Tao Xiang International Finance Lectures (No. 3): Global Financial Crisis in 2008
2016-03-25 IMI
Prof. Tu Yonghong presided over the meeting
Dr.Geng held that the whole process of Global Financial Crisis in 2008 still has profound meaning for China, although we have been through it for eight years. She illustrated the development of financial crisis chronologically in detail, deeply analyzing the causes of the crisis. Then she talked about how governments tackled the problems and the lessons to Chinese development.
Ms. Geng gave the keynote speech
She points out that the policy conducted by government for encouraging the real estate purchase and the loose monetary policy should be responsible for America’s subprime bubble. She indicated that our country had gained an opportunity to rise and to show our strength to the rest of the world instead of going through a big impact during the crisis. An important reason for this phenomenon is that Chinese Capital Items were not open at that time. After the reform and opening-up in several years after the crisis, our government is now facing more serious challenges than the time of crisis. The challenges are from the control of the real estate bubble, the supervision after the opening-up of the Capital Items, the construction of the financial system, the innovation of the product, the adjustment of the economic structure and so on. She hoped that the students could use their knowledge to promote the development of115 our country after starting their career. Mr. Wei Benhua praised the illustration of the financial crisis during a period of relatively trough economy worldwide. He regarded the topic as necessary and valuable, and presented further complements to the cause of financial crisis. Mr. Wei emphasized the importance of positively seizing the power in International community especially for the financial area. Moreover, he put emphasis on strengthening the construction of financial structures and protecting against the possible financial crisis in the future. Prof. Wang Fang held that it’s necessary for government to intervene in economy during the crisis, but the authorities still have to improve their abilities of intervention. Mr. Xu Yisheng proposed several questions and discussed them with guests in the room aiming at the responsibilities of the Federal Reserve, the mechanism of the spread of the crisis and some other parts of the crisis.
The lecture
