On April 28, with the theme of "New Era · New Opportunities", the 5th Tsinghua PBCSF Financiers Forum was successfully held at the PBC School of Finance.
This event was attended by Tsinghua University Vice PresidentSchool Board Member XIE Weihe, Honorary Chairman of the Board LIU Hongru, 1981 AlumnusLIU Hongru Financial Educational Foundation Chairman WEI Benhua, Executive Associate Dean LIAO Li, Senior Associate Dean Nie Fenghua,other School leaders.
On behalf of Tsinghua University, XIE Weihe congratulated the School on the one-year establishment anniversary,offered his full support to celebrating it with academic events. He stated that the establishment of PBCSF conforms to current national development trends, in particular changes to the international financial status quo;over the past year, the school has made gratifying achievements. In closing he thanked all those in attendance for their support of the School.
XIE Weihe, Tsinghua University Vice PresidentSchool Board Member
LIU Hongru addressed in his speech that all the alumni have high expectations for the School,are very supportive of its development. He hoped the School will focus on improving students' language skillsdeveloping their awareness of international lawsregulations.
LIU Hongru, Honorary Chairman of the Board
LIAO Li subsequently introduced a report on the state of the School, including the programs, faculty & research, alumni work, as well as administration.
1994 Alumnus, Chief China Economist at JP Morgan Chase ZHU Haibin, 1985 Alumnus, Zendai Group Chairman DAI Zhikang, 1989 Alumnus, Greenwoods Asset Management Chairman JIANG Jinzhi, 1986 Alumnus, China Life Asset Management Chairman MIAO Jianmin, Financial EMBA Cohort No.1 student, Western Securities Chairman ZHU Jian, 1995 Alumnus MO Taishan, 2001 Alumnus, Jiuding Capital Senior Partner HUANG Xiaojie, these seven guest speakers spoke on a variety of topics concerning the worldChina economy. Professor ZHOU Hao, former Federal Reserve Senior Economist, presided over the forum.
In his speech, JP Morgan Chief China Economist ZHU Haibin forecasted a "weak recovery" of global economy,proposed an asset allocation strategy in 2013. He believed that a company must have a clear understanding of the current economic conditions first.
ZHU Haibin, Chief China Economist at JP Morgan Chase
DAI Zhikang, Chairman of the Zendai Group, delivered a speech on the topic of "China for the World". He started with the question, "China,is it headed?",concluded that "global considerations is the only answer". When touching on how to seize the opportunity to take the lead in future global development, DAI stated that "Africa is our best opportunity,"that "promoting products to reconstruct the cultural values" will rest doubts regarding the source of "Chinese cultural influence". He delivered the message "letting the seeds of a traditional Chinese culture develop into large, modern trees,creating a post-modern China full of harmony."
DAI Zhikang, Zendai Group Chairman
Chairman JIANG of Greenwoods Asset Management offered a speech regarding "Investment Opportunities in Global Asset Allocation". From the standpoint of population, resources, land, environmental protection,institutional reform, he analyzed the comparative advantage of China,brought to attention the economic impact of a strong dollar on developing countries. According to him, the rise of RMBcurrency risk requires global allocation of assets. As with this trend, we should invest in nationsindustries that have growing competitive advantages.
JIANG Jinzhi, Greenwoods Asset Management Chairman
MIAO Jianmin, Chairman of China Life Asset Management, touched on the excessive expansion of the virtual economycredit, pointing out the gap between the finance industryreal economies. MIAO stressed finance needs to better serve the development of sciencetechnology. In addition, the unprecedented aging problem reminds us to seek new growth of financial industry.
MIAO Jianmin, Chairman of China Life Asset Management
ZHU Jian, Finance EMBA Cohort No.1 studentPresident of Western Securities, offered some insight into the multi-level capital markets. He pointed out the necessityurgency for changes in China's growth pattern,stressed three main reasons: the economic growth pattern featuring high investment, consumptionpollution but low return, the lack of aggregate demand caused by long-term structural problems, as well as fiscalmonetary policy failure. ZHU also advocated that, to ensure the resource channels of economic restructuring, we need to put markets back into their basic roles of resource allocation,emphasis the value of capital markets with economies in transition.
ZHU Jian, President of Western Securities
1995 Alumnus MO Taishan presented a speech regarding "Economies in Transition, Financial ReformInvestment Opportunities". He pointed out if China's economic grows too fast, it will not be sustainablethe nation will lose its status as the "world's factory"; if too slow, dangers will also arise, increasing pressure on finance marketsbanks. He stated that we can expect dividends from financial reform, privatization, service sector deregulationincome redistributionwelfare reform. This wide spectrum of reforms will have far-reachingsignificant economic, socialfinancial impact on markets. Dominant ideas of financial reform in the next two to three years will be to broaden finance channels other than bank loans, the development of multi-level, full range financial markets; the direction of financial reform is to preventmitigate risksimprove efficiency. Finally, he proposed that the stock market is difficult to maintain sustained opportunities, while the bond market is more likely to offer returns in the future. In addition, he also suggested that overseasalternative investment opportunities should not be ignored.
MO Taishan
Jiuding Capital Senior Partner HUANG Xiaojie shared with all those present the "Macro-economic PatternsMicro-economic Layout". HUANG was optimistic about the medium-and long-term prospects of the Chinese economy; the interest rate marketization, global asset allocationindustry consolidation will offer strategic opportunities for the PEVC industry. With China's rapid securitization process, due to the presence of macroscopic to microscopic search pathsvaluation differences in PEsecondary market, it is expected that PE investment will still be able to attain a rate of return of about 20%, but will see itgradually from a high-yield rate. From a micro-economic view, the only way GP capital can continue to have high returns in the PE industry is to establish a sustainable competitive advantage.
HUANG Xiaojie, Jiuding Capital Senior Partner
The attendees felt that given the imbalanced growths of world economies, the hope of recoveryrisks co-exist. Under the backdrop of global financial reformdomestic economic restructuring, China is faced with difficult tasks of accelerating the transformation of growth patternseconomic restructuring. In the context of the "new era", how we seek "new opportunities" for businessindividuals, achieve the coordinated development of the financial industryreal economies are important issues that today's financiersentrepreneurs need to resolve.
