January 16, 2008. CEIBS Lujiazui International Financial Research Centre - More than 50 of Chinese government officials, scholars and financial experts gathered today at the CEIBS Lujiazui International Financial Research Centre (CLFC) to hear senior banking expert Wu Xiaoling explain key aspects of China’s monetary policy in 2008.

In her speech entitled “China’s Monetary Policy vs. Economic Imbalance,” Ms. Wu, who is former deputy governor of the People’s Bank of China, pointed out that, as the U.S. dollar depreciates and the sub-prime crisis worsens, China must tighten its monetary policy. This move will restrict domestic money supply, she said, preventing inflation and an overheated economy. Ms. Wu stressed that a tight monetary policy requires integrating multiple monetary tools and must be coordinated with other economic policies.

During the event, Ms. Wu drew upon her rich experience as an industry leader in China’s banking sector. In addition to currently serving as executive vice president of the China Society for Finance and Banking, president of Banking Accounting Society of China, professor and supervisor of PhD students at the People’s Bank of China Graduate School, she is also adjunct professor of seven higher educational institutions including CEIBS, and is a research fellow at the People’s Bank of China and China Society of Economic Reform. Ms. Wu received Sun Yefang Economics Prize in 1994.

Today’s Finance Salon, the fifth in a series hosted regularly by CEIBS at the CLFC, was hosted by Shanghai Pudong Development Bank President Ji Xiaohui. Other event participants include: Shanghai Municipal Financial Service Office Director General Fan Xinghai and People’s Bank of China Foreign Exchange Administration Department Director (Shanghai Headquarters) and State Administration of Foreign Exchange Deputy Director (Shanghai Branch) Zheng Yang. Also attending were representatives from the China Insurance Regulatory Commission's Shanghai Bureau; top executives from Bank of Shanghai, Shanghai Pudong Development Bank, Agricultural Bank of China, China Zheshang Bank, Bank of Ningbo, HSBC, Hang Seng Bank, Bank of Montreal, Bank of Tokyo-Mitsubishi UFJ (China), Hua An Fund Management Co, Penghua Fund Management, Industrial Fund Management Co, China Merchants Fund, Allianz, AIG, Mitsui Sumitomo Insurance. Representing CEIBS at the event were CEIBS President Zhu Xiaoming, Associate Dean Wang Jianmao, and CEIBS ABN AMRO Chair Professor of Risk Management Prof. Chang Chun, who is CLFC deputy director.

At the event conclusion, host Ji Xiaohui reaffirmed the CEIBS Lujiazui International Finance Research Centre will provide a platform for more experts, scholars, and industry leaders to engage their audiences in stimulating discussions.

With the support of the Shanghai Municipal People's Government and the Pudong New Area People's Government, the CLFC was co-founded by CEIBS and Shanghai Lujiazui (Group) to serve as an authoritative and influential think tank for the development of Shanghai as an international financial center. Institutional members of the Board include: Shanghai Municipal Financial Service Office, Shanghai financial regulators, Bank of Shanghai, HSBC and Mindray Medical.

Today’s Finance Salon is part of an ongoing series of high level seminars hosted by CEIBS at the CLFC. Previous speakers include:

• Bank of China Deputy Governor Zhu Min, “Ten New Features of Global Finance in the New Century,” on October 12;
• Lord Mayor of the City of London Alderman John Stuttard, “How the City of London Succeeded in the International Financial Market,” on October 19;
• China Investment Corp. General Manager Gao Xiqing, “Problems and Prospects of China’s Social Security Fund Mechanism,” on December 2;
• and CEIBS Professor of Economics Xu Xiaonian, “Excess Liquidity and Asset Price Bubble,” on December 13.