The International Seminar on “G20 and Global Financial Stability” was held at Rm 202 in academic hall of CUFE on March 22nd. More than 20 important guest speakers from France, United States, Korea, Japan, Indonesia, Hong Kong and Mainland China attended the forum.
There were two keynote addresses and four panel discussions during this forum.
In his welcome address, CUFE President, Professor Wang Guangqian, pointed out that the world economy is undergoing a deep adjustment today. America’s monetary policy by Federal Reserve had been a focus of attention; the negative interest rates of Japan and EU, the capital outflow of emerging markets, the plummeted commodity prices as well as many other problems all pose challenges to the global economic recovery. These problems would be explored in depth during this seminar, which would provide academic support and be of great significance for the upcoming G20 Summit to be held in China.
Zhu Guangyao, China’s Vice Minister of Finance, delivered the first keynote speech titled “Issues and progress of G20 Hangzhou Summit”.
Mr. Zhu gave a brief introduction to the participants about Beijing’s principles towards G20 Summit in Hangzhou as well as its preparation for the summit. He pointed out the resumption of international financial architecture reform working group and the formation of green finance working group would be China’s contribution to the issues for the summit. He also said in terms of global macroeconomic policies coordination, fiscal policies of many nations can still be further utilized while their monetary policies have been left little room to maneuver. As the rotating presidency of G20, China would further enhance its communication and coordination with G20 member states, to bringing into full play G20’s role as the dialogue platform for global economic policies.
Former Chinese Vice Foreign Minister, He Yafei, who had ever served as the Chinese coordinator for G20, delivered the second keynote speech “How to promote G20’s impact in policy making”. Mr. He pointed out that G20 in 2016 has two themes, namely, economic growth and global governance reformation. He also shared his opinions in the importance, challenges and Hangzhou summit of G20. He argued that G20 is the only mechanism for emerging economies to have equal dialogue with the developed countries. Meanwhile, it is an important mechanism to improve the global governance system and hence should be highlighted and put into full play. G20 has been constrained by issues of legitimacy, the low efficiency of decision-making and implementation, geopolitics and so on. Therefore, he suggested that the establishment of secretariat and construction of institutionalization should be implemented as soon as possible to make the best use of it. As for Hangzhou Summit, in his words, it is three aspects that merit special attention: innovation and growth, global governance reformation and economic development.
Panel Discussion One focused on “the Coordination of Global Macroeconomic policies under US Federal Reserve Interest Rate Rise Prospect.” Panelists delivered speeches included Stephen Roach, economics professor from Yale University; Lee Yiheng, Dean of Korea Institute for International Economic Policy; Yao Yudong, Director of Finance Institute of People’s Bank of China and Huang Haizhou, the managing director of China International Capital Corporation Limited. Professor Stephen Roach analyzed the changes of international pattern during the recent years. Through the analysis of the similarities and differences between China, US, EU and Japan in terms of bubble and zombie companies and resource distortion, he put forward the idea that China could press ahead with the reform of state-owned enterprise and strengthen the market force in resources allocation.
Panel Discussion Two focused on “The reform of international financial system: What to do next?” Panelists delivered speeches included Masahiro Kawai, professor in Economics Department, Tokyo University and the former Chair of Asian Development Bank Institute; Anwar Nasution, economics professor in University of Indonesia and former Vice President of Bank Indonesia; QiaoYide, Vice President and Secretary General of Shanghai Development Research Foundation and Olin Wethington, former Assistant Minister of US Treasury and Foreign Affairs Department.
Panel Discussion Three focused on “The management of international capital flow against global financial turmoil.” Panelists delivered speeches included Chen Xingdong, chief economist of BNP Paribas for Asia; Sun Lujun, Former Director of Capital Management Division in State Administration of Foreign Exchange; Xiao Geng, professor of School of Economics and Finance, University of Hong Kong and Zhang Liqing, Director of Global Financial Governance Collaborative Innovation Center at CUFE.
Panel Discussion Four focused on “How G20 could play a more effective role in the stability of global economy.” Panelists delivered speeches included Gao Haihong, Director of Research Center for International Finance in Chinese Academy of Social Sciences, Wei Benhua, former Vice Director of State Administration of Foreign Exchange; Zhou Qiangwu, Director of International Economic Think Tank in Chinese Ministry of Finance and Dr. Tao Kunyu from Research Center for International Finance here at CUFE.
The seminar was hosted by Global Financial Governance Collaborative Innovation Center of CUFE and was jointly organized by School of Finance, CUFE, CBN Research Institute, Bretton Woods System Reconstruction Committee and other institutions.
Translated by Wang sue