School of Finance , Central University of Finance and Economics
InWEnt Capacity Building International
German Development Institute (DIE)
Workshop on“The Global Financial Crisis and the Reform of the Financial Regulatory Framework”
Beijing , 7-8 May 2009
Programme
Background
The global financial crisis has underscored the importance of comprehensive and efficient financial market regulation and supervision. The scope and severity of the crisis has also highlighted the importance of international cooperation to counter the effects of the crisis and prevent new ones from occurring.
Against the backdrop of the current crisis, this workshop seeks to discuss the reform of national as well as international financial regulatory frameworks and exchange experiences with regulation in different countries and regions. Topics to be addressed include adequate crisis responses that will help continued growth and development, appropriate measures that should be taken regarding the regulation and supervision of financial markets, regional financial integration and regulatory cooperation in East Asia , and the reform and strengthening of the global financial architecture.
The workshop is intended to provide inputs for a planned international conference in Berlin/Germany on 3& 4 September 2009 on “Global financial governance – challenges and regional responses”.
Venue: School of Finance
Central University of Finance and Economics (CUFE)
39 South College Road , Beijing ,100081, CHINA
The working languages will be English/Chinese.
The workshop will be moderated by Jianjun Li, Assistant Dean of School of Finance CUFE and Anja Chia Y.L., Director InWEnt Coordination Center Beijing
Day 1 ( 7 May 2009 )
08 : 40 – 09 : 00Welcome and Opening Remarks
• Liqing Zhang, Dean, School of Finance , Central University of Finance and Economics (CUFE), Beijing
• Thomas Helfen,Counsellor and Head of Department of International Cooperation and Development, Embassy of the Federal Republic of Germany , Beijing
• Ina Dettmann-Busch, Senior Project Manager, Division Economic Policy and Good Governance, InWEnt – Capacity Building International,Berlin
• Peter Wolff, Head of Department, World Economy and Development Financing, German Development Institute (DIE), Bonn
9 : 00 – 11 : 00
Session 1: The Global Financial Crisis: Origins, Consequences and Lessons
The first session discusses the causes and effects of the global financial crisis and the adequacy of the policy responses taken so far. In particular, the effectiveness of fiscal stimulus packages will be examined and how growth and development can be helped by further financial market reform. It shall also address what efforts are needed for achieving sustained poverty reduction and maintaining social stability.
Chair:Jiyao Bi, Deputy Director, Institute of Foreign Economic Policy, National Development and Reform Commission, Beijing
Speakers:
• Xiangyang Li,Deputy Director, Institute of World Economy and Politics, Chinese Academy of Social Science (CASS), Beijing
• David Dollar ,Country Director , China and Mongolia, World Bank, Beijing• Ansgar Belke, Professor of Economics, University of Duisburg-Essen and designated Vice President of the German Institute for Economic Research (DIW), Berlin
• Zhong Xu, Division Chief, Research Department, People's Bank of China, Beijing 11:00 – 11:15Coffee Break
1 1 : 15 – 1 3 : 15
Session 2 : Rethinking Financial Liberalisation and Financial Regulation
The global financial crisis has sparked a discussion about the appropriate level of financial market regulation and supervision, both in global financial markets and on a domestic level. Albeit there is new and widespread consensus nowadays about the need for a comprehensive regulation and supervision of financial markets, the optimal level of regulation remains elusive in the face of the fundamental trade-off between the potential benefits of financial market liberalisation on the one side and the potential cost that financial liberalisation and innovation might cause in terms of increased susceptibility to financial crisis. To avoid market instability, it is important to identify weaknesses in financial markets and regulation, as well as potential sources of financial contagion from abroad, and how these should be addressed. For economies such as China , an important question is how much further financial markets should be liberalised and how far the opening of the domestic banking sector and the integration into international securities markets should be driven.
Chair:Peter Wolff, Head of Department, World Economy and Development Financing, German Development Institute(DIE), Bonn
Speakers:
• Jochen Robert Elsen, Senior Advisor International Policy, German Federal Financial Supervisory Authority (BaFin), Frankfurt
• Xiaopu Zhang,Division Chief, Supervisory Rules & Regulations Department , China Banking Regulatory Commission ( CBRC), Beijing
• Liqing Zhang,Dean, School of Finance, Central University of Finance and Economics (CUFE), Beijing
• Jianjun Li,Assistant Dean, School of Finance, Central University of Finance and Economics (CUFE), Beijing
1 3 : 15 – 1 4 : 30Lunch
1 4 : 30 – 1 6 : 30
Session3: Regional Financial Integration and Financial Regulatory Cooperation
The decade since the Asian financial crisis has seen a growing interest of East Asian policymakers in the regional integration of financial markets and a closer coordination in regulation and surveillance of financial markets. In light of the current discussions of a revamping of the global financial system, this session shall explore whether and how a strengthening of regional financial cooperation could contribute to the stability not only of regional but also global financial markets. This session discusses how the initiatives taken in the region hitherto – including the establishment of the Economic Review and Policy Dialogue by the ASEAN+3, the development of a regional bond market, and the multilateralisation of the Chiang Mai Initiative –, as well as further efforts in regional cooperation could make for a less volatile financial environment on a regional and global scale.
