The 1st China Finance Ph.D. Student Forum --The Annual Conference of the 15th Anniversary of China Finance

On December 23, 2018, the first China Finance Ph.D. Student Forum--the Annual Conference of the 15th Anniversary of China Finance was held in Beijing. Experts, scholars and doctoral students from various universities gathered together to witness the first academic seminar of the first China Finance Ph.D. Student Forum and the Annual Conference of the 15th Anniversary of China Finance.

Zhuang Yumin

Professor Lin Yifu, Dean of the Institute of New Structural Economics of Peking University, and Professor Zhao Changwen, Co-chief Editor of China Finance, delivered keynote speeches. The distinguished guests include Professor Wu Xiaoqiu, Vice President of Renmin University of China; Professor Ben Shenglin, Dean of Internet Finance Institute (AIF) of Zhejiang University & Executive Editor of China Finance; Professor Ding Zhijie of University of International Business and Economics, Academic Member of China Finance, Professor Han Liyan of Beijing University of Aeronautics and Astronautics, Academic Member of China Finance; Professor Li Jianjun, Central University of Finance and Economics & Academic Member of China Finance; Professor Zhu Wuxiang, Tsinghua University & Academic Member of China Finance; Professor Wang Changyun, Renmin University of China & Academic Member of China Finance; Professor Yang Liuyong, Zhejiang University & Academic Committee of China Finance; Professor Du Jiang, Sichuan University; Professor Fu Jianfeng, Development Strategy Research Institute of the Ministry of Science and Technology; Professor Liu Qingsong, China Securities Research Institute; Zhao Qiwei, Yu Jiefang, Song Ke and Fan Wei, editors of China Finance. The conference was hosted by Professor Zhuang Yumin, Co-chief Editor of China Finance & Dean of School of Finance of Renmin University of China.

Wu Xiaoqiu

Prof. Wu Xiaoqiu first extended warm congratulations on the 15th anniversary of China Finance. He mentioned that China's financial changes were very fast, so it is necessary to grasp the financial research trends from the perspective of mastering the basic knowledge and logic of Chinese finance. He believes that there are four drivers of financial development in the future: 1. Disintermediation will change China's future financial structure. 2. Technology will have a disruptive impact on finance. 3. Financial structure will change toward wealth management and asset diversification. 4. It is anticipated that China's finance will be transformed in structure, high technology and internationalization, and will certainly become an international financial center.

Lin Yifu

Professor Lin Yifu delivered a keynote speech entitled "40 Years of Reform and Opening up and Theoretical Innovation in New Structural Economics". He talked about China's economic development during the 40 years of reform and opening up. From 1978 to 2017, China's average growth rate reached 9.5% for 39 consecutive years, a miracle in the history of economics. Based on the development of China's financial economy and others, Professor Lin Yifu and other guests discussed the reasons for China’s rapid growth after the reform and opening up, the reasons why there are always be a "China collapse theory" in the world, and the advantages of latecomers and shock therapy. At the same time, he analyzed the cost of rapid growth and the importance of theoretical innovation. He advocated the introduction of structural differences into the new economics of structural analysis. It can provide not only a better theoretical explanation for China's reform and development, but also some new research perspectives for financial experts and scholars. Subsequently, it was time for a commemorative ceremony. Professor Zhao Changwen presented Professor Lin Yifu with a souvenir of the 15th Anniversary of China Finance. Prof. Wu Xiaoqiu, Prof. Zhuang Xiaomin and Prof. Ben Shenglin jointly granted academic members letters of appointment.

Zhao Changwen

Prof. Zhao Changwen then delivered a keynote speech entitled "Productive Debt, Financial Efficiency and Economic Efficiency - An Analysis Framework for De-Leveraging". For practical applications, he discussed "de-leveraging", the most important topic in China. Prof. Zhao Changwen pointed out that the three core aspects of de-leveraging are productive debt, financial efficiency and economic efficiency. lower macro leverage ratio or de-leveraging must start from the financial sector but focus on the entire economic system. Three focal points are: 1. Which sector are financial resources allocated? 2. The efficiency of financial resource allocation. 3. The efficiency of the entire economic system. In the roundtable hosted by Prof. Ben Shenglin, distinguished guests thoroughly discussed the development strategy of “China's financial deepening and innovation promotion”. In the afternoon, the conference included three paper presentation sessions, including 6 economic papers, 6 financial papers, and 8 financial papers respectively. the authors of the 20 excellent papers had face-to-face dialogues with experts in the financial and economic fields. The experts provided review and guidance on the spot. They shared academic knowledge and ideas, jointly promoting the academic development of China's finance.

paper presentation sessions

We have witnessed 10 years of aftermath since the global financial crisis and 40 years of remarkable changes in China since the reform and opening up. at the historic juncture of 2018, the 1st China Finance Ph.D. Student Forum--the Annual Conference of the 15th Anniversary of China Finance was organized successfully. The conference was jointly sponsored by the Editorial Department of China Finance, the School of Finance of Renmin University of China, and the Fiscal Policy Institute of Renmin University of China; organized by the International Monetary Institute of Renmin University of China (IMI) and the Academy of Internet Finance of Zhejiang University (AIF); supported by the School of Public Administration of Tsinghua University, the Finance and Governance Institute and the Institute of Finance of Sichuan University. Previously, the 2018 Annual Conference of China Finance was held in Beijing, summarizing all the work of 2018 and deploying key tasks of 2019. Attendees exchanged ideas on China Finance’s positioning, papers’ quantity and quality, mechanisms and promotion. China Finance is jointly organized by Tsinghua University, Sichuan University, Zhejiang University, and Renmin University of China. Many famous senior scholars at home and abroad form its academic committee. China Finance focuses on the frontiers of financial theories and practices, a high-end academic platform for Chinese financial researchers. In the fifteen years since the publication, China Finance has kept up with international advanced theories and practices, rooted in the Chinese financial system, upheld normative research, encouraged theory practice integration, and inspired academic discussions. We will continue to focus on traditional financial issues such as monetary banking, financial market, corporate finance, public finance, international finance, and financial regulation, and keep track of new financial issues such as fintech and internet finance. We will be committed to developing theories and practices simultaneously and forging ahead with our mission-serving China's finance.

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