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Center for Finance and Development

The Center for Finance and Development, established under Tsinghua National Institute of Financial Research, is dedicated to studying practical issues related to macroeconomy and finance and to providing recommendations for economic and financial policy makers. The Center aims to become an important think tank and will play an active role in international dialogues on economic and financial issues. In addition to long-term themes, the Center also works with government agencies, regulators and financial institutions on research projects, and supports the work of the People's Bank of China (PBC). Research priorities of the Center for the next few years include, among others, financial risk analysis, monetary policy, green finance, investment and financing mechanisms, Belt & Road Initiative, and financial inclusion. The Center is led by Dr. Ma Jun, former Chief Economist of the Research Bureau of the PBC. Donors to the Center include Shanghai Zhuoyuan Capital Management Company.

The Center is currently working on the following research projects:
1. Simulation of Systemic Financial Risks: The project studies potential causes and transmission channels of systemic financial risks, as well as options for policy interventions. The project will focus on the financial risks that might be caused by local government debt and bubbles in the real estate market.
2. Reform of the Monetary Policy Framework: explore the roadmap of transforming the monetary policy framework to one using a policy rate as the intermediate target.
3. The G20 Green/Sustainable Finance Study Group: support the work of the GFSG/ SFSG, co-chaired by Dr. Ma Jun representing the PBC. Research topics for 2018 include the securitization of green assets, development of green PE/VC, and the deployment of financial technologies in scaling up green finance.
4. Mobilizing international capital for Belt & Road investment: explore options to mobilize global capital and encourage financial product innovation for investments in the Belt & Road region, e.g. how to establish a political risk insurance mechanism for the BRI.
5. Sovereign risks of Belt & Road countries. The Center will explore sovereign credit risks of B&R countries and business risks related to investment environment, and will attempt to quantify these risks.
6. Greening Belt & Road investments: develop guidelines of environmental risk management for Belt & Road investments, promote the securitization of B&R green assets, and explore the feasibility of establishment a B&R carbon market.
7. Policy Review of Development Zones: review the policy impact and financial mechanism of China's development zones, analyze the motivation, scale and risks associated with borrowing by local governments and their financing vehicles in these development zones, and develop policy recommendations.
8. Export Credit Pricing Mechanism in Developing Countries: explore options to establish rule-based, transparent interest rate pricing mechanisms for export credit in developing countries.

Contact: Ms. Zhang Xin, +86-10-83021703


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