On November 12, 2018, "8th Asia-Pacific Forum on Economy and Finance", organizedby the School of Finance, Center for International Finance Studies and CollaborativeInnovation Center for Global Financial Governance of the Central University ofFinance and Economics,co-organizedby CBN Research Institute, Journal of World Economy, Journal of InternationalFinance Studies and China and World Economy (SSCI), was successfully held inLiaoning International Hotel, Beijing. The theme of this forum is "TenYears after 2008: New Challenges to Global Financial Stability". The forumwas attended by 30 speakers from the United States, Japan, Thailand, Indonesia,Hong Kong and Mainland, more than 100 experts and scholars from domesticuniversities, scientific research institutions, financial institutions, newsmedia, as well as teachers and students of CUFE.  

The opening ceremony of the forum was hosted by Professor Jianjun LI, Dean of the Schoolof Finance. Professor Yaoqi WANG, President of the Central University ofFinance and Economics made a warm welcome speech. Professor Liqing ZHANG,Director ofCenter forInternational Finance Studies of CUFE and Chairman ofAsia-PacificForum on Economy and Finance, delivered an opening speech and elaborated on thetopics of the forum. He pointed out that thanks to the large-scale economicstimulus implemented by the G20 countries, the global financial crisis of 2018 oncein 60 years has been effectively and timely controlled, and most of the majordeveloped economies have come out of the ongoing recession. However, it shouldalso be noted that with the adjustment of the Federal Reserve's monetary policyand the continuous escalation of the global trade conflict, the uncertainty ofworld economic growth has increased in the recent period. The stock markets ofmajor economies such as the United States and China have frequently been turbulent.Emerging market economies such as Argentina, Turkey and South Africa havewitnessed substantial currency depreciation one after another.In some countries, the debt rate hasincreased rapidly, asset bubbles have been expanding and financial stabilityhas declined significantly. All these make the global financial stability facea new severe test. A new round of global financial turbulence is likely toreappear at any time. This forum will focus on the following four topics: (1)how much we have learned from 2008global financial crisis? (2) How will escalating trade tension affect globaleconomic and financial stability? (3) How will monetary policy adjustments inmajor economies affect financial stability in emerging markets? (4) How toassess and respond to systemic financial risks in China?  

(Left:Liqing ZHANG, Middle: Yaoqi WANG, Right: Jianjun LI)

Welcomeand Opening Address

In his keynote address, Professor Barry Eichengreen of the University ofCalifornia, Berkeley, pointed out that risk of repeating the same mistake, shadowbanking risk and emerging market risk are the three major risks faced by globalfinance at present. If these risks are not well controlled, the new crisis maynot be too far away.LeiLU, Deputy Governor of State Administration of Foreign Exchange, reflected onthe impact of the 2008financial crisis on the concept of global financial risk management and therevolution in management perception, methods and tools. He emphasized "LiquidityManagement", "Payment System", "Building a Unified CoordinationMechanism of Beforehand, In-the-Process and Afterwards", and elaborated onhow we should better prevent and respond to the crisis. Professor GuangqianWANG, Former President of the Central University of Finance and Economics,summarized the various measures taken by the international community to copewith the 2008 financial crisis, including strengthening global policycoordination, implementing quantitative easing monetary policy, promoting theinstitutional reform of the Bretton Woods system, strengthening globalfinancial supervision and national regulatory reform and so on, and at last he putforward his own suggestion on how to prevent the risk of a new financial crisis.Professor Jiaming ZHU,FoundingPartner of ReedZenCoo, reviewed the evolution process of American monetarypolicy since the 1960s. He believed that the era of "neutral interestrate" based on Taylor Rule had ended after 2008,andthat "new neutral interest rate" has been a normalized tendency.  

(UpperLeft: Barry Eichengreen, Upper Right: Lei LU,

LowerLeft: Guangqian WANG, Lower Right: Jiaming ZHU)

KeynoteSpeakers

Afterwards,the Forum held four round tables,respectivelychaired by Yanqing YANG, Dean of CBN Research Institute,Jie SUN, Senior Fellow, Institute ofWorld Economy and Politics, CASS,HaihongGAO, Director of Research Center for International Finance, Institute of WorldEconomy and Politics, CASS, and Jianjun LI, Dean and Professor, School ofFinance, CUFE.  

In the round table entitled "Reflection of 2008 Global Financial Crisis: HowMuch We Have Learned?", Dong HE, Deputy Director of Money and CapitalMarket Department, IMF, Dr. Haizhou HUANG, Head of Equities Department, CICC, YideQIAO, Vice-president and Secretary-general of Shanghai Development ResearchFoundation, Geng XIAO, President of Hong Kong Institution for InternationalFinance, and Liqing ZHANG, Professor and Director of Center for InternationalFinance Studies, CUFE, made speeches respectively.

(UpperLeft: Dong HE, Upper Middle: Haizhou HUANG, Upper Right: Yide QIAO, Lower Left:Geng XIAO, Lower Middle: Liqing ZHANG, Lower Right: Yanqing YANG)

TopicDiscussion (1)

In the round table entitled "Trade Tension and Its Influences on GlobalEconomic and Financial Stability", Jin FANG, Deputy Secretary of ChinaDevelopment Research Foundation, Liping HE, Professor, School of Business atBeijing Normal University, Fan HE, Professor of Economics, PekingUniversity-HSBC Business School, Xiangyang LI, President of National Instituteof International Strategy, CASS, and Masahiro Kawai, Professor of Economics atUniversity of Tokyo and Former Dean of Asian Development Bank Institute deliveredspeeches respectively.

(UpperLeft: Jin FANG, Upper Middle: Liping HE, Upper Right: Fan HE,

LowerLeft: Xiangyang LI, Lower Middle: Masahiro Kawai, Lower Right: Jie SUN)

TopicDiscussion (2)

In the round table entitled "Spillover Effects of the Normalization ofMonetary Policy of Major Economies on Emerging Market Economies", ChunDING, Professor of Economics, School of Economics, Fudan University, XiaojunHUANG, Head of Research Department, New York Branch, Bank of China, Anwar Nasution,Professor of Economics, University of Indonesia, Former Deputy Governor of Bankof Indonesia, Chalongphob Sussangkarn, Distinguished Research Fellows, ThailandDevelopment Research Institute, Former Finance Minister of Thailand, andXiaofen TAN, Deputy Dean and Professor, School of Finance, CUFE, made speechesrespectively.

(UpperLeft: Chun DING, Upper Middle: Xiaojun HUANG, Upper Right: Anwar Nasution, LowerLeft: Chalongphob Sussangkarn, Lower Middle: Xiaofen TAN, Lower Right: HaihongGAO)

TopicDiscussion (3)

In the round table entitled "Systematic Financial Risks in China: Evidence,Reasons and Policy Responses", Wing Thye Woo, Professor of Economics withUniversity of California at Davis, Ge WU, Chief Economist, Hua Rong SecurityCompany, Dr.Yudong YAO, Chief Economist, Da Cheng Fund Management Company, and MingZHANG, Director and Senior Fellow, International Investment Research Division,Institute of World Economy and Politics, CASS respectively delivered speeches.

(UpperLeft: Wing Thye Woo, Upper Middle: Ge WU, Upper Right: Yudong YAO, Lower Left: MingZHANG, Lower Right: Jianjun LI)

TopicDiscussion (4)

This one-day forum with a distinct topic was full of rich contents, livelydiscussions and splendid presentations. A large number of interactivediscussions and opinions collisions were conducted between the speakers andother participants, which greatly promoted the in-depth study of related issuesin this field.