Lujiazui Forum Registration
Shangri-La Hotel, Pudong, Shanghai

08:00 - 08:30

09:00-09:10

09:10 - 09:50

Lujiazui Forum Registration
Shangri-La Hotel, Pudong, Shanghai

Opening Address
Chair and Welcome Speech: Zhou Xiaochuan, Governor, People's Bank of China

Keynote Speech: Chinese National Leader

09:50 - 10:50

10:50 - 11:10

11:10 - 12:30

Plenary Session I
Chair: Wu Dingfu, Chairman, China Insurance Regulatory Commission

China’s Macroeconomic Development and Financial Reform
Keynote Speeches：
Liu Mingkang, Chairman, China Banking Regulatory Commission
Shang Fulin, Chairman of China Securities Regulatory Commission

Coffee Break

Plenary Session II
Chair: Clara Furse, CEO, London Stock Exchange

China’s Financial Markets in the Eyes of World Financial Leaders
Panelists:

James Wolfensohn, Former President, World Bank
John Mack, Chairman & CEO, Morgan Stanley
Kenneth Lewis, Chairman & CEO, Bank of America
William McDonough, Vice Chairman, Merrill Lynch
Michael Evans, Vice Chairman, Goldman Sachs; Chairman, Goldman Sachs Asia
Roy Tapner, Chairman & CEO, UBS Asia Pacific

12:30 - 14:00

Lunch
Keynote Speech:
David McCormick, US Treasury Under Secretary

Concurrent Panel Discussions

14:00 - 15:30

Panel I: Two-Way Opening of China’s Financial Markets
Technological advances have led to lower trading costs. The specialization of financial services and sophistication of division of labor are making sovereign countries borderless in terms of financial services. As a result, all countries must deregulate their financial systems. Under what conditions and by which steps can China maximize the benefit and minimize the cost of its financial opening? How can China coordinate financial market opening and economic development?

Chair: Chang Chun, Professor, CEIBS

Panelists:
Clara Furse, CEO, London Stock Exchange
Taizo Nishimuro, Chairman, Tokyo Stock Exchange
Yang Kaisheng, President, Industrial and Commercial Bank of China
Qi Bin, Director General of Research Center, CSRC
Michael Zink, President, Guangdong Development Bank
Xiao Geng, Director, Brookings-Tsinghua Center for Public Policy

14:00 - 15:30

Panel II: Transmission of Global Financial Risks
While strengthening connections among financial markets, financial globalization has increased the possibility of spreading cross-border financial risk. The impact of the US subprime crisis on the global economy has gradually been recognized and its consequences are beyond the expectations of many analysts. The slow realization of the full impact of this crisis indicates a lack of understanding of the global transmission of financial market crises. With the ever-increasing interconnectedness among the world’s financial markets, what are the new channels for transmitting global financial risk? What kind of coordinating role can governments and central banks play? What is the relationship between excess liquidity and the transmission of global financial risk?

Chair: Huang Ming, Dean, School of Finance, Shanghai University of Finance and Economics

Panelists:
Martin Wheatley, CEO of Hong Kong Securities and Futures Commission
Nouriel Roubini, Professor, New York University
Stephen Roach, Chairman, Morgan Stanley Asia
Andy Xie, Managing Director, Rosetta Stone Capital
Pilar L'Hotellerie-Fallois, General Director of International Affairs, Bank of Spain

14:00 - 15:30

Panel III: New Challenges of Managing Global Foreign Exchange Reserves
Since the collapse of the Bretton Woods System, international financial system has entered into the Jamaica System. However, the Triffin Dilemma still exists. For countries with a pegged exchange rate system, foreign exchange reserves remain an important instrument for adjusting the international balance of payments and for stabilizing exchange rate. Nowadays, foreign exchange reserves are mostly concentrated in East Asian countries. What are the reasons for this? How can such nations manage the pressure of excess liquidity caused by ever-increasing foreign exchange reserves? With the US dollar trending downward in value, how should Asian nations using the dollar as their main resesrve currency reduce risk? What impact will sovereign wealth funds have on international financial markets? Should an international standard be developed to improve the transparency of sovereign wealth funds?

Chair: Zhu Min, Group Executive Vice President, Bank of China

Panelists:
Lou Jiwei, Chairman, China Investment Corporation
Tony Tan Keng Yam, Executive Director, Government of Singapore Investment Co.
Xia Bin, Director, Finance Research Institute, Development Research Center
Tang Min, Deputy Secretary General, China Development Research Foundation

15:30 - 16:00

Coffee Break

16:00 - 17:30

Panel IV: Competition and Cooperation among Global and Regional Financial Centers
The financial history of Europe and the US proves that the rise and fall of financial centers is related to government policies. The Big Bang of London in 1986 is the best example. While acknowledging the underlying power of government’s “invisible hand”, what role should government play in forging financial centers? How shall we view the cooperation and competition among East Asia’s current financial centers? How can a win-win relationship be developed between the financial industries of Hong Kong and Shanghai?

