Annual Conference 2012: Retrospect and Prospect
“Annual Conference 2012: Retrospect and Prospect” jointly organized by Liu Hongru Financial Education Foundation and Shanghai Institute of Finance and Law (SIFL) held at Renaissance Shanghai Pudong Hotel on November 1. With such famous experts as Robert Mundell, the Nobel laureate in Economics; Xia Bin, counselor of the State Council; Mr. Chung Duck-Koo, Chairman of the NEAR Foundation etc, well-known scholar, experts and entrepreneurs jointly discuss international and domestic situations for better future development.
Mr. Wu Jun, the executive director of Liu Hongru Financial Education Foundation and professor of University of International Business and Economics, presided over the opening ceremony. Then, Professor Li Buyun, a honorary member of the Chinese Academy of Social Sciences and president of SIFL pointed out in delivering an opening speech: if China tries to maintain the overall socioeconomic development in the future, it is necessary for China to insist on its reform and opening-up drive. In this regard, scholars should propose their opinions and insights.
After that, Mr. Xia Bin, Mr. Chung Duck-Koo and Mr. Cao Yuanzheng, chief economist of Bank of China and advisory council member of SIFL respectively delivered the keynote speeches at the conference. Xia Bin pointed out, though China’s economic growth speed seems to drop this year, yet at the same time it remains stable, which means that China has followed the sound development road in the process of its structural adjustment. From the long and medium-term perspective, China’s economy still has the huge potential for the continuous fast growth with four major advantages: First, higher saving rate; second, the on-going urbanization and industrialization process; third, no interruption of the globalization trend; forth, the Reform bonus will elevate the factor productivity. As long as China maintains its continued reform in the state-owned enterprises and social security, etc., the faster growth will be kept rolling on.
Mr. Cao Yuanzheng agreed Mr. Xia’s judgment and said, China’s economy is in transition, which will facilitate China to enter into a fresh growth period. Yet, Mr. Chung Duck-Koo took Korean financial liberalization and the economic growth for example and proposed his viewpoints about China’s further financial and economic reform, so he remarked, China should somewhat deregulate its finance and should give equal attention to the freedom, reorganization, prudential regulation, market openness and internationalization.
In view of the current international sovereign debt crisis, Prof. Robert Mundell, the Nobel Prize winner thought that the current international financial flow has been totally out of the financial operational capacity of a single sovereign state. To get out of this embarrassing situation, he pointed out that Europe should not only have a stable currency system but also have a desirable government regulation system. At the same time, he said, the US dollar and RMB yuan have long played a vital role in stabilizing the economies of Asia, the US and other countries. If the US. Dollar and RMB exchange rate fluctuates drastically, it will greatly endanger China’s economy and meanwhile it will impose an unsteady factor on the global economy. Therefore, he strongly believed that the best policy for China is to stabilize the RMB value and the connection between RMB and US. Dollar.
This annual conference closely focuses on the latest situations, particularly on four major topics, respectively the Global sovereign debt crisis, the Macroeconomic prospective, the urbanization and Local Government Funding and the further reform of China’s finance. More than 60 experts and scholars and government officials at home and abroad shared the heated discussion over the abovementioned topics.
SIFL’s annual conference has become a very influential thought feast since 2007, having drawn the strong attention from experts and scholars in and outside of Shanghai. And since 2011, Liu Hongru Financial Education Foundation has been the co-organizer of SIFL’s annual conference. Besides, Tencent Business gives the image-text live broadcast of this annual conference which has also attracted the news coverage and reportage by a dozen of public media, including China Business News, FTChinese etc.
