On November 16, 2023, The Tsinghua PBCSF SMBCCN (Sumitomo Mitsui Banking Corporation (China) Limited) Scholarship Award Ceremony & Theme Lecture was held at PBC School of Finance, Tsinghua University. Distinguished guests, including Tian Xuan, Professor of Finance and Associate Dean of PBCSF, Kakiuchi Takashi, Vice Chairman and President of SMBCCN, Hirofumi Suzuki, Head of Research Group & Chief FX Strategist, Global Markets and Treasury Unit, SMBC, graced the event. The ceremony celebrated the recipients of the Tsinghua PBCSF SMBCCN Scholarship and featured a lecture on "Long-Term Prospects for the Japanese Economy" by Hirofumi Suzuki. Yuan Yuan, Assistant Dean of Tsinghua PBCSF presided over the ceremony.
Tian Xuan, in his opening speech, emphasized the importance of global competitiveness in the financial industry and the need for students to possess a global perspective and analytical skills. He praised the enduring collaboration between PBCSF and SMBC.
(Tian Xuan makes an opening speech)
Kakiuchi Takashi reflected on the history of cooperation between SMBC and PBCSF and expressed optimism about future collaborations and the success of students.
(Kakiuchi Takashi makes a speech)
The Tsinghua PBCSF SMBCCN Scholarship was awarded to five deserving students, with Tian Xuan and Kakiuchi Takashi presenting them with certificates of honor, encouraging them to excel in their future endeavors.
(Tian Xuan, Kakiuchi Takashi and the five SMBCCN Scholarship winners)
Hirofumi Suzuki delivered a comprehensive lecture on "Long-Term Prospects for the Japanese Economy." The lecture covered various aspects, including economic growth, labor market dynamics, corporate pay, monetary policy changes, and fluctuations in the yuan exchange rate.
(Hirofumi Suzuki gives a lecture)
Hirofumi Suzuki highlighted the role of technological innovation in economic growth and discussed factors such as the number of labor force, labor time, capital investment, and total factor productivity (Solow residual) in relation to Japan's economic challenges. He stressed the importance of ideas to promote economy development.
The "chicken and egg" problem in Japan's economy, where low wage levels and low inflation rates are interconnected, was analyzed by Hirofumi Suzuki. He discussed the impact of these issues on Japan's financial sector.
Hirofumi Suzuki explored John Taylor's Taylor rule and its relevance to Japan's monetary policy, particularly in response to the global financial crisis.
The lecture concluded with Hirofumi Suzuki sharing insights on the yuan exchange rate, considering factors like purchasing power parity, international settlement, capital flow, and changes in U.S. dollar interest rates. Hirofumi Suzuki also stated that with China’s rapid economic growth and continuous expansion of its economic scale, how China’s economy will develop in the future and how it will affect Japan’s economy will become topics that need to be studied in the future.
A lively Q&A session allowed Hirofumi Suzuki to engage with the audience on topics such as innovation and development prospects in China, the United States, and Japan, and the impact of Japan's aging population on asset allocation.
More than 100 attendees actively participated in the lecture, contributing to a vibrant and engaging atmosphere.
The scholarship award ceremony and theme lecture hosted by SMBCCN at Tsinghua PBCSF provided a platform for knowledge sharing and intellectual engagement. It celebrated the achievements of scholarship recipients, promoted academic discourse, and encouraged students to think critically about global economic challenges and opportunities. The lecture by Hirofumi Suzuki offered valuable insights into the long-term prospects of the Japanese economy, enriching the academic experience of those in attendance.
(A scene of the lecture)
