April 17, 2008. CEIBS Lujiazui International Financial Research Centre - More than 50 Chinese government officials, scholars and financial experts gathered today at the CEIBS Lujiazui International Financial Research Centre (CLFC) to listen to CEIBS Baosteel Chair Professor of Economics Wu Jinglian's keynote speech on "Opportunities and Challenges of China's Economic Transition".

Professor Wu, a senior research fellow in the Development Research Centre of China's State Council and former Member of the Standing Committee of the Chinese People's Political Consultative Conference, is regarded as an authority in the field of economics.

During his address today, he pointed out that after 30 years of reform and opening-up, China's economy has made significant achievements. Prof. Wu also highlighted the challenges with which the Asian giant is now grappling. He argued that  these problems stem from the country's mixed economic system of government intervention and inherent policies from older economic systems. Current distortions within the market are a result of government's still-existing ability to influence market development on a micro-economic level, Prof. Wu said.

The solution, Prof. Wu added, lies in a combination of factors."We must first free our mind. Then we need to employ realistic approaches to deepen reform, eliminate administrative monopoly, and make market mechanism a major way of allocating resources. It is urgent to redefine the government's role and functions and make the government service-oriented," he said.

CEIBS Professor of Economics and Associate Dean Wang Jianmao was the host of today's Finance Salon. Other participants included representatives from the:
- Shanghai Municipal Financial Services Office,
- People's Bank of China Foreign Exchange Department, as well as the
- Shanghai Bureaus of the China Banking Regulatory Commission,
- China Securities Regulatory Commission,
- and the China Insurance Regulatory Commission.

There were also representatives from:
- Bank of Tokyo-Mitsubishi UFJ (China),
- RZB Austria Beijing Branch,
- Guosen Securities,
- GUOTAI JUNAN HONG KONG,
- Penghua Fund Management,
- and Bosera Funds.

In addition, there were top executives from Bank of Shanghai, Shanghai Pudong Development Bank and HSBC. There were also Shanghai representatives of:
- The City of London,
- Industrial and Commercial Bank of China,
- China Minsheng Banking Corp. Ltd.,
- and Dresdner Bank AG. ,
 

CLFC Deputy Director Chun Chang, CEIBS Professor of Economics and Finance Xu Bin, Professor of Economics Zhu Tian, and Professor of Finance Zhang Yimin represented the school at the event.