On Mar. 6th, the Tsinghua PBCSF Financiers Lecture Series-Specialized Capital Markets commenced in Tsinghua's main building. QI Bin, Director of the China Securities Regulatory Commission Research Center, delivered a speech on “What kind of capital markets do we need?”, which kicked off this series of lectures. This lecture attracted the rapt attention of students insideoutside the school as well as the community. In addition to our master’s degree students, EMBA studentsalumni, many teachersstudents from Tsinghua University, Peking Universityother noted universitiesmembers of the Securities Regulatory Commission, Social Security Fund,Ministry of Finance were also in attendance.

QI Bin is a graduate of the MBA program at the Booth Business School of University of Chicago,has worked at Goldman Sachs on Wall Street. He has experienced China’s reformopening as well as the entire gradual development process of China's capital markets,has acquired a deepcomprehensive understanding of capital markets. Through comparison of the development processes of both ChinaAmerica’s capital markets, QI Bin was able to bring to shed light on a numberfascinating aspects of the market.

The lecture covered Holland's "Tulip Bubble" in the 17th century to the U.S. subprime crisis in 2008, with QI Bin expounding on the invisible hand’s effect on capital markets in terms of economic theoryrevealed the effect of those developments on people’s lives. Utilizing historical development theorythe most advanced research results from China's capital markets, his knowledgeinsight evoked a very warm response from the audience.

All seats were filled throughout the 3-hour speech, with QI Bin leading everyone to a deeper understanding of China's important capital markets. What kind of capital market do we need? In this modern worldresourcesenergy are in short supply,only the degree of freedom can be increased, perhaps a gradual liberalization is the source of the market’s vitality.