Chair: Antony Leung, Chairman, Blackstone Greater China

Panelists:
Heng Swee Keat, Managing Director, Monetary Authority of Singapore
Joseph Yam, Chief Executive, Hong Kong Monetary Authority
Roy Leighton, Chairman, Financial Services Sector Advisor Board, UKTI
Laura Cha, Deputy Chairman, HSBC Asia Pacific; Former Vice Chairman, CSRC
Huang Qifan, Executive Vice Mayor, Chongqing Municipal Government
Zhang Guangping, Deputy Director General, CBRC Shanghai Bureau

16:00 - 17:30

Panel V: China’s Foreign Exchange Regime Reform and RMB Capital Account Convertibility
Given continuous balance of payments surpluses, the RMB exchange rate against the US dollar has risen steadily for 2.5 years. A complex international financial situation and the pressure posed by domestic excess liquidity demand a sophisticated and prudent RMB exchange rate policy. What are the benefits and risks in pursuing capital account convertibility at this stage of China’s financial development? What lessons can China learn from other countries’ exchange rate and convertibility reform?

Chair: Xu Bin, Professor, CEIBS

Panelists:
Hu Xiaolian, Deputy Governor, People’s Bank of China; Administrator, State Administration of Foreign Exchange
Yu Yongding, Director of World Economy and Politics Research Institute, CASS
Zhu Min, Group Executive Vice President, Bank of China
Fred Hu, Managing Director, Goldman Sachs Asia Pacific
Ha Jiming, Chief Economist, China International Capital Corp.

16:00 - 17:30

Panel VI: China’s Financial Firms Going Global
As RMB revaluation accelerates and Chinese manufacturers quicken the pace of overseas investment, more and more Chinese financial firms will naturally expand abroad. They face serious challenges. What strategies should they employ? What are the opportunities and challenges for Chinese financial institutions going abroad? Should Chinese financial institutions seek strategic alliances or acquisitions? Should Chinese financial institutions start their acquisitions first in developing countries? What lessons can they learn from experiences of other countries’ financial firms?

Chair: Shan Weijian, Managing Director, TPG Capital

Panelists:
Chen Yuan, President, China Development Bank
Li Jun, President, Bank of Communications
Masamoto Yashiro, Former Chairman and CEO, Shinsei Bank
Ma Weihua, President and CEO, China Merchants Bank
Cai Jianbo, Executive Vice President, China Unionpay
Richard Zhang,  Senior Partner, McKinsey & Company

18:30 - 19:00

Cocktail
Shangri-La Hotel, Pudong, Shanghai

19:00 - 21:00

Welcome Dinner for Forum Guests
Hosted by Mayor Han Zheng

08:30 - 09:45

Plenary Session III
Chair: Shang Fulin, Chairman, China Securities Regulatory Commission

China’s Macroeconomic Development and Financial Reform
Keynote Speeches:
Zhou Xiaochuan, Governor, People's Bank of China
Wu Dingfu, Chairman, China Insurance Regulatory Commission
Han Zheng, Mayor of Shanghai

09:45 - 11:00

Plenary Session IV: New Prospects on Global Financial Markets
Chair: Joseph Yam, Chief Executive, Hong Kong Monetary Authority

Panelists:
Glenn Stevens, Governor, Reserve Bank of Australia
Andrew Sheng, Chief Advisor, CBRC; Former Chairman, Hong Kong SFC
Jiang Jianqing, Chairman, Industrial and Commercial Bank of China
Nouriel Roubini, Professor, New York University

11:00 - 11:15

Coffee Break

11:15 - 12:30

Plenary Session V: Shanghai’s International Financial Center Drive
Chair: Tu Guangshao, Vice Mayor of Shanghai

Panelists:
Peter Sands, CEO, Standard Chartered Bank
Taizo Nishimuro, Chairman, Tokyo Stock Exchange
Yang Chao, Chairman, China Life Insurance Group
Xu Lin, Secretary, CPC Shanghai Pudong Committee
Zhu Xiaoming, President, CEIBS

12:30 - 14:00

Lunch
Keynote Speech:
Xiang Junbo, President, Agriculture Bank of China

Concurrent Panel Discussions

14:00 - 15:30

Panel VII: Interest Rate Liberalization in Financial Reform
Interest rates are a key tool in developing monetary policy. A supply-and-demand driven interest rate is indispensable for financial deepening and innovation. How can China use interest rates more effectively to improve the effectiveness of its monetary policy? Is China now ready for a more flexible, market-oriented interest rate? How can efficiency and risk be balanced during the process of reforming the interest rate mechanism? What challenges and opportunities are likely if the interest rate becomes more flexible?

