On May 9, Tsinghua PBCSF Global Academic Leaders Forum was held by Tsinghua PBC School of Finance and Tsinghua University National Institute of Financial Research at the Reception Hall of the Main Building at Tsinghua University. Mr. Jiri Rusnok, Governor of Czech National Bank, Dr. Vladimír Tom?ík, Vice Governor of Czech National Bank, and Mr. Mel Carvil, Board Member of Home Credit, were invited to speak at the Forum and share their views on the topic of "The Role of Financial System in the Emerging Market-Lessons Learned on the Way to Prosperous".
The speakers shared their views on the transformation of Czech economy, and introduced the experiences during the process. They also discussed the role of finance in economic transformation and how finance can better assist economic development. The experience brings valuable thinking to China's economic development. During the forum, guests also brought the suggestions on how Czech and China could better co-operate under the Belt and Road Initiatives framework.
In the keynote speech of Dr. Vladimír Tom?ík, Vice Governor of Czech National Bank, he made a general introduction of Czech economy, the module of Czech economic transformation and how Czech face the financial crisis and the actions it took under the situation. Another focus of the keynote speech is how Czech and China can strengthen the co-operation under the Belt and Road Initiatives framework.
Czech transformed from central planning economy to market economy, Dr. Vladimír Tom?ík said, and through the transformation, the GDP of Czech is increasing, and has reached $18,000 as of today. IMF and world bank have recognized Czech as developed country.
As for economic transformation, Dr. Vladimír Tom?ík introduced that liberalization and strong overseas investment is an important support for economic transformation. He stated that it is beneficial for all participants to be open, regulated and connective.
In regard to how to face the challenge of financial crisis, Dr. Vladimír Tom?ík believes that in the situation of open and strong connection internationally, in case of crisis, countries will be able to help each other and face the crisis effectively. Meanwhile, maintaining financial stability is essential, and prudential supervision is also important to restore market regulation in case of financial crisis. He also emphasized that as an emerging economic entity, the financial system is not fully developed. Thus the bank plays a very important role in emerging countries, where a well-developed supervision system is needed in the banking industry.
Dr. Vladimír Tom?ík also mentioned the Belt and Road Initiatives as one of the most discussed topics. The call for Belt and Road Initiatives enables countries to better communicate in the aspects of assets, talents, information and others. To achieve mutual help is the development trend, which allows countries to achieve mutual prosperity and promote the development of real economy. He thinks that, though there are already many co-operations with China in the financial industry, more co-operations will be expected under the Belt and Road Initiatives framework.
Mel Carvil, Board Member of Home Credit, as a representative of successful companies in the private sector, introduced the development of inclusive finance. He also believes that there is large potential in the Chinese consumer market and consumer finance.
Jiri Rusnok, Governor of Czech National Bank, made the conclusion remark. He suggested different countries should make transformation in respect to practical economic situations. Speaking from Czech's experience, he introduced the two aspects that worth noticing: institution structure and regulation settings are very important in economic transformation, especially for the transformation from planning economy to market economy; and education is also playing an important role, which requires sustainable investment.
The mission of the Tsinghua PBC School of Finance is to promote excellence in the finance industry and financial regulation through top-notch education and cutting-edge research. The School has been dedicating itself to global financial communication and co-operation. Financial leaders including governor of Hungarian central bank, Malaysian central bank will all be invited to Tsinghua PBCSF and share their insights on School’s forums.
To better support the Belt and Road Initiatives, the first Tsinghua PBCSF B&R EMBA Program for Southeast Asia will be launched on May 11, 2017. The program invited 50 global financial leaders from eight countries and regions including Malaysia, Singapore, Indonesia, etc. The program expects to improve the regional economic co-operation and the economic development of countries along “Belt and Road Initiatives”, and contribute to a more prosperous and harmonious world.
