On June 28th, 2019, the Center of InternationalFinance Studies (CIFS) of CUFE, the Korean Association of Trade and IndustrialStudies (KATIS), the Institute of Future Growth of Korea University and KoreanInstitute of Economic Policy (KIEP) jointly held a closed academic conferenceentitled ‘East Asian Economic Stability: Challenges and Policy Responses’ atthe 5L Hotel in Beijing.The specific topics of this conference include‘Challenges and Reforms of the Multilateral Trading System’ and ‘Progress andFuture of the Belt and Road Initiative’ and others. Nearly 50 experts andscholars from the aforementioned institutes, as well as other institutionsincluding Chinese Academy of Social Sciences, Bank of China, Peking University,Tsinghua University, Renmin University of China, Beijing Normal University,Nankai University, BNP Paribas Securities (Asia) attended the conference.
Liqing ZHANG, Professor at the School of Finance and the Directorof the Center for International Financial Studies (CIFS), pointed out in hisopening speech that at present, trade protectionism and unilateralism indeveloped countries are constantly escalating, and economic globalization facesunprecedented challenges. The Sino-US trade conflict is currently intertwined,causing a significant impact on the Chinese economy, the Asian economy and eventhe global economy. Actively defending trade multilateralism and economicglobalization and avoiding the continuous deterioration of Sino-US economic andtrade conflicts are important issues faced by policy makers. The ‘One Belt, OneRoad’ initiative proposed by China is an important way to continuously promoteeconomic globalization. This strategy has achieved many accomplishments, but italso faces many problems that need to be addressed and dealt with. China andSouth Korea have very deep economic and trade exchanges. In the currentinternational economic environment, the two parties should enhance their cooperation,especially in the negotiation process of the China-South Korea Free TradeAgreement and in the area of the Belt and Road project. Professor In-Soo Kang, President of theKorean Association of Trade and Industrial Studies (KATIS), also delivered aspeech. He believes that this seminar is very timely and important since throughthis conference, experts and scholars from both countries can conduct in-depthanalysis of the current global and regional economic situation and exchange theirideas frankly so that they could provide policymakers in China and South Koreawith valuable advice.
During the keynote speech session, Researcher Chul Chung, SeniorAssociate Dean of the Korea Institute of Economic Policy (KIPE), and ResearcherWeidong CHEN, Director of the Institute of International Finance of the Bank ofChina, first reviewed and prospected the Asian economy, the economies of Chinaand South Korea, and the opportunities and challenges the two countries are facing.Focusing on the theme of ‘Challenges and Reforms Faced by the MultilateralTrading System’, Professor Jiadong TONG, former Vice President of NankaiUniversity, Researcher Cheon-Kee Lee of Korea Institute of Economic Policy (KIPE),Professor Miaojie YU from Peking University, and Professor Hyo-Young Lee fromKorea National Diplomatic College successively delivered speeches oncompetition neutrality policies and WTO reforms, the performance and harm ofunilateral trade measures, the root causes and responses of Sino-US tradeconflicts, and the challenges and countermeasures facing the WTO reforms. Focusingon the theme of ‘Progress and Future of the Belt and Road Initiative (BRI)’,Professor Xiangyang LI, Dean of the National Institute of InternationalStrategy of Chinese Academy of Social Science (NIIS CASS), Professor Chang-SooLee from KyungHee University, and Mr. Xingdong CHEN, Chief Economist of BNPParibas Securities (Asia) and Professor Ik-Joon Moon from Kookmin Universityrespectively gave speeches on a series of topics including BRI's economicdevelopment orientation, CGE analysis of infrastructure construction in theAsia-Pacific region and its implications for BRI projects, the status andevaluation of BRI implementation, and the prospects of BRI from the perspectiveof Sino-Korea trade.
In response to the above keynote speeches, Professor Hank-youngSund of Seoul National University, Professor Kejian GU of Renmin University ofChina, Professor Won-Kyu Shin of SoongsilUniversity, Mr. Wei WANG, Research Director of BOC International Co., Ltd.,Professor Liping HE of Beijing Normal University, Professor Yunjong WANG ofKyungHee University, Professor Wen WANG, Executive Dean of Chongyang Institutefor Financial Studies, Renmin University of China, Mr. Ji-Hyun JUNG, DeputyDirector of the Beijing Office of the Korea Institute of InternationalEconomics, Professor Yifan DING, Researcher of Institute of World Development, DevelopmentResearch Center of the State Council, Professor Jie SUN of Institute of WorldEconomics and Politics, Chinese Academy of Social Sciences (WIEP CASS) and Mr.Byung-Ik IM, Dean of Chinese Institutes of Innovative Economy gave theircomments respectively.
The meeting lasted for five and a half hours and the discussionswere heated. The experts attending the meeting reached consensus that atpresent, we must firmly oppose trade protectionism, strive to defend andstrengthen multilateralism, and promote the reforms of WTO in a realisticmanner. After five years of active attempts, more and more BRI projects haveproven themselves to be economically and financially sound hence the exchangesand cooperation between BRI countries should be promoted actively. China andSouth Korea should further deepen mutual understanding, continuouslyconsolidate and develop existing economic and trade cooperation, jointly meetchallenges and achieve common prosperity.