The 2022 Tsinghua PBCSF Chief Economists Forum was successfully held.
On May 14, 2022, the 2022 Tsinghua PBC School of Finance Chief Economist Forum, themed "2022 in Turmoil: Global and Chinese Economic and Policy Outlook," was held online. The forum was hosted by the Tsinghua University PBC School of Finance and organized by the Tsinghua University PBC School of Finance Center for International Finance and Economics Research (CIFER), and was broadcast live in both Chinese and English, accessible to the entire world.
The Tsinghua PBC School of Finance Chief Economist Forum is held annually in Beijing in the spring. Focusing on a global perspective and promoting multi-dimensional exchange, it invites chief economists from renowned domestic and international institutions to jointly discuss the development trends and policy directions of the Chinese and global economies. Founded in 2019, the forum has been successfully held twice and is a major center for research and exchange on macroeconomic policies in China and the world. The inaugural forum was held at the Meng Minwei Concert Hall at Tsinghua University, attracting nearly a thousand attendees and generating over ten thousand articles from more than a hundred financial media outlets. The second forum in 2021 was streamed online, attracting over ten million viewers in real time, making it the largest and highest-level chief economist forum in China. In response to the recurring pandemic and the turbulent situation of the Russia-Ukraine conflict, the third Tsinghua PBC School of Finance Chief Economist Forum in 2022 invited 21 chief economists and leading scholars from globally renowned institutions to engage in in-depth discussions around four roundtable themes.
Opening Ceremony Guests
At the opening ceremony, Professor Ziguang Chair Professor of Tsinghua University PBC School of Finance and Director of the Center for International Finance and Economics Research (CIFER) of Tsinghua University PBC School of Finance spoke.Ju JiandongAs the host, he welcomed and thanked all the guests and viewers from around the world, and briefly introduced the establishment and development of the forum; Tsinghua University President Wang Xiqin and Tsinghua University PBC School of Finance Dean Zhang Xiaohui delivered speeches respectively.Wang XiqinWe must strengthen our confidence, confront the problems head-on, share our thoughts and learn from each other's ideas, dispel the fog of confusion, work together, spread China's voice, and weather this turbulent and transformative period together.Zhang Xiaohui pointed outTheoretical innovation must start from practical problems and serve practical policies; the times call for new macroeconomic theories and new monetary economic theories. In the keynote speech session, the forum invited the founder of Bridgewater Associates...Ray DalioDalio delivered a keynote speech on the theme "The Changing World Order." In his speech, he emphasized that China and the US should engage in orderly competition, avoid conflict, maintain dialogue, and pursue win-win cooperation, working together for economic development and technological progress. Following this, moderator Ju Jiandong and Dalio discussed issues such as "Peaceful Development and Friendly Cooperation between China, the US, and Europe under the New World Order."
Roundtable Discussion 1 Guest
Roundtable discussion 1Ju JiandongModerated by [Name of Moderator], focusing on the theme "Prospects for the World Economy, Finance, and Global Order." [Name of Moderator] is the Dean of the Institute of New Structural Economics at Peking University, Honorary Dean of the National School of Development at Peking University, and Dean of the Institute for South-South Cooperation and Development at Peking University.Lin YifuHe stated that China needs to maintain a dynamic economic growth rate and accelerate its opening-up process. This statement was made by the Vice Chairman of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), Vice Chairman of the Fourth Council of the China Development Research Foundation, and Dean of the School of Economics and Management at Harbin Institute of Technology (Shenzhen).Liu ShijinIt was pointed out that efforts should be accelerated to promote green technology innovation in China, transforming the pressure of climate change into a driving force for innovative growth. (This statement was made by a member of the Chinese Academy of Social Sciences, a researcher and doctoral supervisor at the Institute of World Economics and Politics, Chinese Academy of Social Sciences.)Yu YongdingIt is proposed that we need to adjust the structure of China's overseas assets, balance China's international payments, and respond to the new changes in the international monetary system. (Source: Freeman Chair Professor of Economics, Tsinghua University; Dean of the Institute for Chinese Economic Thought and Practice, Tsinghua University; Founding Dean of Schwarzman College, Tsinghua University)Li DaokuiIt was mentioned that the goals of epidemic prevention and control and economic development should be coordinated, life expectancy and people's welfare should be improved, and strategic focus and patience should be maintained. In response to the above remarks, moderator Ju Jiandong discussed with the guests issues such as "Lessons from the Japanese crisis for China's economic growth" and "The necessity of opening the capital account."
