| May 8th Thursday |
| 13:00 - 22:00 |
Lujiazui Forum Registration Shangri-La Hotel, Pudong, Shanghai |
| May 9th Friday |
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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 |
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09:50 - 10:50
10:50 - 11:10
11:10 - 12:30
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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 |
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12:30 - 14:00 |
Lunch Keynote Speech: David McCormick, US Treasury Under Secretary |
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Concurrent Panel Discussions |
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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 |
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14:00 - 15:30
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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 |
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14:00 - 15:30
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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 |
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15:30 - 16:00 |
Coffee Break |
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16:00 - 17:30
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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 |
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16:00 - 17:30
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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. |
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16:00 - 17:30
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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 |
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18:30 - 19:00 |
Cocktail Shangri-La Hotel, Pudong, Shanghai |
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19:00 - 21:00 |
Welcome Dinner for Forum Guests Hosted by Mayor Han Zheng |
| May 10th Saturday |
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08:30 - 09:45
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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 |
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09:45 - 11:00
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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 |
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11:00 - 11:15 |
Coffee Break |
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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 |
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12:30 - 14:00 |
Lunch Keynote Speech: Xiang Junbo, President, Agriculture Bank of China |
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Concurrent Panel Discussions |
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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 |
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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 |
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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 |
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15:30 - 16:00 |
Coffee Break |
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16:00 - 17:30
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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 |
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16:00 - 17:30
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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 |
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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 |
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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 |