Chair: Fred Hu, Managing Director, Goldman Sachs Asia Pacific

Panelists:
Xiang Junbo, President, Agriculture Bank of China
Zhang Xiaohui, Director General, Monetary Policy Department, People's Bank fo China
David Dollar, Country Director for China and Mongolia, World Bank
Tarhan Feyzioglu, Deputy Representative for China, IMF
Pan Yingli, Professor of Finance, Shanghai Jiaotong University
Andrew Cainey, Head of Greater China Financial Services, Booz Allen Hamilton

14:00 - 15:30

Panel IIX：The Future of International Monetary System
With the quick integration of global financial markets and the expansion of financial derivatives, the world financial market is growing larger but also more vulnerable. The weakening of the US dollar also imposes new challenges for the international monetary system. How crises such as the Asian financial crisis and the recent subprime crisis be avoided in the future? How can the coordination among national central banks and regulatory bodies be improved? How will regional monetary organizations evolve? What should the future position and role of the IMF be in improving global financial status?

Chair: Yu Yongding, Director of World Economy and Politics Research Institute, CASS

Panelists:
Li Ruogu, Chairman and President, The Export-Import Bank of China
Zhang Tao, Director General, Financial Survey and Statistics Department, PBC
Li Yang, Director, Finance Research Institute, CASS
Xu Xiaonian, Professor, CEIBS
Marc Uzan, Founder and Executive Director, Reinventing Bretton Woods Committee

14:00 - 15:30

Panel IX：A New Era for China’s Capital Market
China’s stock market became the center of world attention in 2007 thanks to its outstanding performance. With the strong growth of the Chinese economy, the nation’s capital market now faces a promising future. What investment opportunities can we expect? How is the structure of the market evolving? What key bottlenecks must be removed? How to regulation be enhanced while transparency is improved? In which aspects should corporate governance be further improved? How should China develop a bond market, in order to achieve a healthy balance between its stock market and bond market?

Chair: Fang Xinghai, Director General, Shanghai Municipal Financial Services Office

Panelists:
Zhu Yunlai, CEO, China International Capital Corp.
Zhang Yujun, CEO, Shanghai Stock Exchange
Song Liping, CEO, Shenzhen Stock Exchange
Yang Maijun, CEO, Shanghai Futures Exchange
Zhu Li, Chairman, China Galaxy Financial Holdings
Victor Chu, Chairman, First Eastern Investment Group
Wu Chongfeng, Professor of Finance, Shanghai Jiaotong University

15:30 - 16:00

Coffee Break

16:00 - 17:30

Panel X: Financial Innovation and Risk Management
With the deepening of China’s financial reform and the relaxation of restrictions on interest rates, demand is rising for new financial products addressing risk management. However, recent financial crises have caused wariness concerning financial innovation. Which products will enjoy the strongest demand and fastest growth? How can these products best be developed in China? What are the risks? How should Chinese banks develop their skills in pricing credit and other risks? What lessons should China learn from international experiences?

Chair: Zhang Yujun, CEO, Shanghai Stock Exchange

Panelists:
Xie Duo, President, China Foreign Currency Trading Center
Zhu Yuchen, President, China Financial Futures Exchange
Huang Ming, Dean, School of Finance, Shanghai University of Finance and Economics
Shen Xiangrong, Chairman, Shanghai Gold Exchange
Marc Intrater, Partner, Oliver Wyman

16:00 - 17:30

Panel XI: The Universal Banking Model and Its Effective Regulation
Universal banking is becoming a compelling trend worldwide, leading Chinese financial institutions to adopt this model. How should financial institutions pursue economies of scale and economies of scope? How can they manage the complex risks incurred by universal banking? How should the regulatory system adapt to the shift from separate-business banking to universal banking?

Chair: Wu Xiaoling, Deputy Director of the Financial and Economic Affairs Committee and Standing Committee Member, National People's Congress

Panelists:
Zhou Yanli, Vice Chairman, China Insurance Regulatory Commission
Tang Shuangning, Chairman, Everbright Group 
John Stuttard, Vice Chairman, PricewaterhouseCoopers UK
Cai Hongping, Chairman, China Investment Banking, UBS

16:00 - 17:30

Panel XII: The Rise of Private Equity Funds in China
Global excess liquidity, booming Chinese real estate and stock markets, and a wave of entrepreneurship have lead to rising private equity and venture capital funds in China’s financial landscape. What roles are these institutions playing? What challenges and opportunities will they bring to the financial market and regulators? Should these investors be further regulated and restricted? How should China improve its institutional environment to foster the growth of private equity funds?

Chair: Zhang Yichen, CEO, CITIC Capital Markets Holdings

Panelists:
Fang Fenglei, Chairman, Goldman Sachs Gaohua Securities Co.
Antony Leung, Chairman, Blackstone Greater China
Wu Shangzhi, President, CDH Investments
Zhao Linghuan, President, Hony Capital

18:30 - 19:00


19:00 - 20:30

Cocktail
Concert Hall, Jimao Tower

Closing Ceremony and Concert
Concert Hall, Jinmao Tower
Closing Remarks by Forum Co-Hosts
Concert performed by the Shanghai Opera House