Chair:Ulrich Volz, Senior Economist, German Development Institute (DIE), Bonn
Speakers:
• Lotte Schou-Zibell, Senior Economist, Office of Regional Economic Integration, Asian Development Bank, Manila
• Haihong Gao, Director of International Finance Section, IWEP, CASS , Beijing
• Jian Li,Professor of Economics, Head of Monetary Economics Department, School of Finance , CUFE
16:30 – 16:45Coffee Break
16:45 – 18:00
Session 4 : Keynote Speeches
Chair:Liqing Zhang,Dean, School of Finance, Central University of Finance and Economics (CUFE), Beijing
Keynote speakers :
??• Jianhua Zhang, Director , Research Department, People's Bank of China, Beijing
• Erich Harbrecht, Head of Division, International Financial Systems, Deutsche Bundesbank, Frankfurt
1 8 : 15 – 20 : 15Conference Dinner
Day 2 ( 8 May 2009 )
09 : 00 – 11 : 00Session 5 : Reform of the International Financial Architecture
The G20 is currently working on a blueprint for a new global financial order; at the same time, the President of the United Nations General Assembly has assigned a commission of experts headed by Nobel laureate Joseph Stiglitz to develop proposals for a reform of the international monetary and financial systems. Besides a better regulation and supervision of global financial markets, an enhanced role for and a reform of international financial institutions, the IMF in particular, has become a key topic of discussions. The future shape of the global financial system will have great implications for emerging and industrialised economies alike. This session will address the proposals that have been brought forward by the G20 and the Stiglitz commission and the role that China and the European Union shall play in the future international financial system.
Chair:Houwen Du,Professor of Economics, Former Vice President, Renmin University of China, BeijingSpeakers:
• Benhua Wei,Vice Governor, State Administration of Foreign Exchange and Former China Director in IMF, Beijing
• Tarhan Feyzioglu, Resident Representative in China , IMF, Beijing
• Michael Wieneke, Financial Counsellor, German Ministry of Finance/German Embassy, Beijing
11 : 00 – 1 1 : 15Coffee Break
11 : 15 – 1 2 : 3 0
Session 6 : Summing Up & Open Discussion
Chair:Ulrich Volz, Senior Economist, German Development Institute (DIE), Bonn
12:30 – 12:40
Closing Remarks
• Heike Bürskens,Desk Officer, East Asia Section, Federal Ministry for Economic Cooperation and Development (BMZ),Bonn
• Liqing Zhang,Dean, School of Finance , Central University of Finance and Economics (CUFE), Beijing
12:40 – 13:30Farewell Lunch
bevictor伟德官网
德國 InWEnt 國際繼續教育與發展協會
德國開發研究院 (DIE)
“ 全球金融危機和金融監管框架改革 ”學術研讨會
大會議程
背景：