Roundtable Discussion 2 Guests
Partner, Chairman and Chief Economist of Shanghai Chongyang Investment Management Co., Ltd.Wang QingHe moderated the second roundtable discussion, "China's Economic and Policy Outlook," and noted that asset price data can promptly reflect the economic situation, and that further attention needs to be paid to the impact of the pandemic and real estate issues. (JD.com Chief Economist)Shen JianguangNomura Securities' chief economist stated that, facing the external risk of stagflation in the United States, China needs to boost domestic demand and promote consumption.Lu TingIt was pointed out that current monetary policy space is limited, and a comprehensive fiscal policy package is needed. — Chief Global Economist, BOC International SecuritiesGuan TaoIt is suggested that China should stabilize its macroeconomy, maintain epidemic prevention and control, and address the three major global challenges. — Chief Economist, Zhongtai SecuritiesLi XunleiThe speakers expressed their views on focusing on residents' expenditure structure and income distribution, actively promoting consumption, and smoothing the domestic economic cycle. Following this, the guests engaged in in-depth discussions on issues such as the "combination of fiscal policy measures."
Roundtable Discussion Three Guests
As one of the main topics of this forum, Roundtable Discussion 3 focused on the theme of "Innovation, Finance, and Technological Competition," with CICC's Chief Economist present.Peng WenshengHe served as the moderator and shared his views on fully leveraging market scale effects, capitalizing on the advantages of the digital economy, and addressing the challenges of technological decoupling between China and the United States. Former Mayor of ChongqingHuang QifanIt was pointed out that the financial sector should not be overly concerned about coal, but should develop a financing system that serves my country's green transformation based on its national conditions. — Dean of Tsinghua University PBC School of FinanceZhang XiaohuiIt was mentioned that the technological innovation system should become a major pillar of my country's future economic growth, and financial support for technological innovation is a key lever to strengthen financial services for the real economy. — Dean of Schwarzman College, Tsinghua University, and Director of the Center for Science and Technology Policy Research, Tsinghua UniversityXue LanThe proposal suggests clarifying the boundaries of competition between China and the US and strengthening cooperation in innovation. — Professor at Tsinghua University's PBC School of Finance and Director of CIFERJu JiandongThe meeting emphasized the importance of securing domestic market share in technology, breaking international technological monopolies, achieving an "innovation-scale" cycle, and supporting industrial transformation and upgrading. Guests discussed and shared their insights on issues such as "Sino-US technological competition and cooperation" from their respective professional perspectives.
Roundtable Discussion 4 Guests
In Roundtable Discussion Four, the guests discussed the theme of "Monetary Policy and Economic Growth." One of the speakers was Chair Professor at the National School of Development, Peking University, and Director of the Peking University Digital Finance Research Center.Huang YipingIt was pointed out that a monetary policy focused on aggregate volume should be maintained, while structural monetary policies should be treated with caution. (This statement was made by the former Director of the Survey and Statistics Department of the People's Bank of China, Professor at Shanghai University of Finance and Economics, and Doctoral Supervisor at Tsinghua University's PBC School of Finance.)Sheng SongchengThe forecast for my country's GDP growth in the second quarter is 2.1%. — Managing Director, China International Capital Corporation (CICC)Huang HaizhouThis indicates that monetary policy faces an external environment marked by a global liquidity inflection point. (Source: Director of the Financial Development and Regulatory Technology Research Center at Tsinghua University's Institute for Financial Technology, former President of Huaxia Bank Co., Ltd.)Zhang JianhuaThe advantages and disadvantages of structural monetary policy were evaluated. (Author: Deputy Director, Researcher, and Doctoral Supervisor, Institute of World Economics and Politics, Chinese Academy of Social Sciences)Zhang BinHe expressed his view that monetary policy should be used for "fire prevention, firefighting, and disaster relief" in response to the epidemic, and moderated a guest discussion on the core issue of "monetary policy for stabilizing exchange rates, credit, and consumer spending".
The one-day 2022 Tsinghua PBC School of Finance Chief Economist Forum concluded successfully, with over ten million online viewers immersing themselves in the live broadcast and Q&A sessions. More than 30 media outlets (listed alphabetically) simultaneously presented the forum, including Einstein™, Beijing Radio & Television Station, Beijing Business Today, CGTN, Caixin, Caijing, Dahe Finance Cube, Grand Canal Media, International Financial News, Workers' Daily, HBRC New Growth Academy, Huatai Xingzhi, Financial World, Tsinghua Financial Review, Panorama.com, Shanghai Securities News, Sohu, Tencent Finance, Investor.com, NetEase Finance, XueShuo, Xinhua Finance, Beijing News, Sina Finance, China Wealth Network, Zhejiang Economic Channel, China News Service, China Banking and Insurance News, China Securities Journal, and CNKI.