Wang Xin | Promote the combination of academic research and policy practice to support policy improv
Speech Shorthand
Tsinghua PBC School of Finance Global Green Finance Forum
Good morning, experts, scholars, teachers, and students! It is a pleasure to host today's keynote speech.Promoting the integration of academic research and policy practice has been an effective method and important experience in our development of green finance over the years. I think this experience may also be applicable to other countries. At present, China has established a relatively comprehensive green finance policy framework. The Research Bureau of the People's Bank of China actively cooperates closely with multilateral and bilateral platforms such as the G20, the Network for Green Finance of Central Banks and Regulatory Agencies (NGFS), and domestic and foreign academic institutions and financial institutions such as Tsinghua University's PBC School of Finance, and conducts in-depth academic exchanges in related fields.
Mr. Benoît Mojon just gave a detailed introduction to the NGFS, which has established multiple working groups, task forces, and expert networks around its goals. Among them, the Research Experts Network (ENR), established in March 2023, has done a great deal of work and achieved positive results in promoting academic exchange and sharing of results among NGFS members. We are particularly proud that Mr. Zhang Xuechun, Deputy Director of the Research Bureau of the People's Bank of China, and Mr. Benoît Mojon jointly serve as co-chairs of the NGFS ENR. Yesterday (May 23rd)NGFSThe meeting at the People's Bank of China was very fruitful and in-depth, and eight important articles were discussed. Vice Governor Lu Lei of the People's Bank of China personally attended the meeting and delivered a speech.
In recent years, countries around the world have significantly strengthened their efforts to promote green finance, address climate change, and achieve zero-carbon transition, but many challenges remain to be studied and explored. Mr. Benoît Mojon just now focused on analyzing the potential impacts of climate change and the zero-carbon transition on the economy, prices, and financial stability from the perspectives of central banks and international organizations such as the BIS.
I think that not only central banks, finance departments, and financial regulators are paying close attention to climate change and economic transformation, but many issues deserve in-depth research.For example, at the macro level, how do low-carbon transition and climate change affect economic growth, inflation, and employment? What are the channels and extent through which transition risks impact market and financial stability? At the micro level, how can financial institutions accurately assess and respond to transition risks? How can ESG issues be more broadly incorporated into investment decision-making processes? Reflecting on and exploring these issues will contribute to the improvement of relevant policies and the advancement of zero-carbon transition actions.
Today, many experts, scholars, and research institutions attending the "Tsinghua PBC School of Finance Global Green Finance Forum" have made significant contributions to this field. For example, the Green Finance Research Center of Tsinghua University's PBC School of Finance has produced very important research results and established close cooperation with the research departments of the People's Bank of China. This is just one example; many other experts and research institutions present here have also made very important contributions.
The panel of speakers at this keynote address also reflects the integration of academic research and policy practice. We were honored to have Professor Ke Chengxing, Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore; Mr. Erik Berglof, Chief Economist of the Asian Infrastructure Investment Bank (AIIB); Mr. Filippo Maria D'Arcangelo, Economist of the Organisation for Economic Co-operation and Development (OECD); and Dr. Guo Su, Secretary-General of the Ningxia Yanbao Charity Foundation and Director of the Beijing Baofeng Carbon Neutrality Research Institute, deliver speeches.
Now, let's give a warm round of applause to Professor Ke Chengxing, Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore. He previously taught at prestigious universities such as MIT and the London School of Economics and Political Science (LSE). Please welcome Professor Ke.