全球金融危機已經突顯出全面 、有效的金融市場調控和監管的重要性。同時，此次金融危機影響範圍之廣，破壞程度之大也 反應 出在應對金融危機 、防止新一輪危機發生時國際合作的重要性。
本次研讨會立足當前全球金融危機的背景，旨在讨論國内 、 國際金融監管框架改革 ，交流不同國家和地區的所采取的監管措施。讨論的專題包括 ： 如何采取正确應對危機的 措施确保經濟持續增長和平穩發展 ，如何對當前金融市場監管制度進行改革，區域金融一體化問題，東亞監管合作問題 ，以及如何改革和穩固全球金融結構等問題。
本次研讨會為即将于2009年 9 月 3-4 日在 德國柏林舉行的“全球金融治理-挑戰和區域應對策略 ”國際研讨會 提供基礎 。
時間： 2009 年 5 月 7 日 -8 日上午
地點：北京市學院南路 39 号bevictor伟德官网中财大廈 3 層學術報告廳
工作語言 : 英語 / 漢語
大會主持：bevictor伟德官网院長助理 : 李建軍 教授
InWEnt 國際繼續教育與發展協會北京代表處主任：謝瑩齡 女士
第一天（ 2009 年 5 月 7 日 ，星期四 ）
08:40 – 09:00歡迎儀式并緻開幕詞
張禮卿， bevictor伟德官网院長 ，教授
Thomas Helfen， 德國駐華大使館參贊、國際合作與發展部主任
Ina Dettmann-Busch， 德國“ InWEnt 國際繼續教育與發展協會 ”經濟政策處高級項目經理
Peter Wolff， 德國發展研究院（ DIE ）全球經濟與發展金融部主任。
9:00 – 11:00第一部分 全球金融危機：成因，後果和教訓
第一部分将讨論全球金融危機的成因、影響及目前采取的應對措施（特别是财政刺激方案）的可行性以及進一步的金融市場改革将如何 推動 經濟增長和發展。同時，還将讨論如何實現持續減少貧窮并保持社會穩定等問題 。
主持人 ： 畢吉耀，國家發展和改革委員會宏觀經濟研究院對外經濟研究所副所長
演講人：
李向陽， 中國社會科學院世界經濟與政治研究所副所長
杜大偉 （ David Dollar ），世界銀行東亞和太平洋地區中國和蒙古局局長
Ansgar Belke，杜伊斯堡埃森大學（ University of Duisburg-Essen ）經濟學教授 ，德國經濟研究所（ DIW ）副所長
徐忠，《金融研究》編輯部主任，中國人民銀行金融研究所研究員
11:00 – 11:15茶歇
11:15-13:15第二部分 反思金融自由化與金融監管
全球金融危機引發了一場有關金融市場（包括全球金融市場和國内金融市場）适度調控和監管的讨論。目前雖然對金融市場進行全面的監管達成了新的更為廣泛的共識，但權衡金融自由化可能的帶來益處和因金融自由化 、 金融創新導緻金融危機而産生的潛在成本，調控的最佳水平仍然沒有達到。為避免金融市場的動蕩，找出金融市場和監管制度的不足以及來自國外市場的金融動蕩源頭是非常重要的， 而且還應找出應對這些問題的方法。像中國這樣的經濟體，一個非常重要的問題在于确定金融市場自由化的程度及國内銀行開放的程度，以及應該多大程度推動國内銀行的開放和資國市場的國際融合。
主持人： Peter Wolff， 德國發展研究院（ DIE ）全球經濟和發展金融部主任
演講人：
Jochen Robert Elsen，德國聯邦金融監管局（ BaFin ）國際政策高級顧問
張曉樸，中國銀行業監督管理委員會政策法規處處長
張禮卿， bevictor伟德官网院長
李建軍，bevictor伟德官网院長助理，教授
13:15—14:30午 餐
14:30-16:30第三部分 區域金融一體化和金融監管合作
自亞洲金融風暴爆發十年來，東亞的決策者們在區域金融市場一體化方面表現出愈加濃厚的興趣 ，這還體現在各國在管理與協調金融市場方面進行了更密切的合作。在當下有關全球金融體系改革的讨論大潮的背景下，這部分将探讨區域金融一體化将如何在區域及國際金融市場上對金融穩定性做出貢獻以及目前已經采取的措施（包括 ASEAN-3 提出的建立經濟審查和開展政策對話，發展區域債券市場，清邁多邊化倡議）。本節還将讨論如何在區域經濟合作方面做出的進一步努力在區域及全球範圍内建立一個波動較小的金融環境。
主持人：Ulrich Volz， 德國發展研究院 （ DIE ） 高級研究員
演講人：
Lotte Schou-Zibell， 亞洲開發銀行區域經濟一體化辦公室高級經濟學家
高海紅， 中國社會科學院世界經濟與政治研究所國際金融研究室主任
李健， bevictor伟德官网金融學系主任
16:30-16:45茶歇
16:45-18:00
第四部分 主題演講：金融及經濟危機對中國經濟的影響 & 公開讨論
主持人：張禮卿，bevictor伟德官网院長
演講人：
張建華，中國人民銀行研究局局長
Erich Harbrecht，德國中央銀行國際金融系統司司長
18:15-20:15歡迎晚宴
第二天（ 2009 年 5 月 8 日 ，星期五 ）
09:00-11:00第五部分 國際金融體系改革
目前 G20 正在制定新的全球金融秩序，同時，聯合國大會主席已經指定了一個專家委員會來拟定關于國際貨币體系改革和金融體系改革的議案，此委員會會長由諾貝爾經濟學獎得主約瑟夫 .斯蒂格利茨擔當。除了創建一個更好的國際金融市場監管制度外，如何使國際金融機構更有效的運作及其（特别是國際貨币基金組織）改革也成為一個特點話題。國際金融體系未來的格局将會給新興經濟體及工業化經濟體帶來重大影響。這一部分将讨論 G20 和約瑟夫斯 . 蒂格利茨的專家委員會已經提出的議案以及中國和歐盟在未來國際金融體系中充當的角色。
主持人：杜厚文， 中國人民大學 原 副校長
演講人 ：
魏本華， 國家外彙局原副局長 ， 原中國駐 IMF 執行董事
Tarhan Feyzioglu， IMF 駐華代表
Michael Wieneke，德國财政部 / 德國大使館金融參贊
11:00-11:15茶歇
11:15 – 12: 30
第六部分 主題演講：公開讨論
主持人 ： Ulrich Volz，德國發展研究院（ DIE ）高級研究員
12:30 – 12:40閉幕辭
Heike Bürskens，德國聯邦經濟合作和發展部（ BMZ ）經濟學家
張禮卿，bevictor伟德官网院長
12:40 – 13:30告别午宴
