'Financial Crisis: From Asia to the World'
Peking University, Beijing, May 28, 2010: On the evening of May 23, the PKU HSBC Finance Lectures was held at PKU Yingjie Overseas Exchange Center by the HSBC Financial Research Institute (HFRI). Prof. Shen Liantao, Chief Consultant with the China Banking Regulatory Commission (CBRC) and former Chairman of Hong Kong Securities and Futures Commission (SFC), delivered a speech titled “Financial Crises: from Asia to the World.” The lecture was hosted by Prof. Hai Wen, Vice President of PKU and Director of HFRI.
Prof. Shen Liantao
Prof. Shen Liantao compared the Asian financial crisis with the global economic downturn and analyzed the cause in historical, macroscopic, and microscopic perspectives. Supervision organizations in western countries ignored the serious danger of risk feedback led by the relativity in a financial network, said Prof. Shen. “We have already stepped into an age of global interdependence with the networking of finance, trade, and social lives at large, and the relativity and influence among the global finance are becoming stronger and stronger. However, our supervision, legal framework, and administration are still conducted by single countries, and it is this situation that makes our financial policies and supervision organizations unable to cope with financial crisis properly. We must learn from the crisis, and innovation is needed.”
Prof. Shen closely combined economic theory and practice in his speech and delivered his idea in a humorous way, winning big applause from the audience. It was even more attractive when he answered questions about latest hotspots, including internationalized supervision system, micro-control policies of government and real estate price in China.
Prof. Hai Wen presenting letter of appointment
After the lecture, Vice President Hai Wen presented Prof. Shen Liantao a letter of appointment as academic consultant with HFRI.
The HSBC Finance Research Institute (HFRI) was founded in 2008. Its objective is to encourage and support academic research in finance with particular emphasis on the areas of banking, the securities markets, and the financial policies of China. The faculty is drawn from PKU HSBC School of Business, National School of Development, School of Economics, and the Faculty of Business and Economics of The University of Hong Kong (HKU). The Deputy Director Prof. Frank M. Song welcomes correspondence from all academic researchers interested in examining China’s financial sector.
For more info, please visit www.hfri.pku.edu.cn.
Translated by: Qin Yixiao
Edited by: Jacques
Source: PKU News (Chinese)