|5th CF40-PIIE Economists Symposium
The 5th Annual Economists Symposium between CF40 and the Peterson Institute for International Economics (PIIE) took place from May 21-22 in Beijing, under a broad theme of current economic situation and risks in China and the US.
The general assembly on Saturday morning was chaired by Prof Qian Yingyi, Chairman of CF40 Academic Committee and dean of School of Economics and Management at Tsinghua University. Mr. Zhu Guangyao, China’s Vice Finance Minister, made a speech on China-US economic relationship, in which he spoke highly of CF40-PIIE partnership in promoting track two talks of China-US Strategic and Economic Dialogue. Mr. Yu Yongding, CF40 Academic Advisor and Senior Fellow of Chinese Academy of Social Sciences, talked about China’s economic risks, saying that China should further invest in infrastructure with fiscal spending at the central level. PIIE Senior Fellow Nicholas Lardy pointed out in his speech that the service sector and domestic consumption will provide momentum for China’s economic growth. And PIIE President Adam Posen said that sustainable mediocrity will be the economic outlook for China and the US till 2020, and both countries should promote productivity in the public sector and invest in public programs like educational or medical services.
Two closed-door sessions were running in the afternoon. The first session focused on the supply-side reforms in China and the US. Mr. Yin Yanlin, CF40 Invited Guest and Director-General of Bureau II at Office of the Central Leading Group for Financial and Economic Affairs, and Mr. Pei Changhong, CF40 Academic Advisor and Director of the Institute of Economics at Chinese Academy of Social Sciences, compared China’s supply-side structural reform with that in the US and pointed out the differences. PIIE Senior Fellow Mr. Jacob Kirkegaard spoke about China’s poor educational record in his speech and emphasized its implications to China’s economic transition. In the second session, Mr. Sun Guofeng, CF40 Invited Member and Deputy Director-General of Monetary Policy Department at the People's Bank of China, gave a speech on market volatility and RMB exchange rate; Mr. Richard Cooper, PIIE Board Member, former US Undersecretary of State and Professor of International Economics at Harvard University, talked about the future of internationalizing the Chinese currency; and Mr. Edwin Truman, PIIE Non-Resident Senior Fellow and former Assistant Secretary of the US Treasury, shared his reflections on exchange rate policy and financial markets.
The first session on Sunday morning revolved around monetary policy. Ma Jun, CF40 Member and Chief Economist of the Research Bureau at the People’s Bank of China, talked about China’s money supply growth and corporate leverage, and PIIE Senior Fellow Mr. Joseph Gagnon spoke about the effectiveness and independence of monetary policy in China and around the world. The second session focused on the topic of financial regulation. Mr. Nicolas Veron, PIIE Visiting Fellow, Mr. Liao Min, CF40 Member and Director-General of Shanghai Office of China Banking Regulatory Committee, and Mr. Wang Jun, CF40 Invited Guest and Adjunct Professor of China-Europe International Business School made contributions to this session.
Attendees participated in discussions of the above topics at the symposium. CF40 Secretary-General Wang Haiming and PIIE President Adam Posen made the closing remarks.