On the afternoon of February 27, 2019, the panel sixof global financial governance series, sponsored by the Center for InternationalFinance Studies and Collaborative Innovation Center for Global FinanceGovernance of CUFE, was successfully held in Conference Room 606 of theAcademic Hall. The topic of this meeting is "Arrangements for RegionalFinancial Cooperation and the International Monetary Fund". The conferencewas chaired by Professor Liqing ZHANG, Director of the Center for InternationalFinance Studies and Collaborative Innovation Center for Global FinanceGovernance of CUFE. Attendees included Professor Randy Henning of the AmericanUniversity and Xin WANG, a researcher at Currency Gold and Silver Bureau of thePeople's Bank of China.Centerresearchers Professor Xiaofen TAN, Professor Qin GOU, Professor Yaqi WANG andProfessor Kunyu TAO, as well as some postgraduates and doctoral students attendedthe meeting.
Professor Liqing ZHANG first made a speech,elaborated on the background and theme of this conference, and warmly welcomedProfessor Randy Henning and Director Xin WANG. Professor ZHANG pointed out thatsince the Asian financial crisis in 1997, the construction of the globalfinancial safety net has been highly concerned by all countries in the world,especially emerging market economies. Nowadays, from the global arrangement ofthe IMF to the regional arrangement represented by the Chiang Mai Initiative anda large number of bilateral arrangements, the global financial safety net hasbeen basically formed, and has played an important role in preventing andresisting the global financial crisis.
Professor Liqing ZHANG, Director of Center for InternationalFinance Studies
Randy Henning, Professor of International Economicsat American University, delivered a keynote speech on "Arrangements forRegional Financial Cooperation and the International Monetary Fund". ProfessorHenning pointed out that since the financial crisis, the global financialsafety net has provided great help in mitigating the economic damage caused byfinancial shocks and helping the global economy gradually recover. However,itis noteworthy that a relatively complete international financial safety net canhelp cope with financial shocks, while a fragmented international financialsafety net may amplify or spread instability. How to evaluate and improve theintegrity of the global financial network is the main content of this speech.
Professor Randy Henning delivering akeynote speech
Researcher Xin WANG, Director of Currency Gold andSilver Bureau of the People's Bank of China, pointed out that US PresidentTrump's anti-globalization attitude may have an important impact on theconstruction of global financial safety net. At the same time, China and Japanhave both cooperation and competition in the process of regional financialintegration in Asia. All these are worthy of further study.
Xin WANG, Researcher at Currency Goldand Silver Bureau of the People's Bank of China
In the interactive session, the participants activelycontinued to ask Professor Henning questions, and further discussed how tounderstand the political, commercial and economic relations between the AsianInfrastructure Investment Bank, the IMF and the World Bank, and how to solvethe conflicts of interest in specific countries and regional financialorganizations.
In the end, Professor Liqing ZHANG made a briefsummary. He pointed out that the slowdown of global financial growth, thesustained development of China-US trade conflict and the normalization of themonetary policy of Federal Reserve are threatening the financial stability ofemerging market economies. We should be vigilant in peacetime and intensify ourresearch on the construction of the global financial safety net so as to bettercope with possible turbulence and crises in the future.
