross-border financial infrastructures have the potential to be weaponized. Where are the trading frictions heading? Could these frictions trigger adjustment of the global trading rules or financial infrastructures? Moderator： Mingqi Xu Vice Chairman, SCIEE；Research Fellow of SASS |
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16:00-16:15 |
“The US Proprietary Usage of the Dollar Financial Infrastructures”
Miriam Campanella Senior Fellow, ECIPE |
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16:15-16:30 |
“The Impact of Trade and Financial Shockwaves on China and U.S.”
Chun Xia Chief Economist, Noah Wealth Management |
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16:30-16:45 |
“Increased Role of Local Currency Financing”
Leslie Maasdorp Vice President and Chief Financial Officer , NDB |
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16:45-17:15 |
Discussion |
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End of Day 1 |
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17:30 |
Joint Dinner (meeting at the lobby of the hotel) |
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Tuesday, November 19th, 2019 |
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09:00-10:30 |
Session 4: Digitization of Monetary Systems(Closed) |
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Libra may not successfully go through regulatory scrutiny but it has gained high attention and has pushed policy makers to consider the digitization of monetary systems. Can CBDC, many countries are studying or trying experiment, be successful? Is SHC proposed by Governor Carney a way to solve the deficiencies of the international monetary system? What is the prospect and future path of the evolution of monetary system? How will digitization affect the financial stability and monetary policies?
Moderator： Ligang Liu Chief China Economist, Citi Group |
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09:00-09:15 |
“The Process of Opening-up in Payment Market”
Xinxiang Wen Director of the Payment Department, PBOC |
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09:15-09:30 |
“Macro Cconcept of Digital Currency”
Wensheng Peng Global Chief Economist, Everbright Securities |
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09:30-09:45 |
“Libra, Credit Currency and the Global Monetary System”
Yide Qiao Vice Chairman & Secretary General of SDRF |
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09:45-10:30 |
Discussion |
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10:30-10:45 |
Coffee Break |
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10:45-12:15 |
Session 5: China’s Integration into the Global Financial System |
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China has been gradually integrated into the global financial system and will continue to do so. At the same time, China’s financial activities and policies have shown more external impacts than before. What opportunities and challenges could these changes bring to China and the rest of the world?
Moderator： Runxiang Feng Director General, International Department, Shanghai Head Office, PBC |
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10:45-11:00 |
“International Monetary Reform and China”
Kim Kyungsoo Professor, Sungkyunkwan University |
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11:00-11:15 |
“An Analysis of the Opening Degree of China's Financial Markets after the Reform and Opening-up”
Lifeng Su Associate Professor, Shanghai University of International Business and Economics |
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11:15-11:30 |
“China's Financial Impact on ROW: Channels and Significance”
Zhiren He Research Fellow, SDRF |
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11:30-11:45 |
“China’s Bond Market: Enter the CRAs”
Paul Gruenwald Chief Economist, S&P Global |
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11:45-12:15 |
Discussion |
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12:15-12:30 |
Closing Remarks：
Lawrence Goodman President of the Center for Financial Stability
Yide Qiao Vice Chairman & Secretary General, SDRF
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12:30 |
Lunch (City Bistro, the 2nd Floor, Shanghai Marriott Hotel Riverside) |
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End of Symposium |
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