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

中央财经大学皇冠足球比分

德国 InWEnt 国际继续教育与发展协会

德国开发研究院 (DIE)

“ 全球金融危机和金融监管框架改革 ”学术研讨会

大会议程

背景：

全球金融危机已经突显出全面 、有效的金融市场调控和监管的重要性。同时，此次金融危机影响范围之广，破坏程度之大也 反应 出在应对金融危机 、防止新一轮危机发生时国际合作的重要性。

本次研讨会立足当前全球金融危机的背景，旨在讨论国内 、 国际金融监管框架改革 ，交流不同国家和地区的所采取的监管措施。讨论的专题包括 ： 如何采取正确应对危机的 措施确保经济持续增长和平稳发展 ，如何对当前金融市场监管制度进行改革，区域金融一体化问题，东亚监管合作问题 ，以及如何改革和稳固全球金融结构等问题。

本次研讨会为即将于2009年 9 月 3-4 日在 德国柏林举行的“全球金融治理-挑战和区域应对策略 ”国际研讨会 提供基础 。

时间： 2009 年 5 月 7 日 -8 日上午

地点：北京市学院南路 39 号中央财经大学中财大厦 3 层学术报告厅

工作语言 : 英语 / 汉语

大会主持：中央财经大学皇冠足球比分院长助理 : 李建军 教授

InWEnt 国际继续教育与发展协会北京代表处主任：谢莹龄 女士

第一天（ 2009 年 5 月 7 日 ，星期四 ）

08:40 – 09:00欢迎仪式并致开幕词

张礼卿， 中央财经大学皇冠足球比分院长 ，教授

Thomas Helfen， 德国驻华大使馆参赞、国际合作与发展部主任

Ina Dettmann-Busch， 德国“ InWEnt 国际继续教育与发展协会 ”经济政策处高级项目经理

Peter Wolff， 德国发展研究院（ DIE ）全球经济与发展金融部主任。

9:00 – 11:00第一部分 全球金融危机：成因，后果和教训

第一部分将讨论全球金融危机的成因、影响及目前采取的应对措施（特别是财政刺激方案）的可行性以及进一步的金融市场改革将如何 推动 经济增长和发展。同时，还将讨论如何实现持续减少贫穷并保持社会稳定等问题 。

主持人 ： 毕吉耀，国家发展和改革委员会宏观经济研究院对外经济研究所副所长

演讲人：

李向阳， 中国社会科学院世界经济与政治研究所副所长

杜大伟 （ David Dollar ），世界银行东亚和太平洋地区中国和蒙古局局长

Ansgar Belke，杜伊斯堡埃森大学（ University of Duisburg-Essen ）经济学教授 ，德国经济研究所（ DIW ）副所长

徐忠，《金融研究》编辑部主任，中国人民银行金融研究所研究员

11:00 – 11:15茶歇

11:15-13:15第二部分 反思金融自由化与金融监管

全球金融危机引发了一场有关金融市场（包括全球金融市场和国内金融市场）适度调控和监管的讨论。目前虽然对金融市场进行全面的监管达成了新的更为广泛的共识，但权衡金融自由化可能的带来益处和因金融自由化 、 金融创新导致金融危机而产生的潜在成本，调控的最佳水平仍然没有达到。为避免金融市场的动荡，找出金融市场和监管制度的不足以及来自国外市场的金融动荡源头是非常重要的， 而且还应找出应对这些问题的方法。像中国这样的经济体，一个非常重要的问题在于确定金融市场自由化的程度及国内银行开放的程度，以及应该多大程度推动国内银行的开放和资国市场的国际融合。

主持人： Peter Wolff， 德国发展研究院（ DIE ）全球经济和发展金融部主任

演讲人：

Jochen Robert Elsen，德国联邦金融监管局（ BaFin ）国际政策高级顾问

张晓朴，中国银行业监督管理委员会政策法规处处长

张礼卿， 中央财经大学皇冠足球比分院长

李建军，中央财经大学皇冠足球比分院长助理，教授

13:15—14:30午 餐

14:30-16:30第三部分 区域金融一体化和金融监管合作

自亚洲金融风暴爆发十年来，东亚的决策者们在区域金融市场一体化方面表现出愈加浓厚的兴趣 ，这还体现在各国在管理与协调金融市场方面进行了更密切的合作。在当下有关全球金融体系改革的讨论大潮的背景下，这部分将探讨区域金融一体化将如何在区域及国际金融市场上对金融稳定性做出贡献以及目前已经采取的措施（包括 ASEAN-3 提出的建立经济审查和开展政策对话，发展区域债券市场，清迈多边化倡议）。本节还将讨论如何在区域经济合作方面做出的进一步努力在区域及全球范围内建立一个波动较小的金融环境。

主持人：Ulrich Volz， 德国发展研究院 （ DIE ） 高级研究员

演讲人：

Lotte Schou-Zibell， 亚洲开发银行区域经济一体化办公室高级经济学家

高海红， 中国社会科学院世界经济与政治研究所国际金融研究室主任

李健， 中央财经大学皇冠足球比分金融学系主任

16:30-16:45茶歇

16:45-18:00

第四部分 主题演讲：金融及经济危机对中国经济的影响 & 公开讨论

主持人：张礼卿，中央财经大学皇冠足球比分院长

演讲人：

张建华，中国人民银行研究局局长

Erich Harbrecht，德国中央银行国际金融系统司司长

18:15-20:15欢迎晚宴

第二天（ 2009 年 5 月 8 日 ，星期五 ）

09:00-11:00第五部分 国际金融体系改革

目前 G20 正在制定新的全球金融秩序，同时，联合国大会主席已经指定了一个专家委员会来拟定关于国际货币体系改革和金融体系改革的议案，此委员会会长由诺贝尔经济学奖得主约瑟夫 .斯蒂格利茨担当。除了创建一个更好的国际金融市场监管制度外，如何使国际金融机构更有效的运作及其（特别是国际货币基金组织）改革也成为一个特点话题。国际金融体系未来的格局将会给新兴经济体及工业化经济体带来重大影响。这一部分将讨论 G20 和约瑟夫斯 . 蒂格利茨的专家委员会已经提出的议案以及中国和欧盟在未来国际金融体系中充当的角色。

主持人：杜厚文， 中国人民大学 原 副校长

演讲人 ：

魏本华， 国家外汇局原副局长 ， 原中国驻 IMF 执行董事

Tarhan Feyzioglu， IMF 驻华代表

Michael Wieneke，德国财政部 / 德国大使馆金融参赞

11:00-11:15茶歇

11:15 – 12: 30

第六部分 主题演讲：公开讨论

主持人 ： Ulrich Volz，德国发展研究院（ DIE ）高级研究员

12:30 – 12:40闭幕辞

Heike Bürskens，德国联邦经济合作和发展部（ BMZ ）经济学家

张礼卿，中央财经大学皇冠足球比分院长

12:40 – 13:30告别午宴